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How is this Possible?
The Lending Club is a social lending network. Borrowers with good credit can bypass banks and credit cards for lower rates. At the Lending Club members lend and borrow money from each other at better rates, bypassing the banks. More than $20,000,000 in loans have been issued by Lending Club at better rates than bank rates.
Look at the types of loans already made by Lending Club to people in Georgia$5100 for Just Trying To Pay Off The Credit Cards! in Dacula FICO Score: $7250 for Relocation from GA to CA in Duluth FICO Score: 679-713 $425 for debt consolidation in Snellville FICO Score: 679-713 $7000 for Paying down school loan debt in Atlanta FICO Score: 714-749 $450 for Buying Foreclosed Home in Norcross FICO Score: 640-659 $275 for Personal Loan for Expenses in Duluth FICO Score: 679-713 $7500 for pay off debt in Roswell FICO Score: 640-659 $12000 for Debt Cosolidation in Dallas FICO Score: 660-678 $3000 for Personal Line of Credit in Dacula FICO Score: 679-713 $5000 for Pay off debt in atlanta FICO Score: 660-678 $9600 for Refinancing car loan from higher rate in Atlanta FICO Score: 679-713 $5200 for Surgery Procedure in stockbridge FICO Score: 679-713 $5000 for Cheerleading Fees and Debt Consolidation in Lawrenceville FICO Score: 640-659 $6000 for pay off auto loan in Duluth FICO Score: 679-713 $4000 for Motorcycle Loan in ATHENS FICO Score: 780+ $4000 for Amy in NORCROSS FICO Score: 780+ $5000 for Clean up debts in Brunswick FICO Score: 640-659 $16000 for Debt Consolidation in Duluth FICO Score: 660-678 $8000 for Credit Cards Away with Thee! in Rockmart FICO Score: 679-713 $15000 for brandon in jonesboro FICO Score: 679-713
In the worst of times, Lending Club is the best of options. Prosper.com began the P2P or social lending market, which allows people to lend to people in an auction like market place. The Lending Club came a couple of years later and is also a social lending network where members lend and borrow money from each other at better rates, bypassing the banks.
Well, if Prosper started the revolution, then why not use their platform to get a loan?
Because Prosper has gone into hibernation waiting on a filing with the SEC, leaving the Lending Club as the best alternative to borrowing from banks or other financial institutions (if they are lending that is!).
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