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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 Illinois$3500 for Auto/consolidate credit in oak lawn FICO Score: 660-678 $3750 for Recent grad needs to move to Chicago! in Chicago FICO Score: 640-659 $4525 for A. Schilds Chicago Real Estate Business in Chicago FICO Score: 660-678 $5000 for Paying off my Credit Cards! in Darien FICO Score: 714-749 $8500 for Loan for paying off school debt in CHICAGO FICO Score: 679-713 $12000 for Pay off credit cards in Chicago FICO Score: 660-678 $6000 for Credit Card Debt from College in chicago FICO Score: 640-659 $6000 for Low APR credit card in Fox Lake FICO Score: 679-713 $10000 for 39760 in ROCKTON FICO Score: 750-779 $17350 for Consolidation in Chicago FICO Score: 640-659 $14000 for Debt Consolidation Loan in Chicago FICO Score: 679-713 $750 for New education for a changing World in Chicago FICO Score: 660-678 $5050 for dental surgery in Chicago FICO Score: 660-678 $19000 for Mitchell - Debt Consolidation in GURNEE FICO Score: 750-779 $2050 for US Bank line of Credit in Chicago FICO Score: 679-713 $6000 for Matame in Hillside FICO Score: 640-659 $7500 for Debt Consolidation in Wood Dale FICO Score: 679-713 $2500 for Pay off high interest credit cards in western springs FICO Score: 640-659 $8425 for GREAT CREDIT SELF EMPLOYED in Joliet FICO Score: 780+ $2400 for help me get a new van in monee FICO Score: 660-678
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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