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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$3750 for Recent grad needs to move to Chicago! in Chicago
FICO Score: 640-659 $9975 for One Payment One Date One-derful in Evanston
FICO Score: 660-678 $1100 for Sdolphin in Carol Stream
FICO Score: 679-713 $4900 for Consolidate credit cards in Chicago
FICO Score: 714-749 $12000 for Pay off credit cards in Chicago
FICO Score: 660-678 $500 for Financing for business in Urbana
FICO Score: 679-713 $9600 for pd.bubba in Chicago
FICO Score: 660-678 $3600 for I am moving! in Des Plaines
FICO Score: 640-659 $13925 for Refinance & Conquer in Springfield
FICO Score: 640-659 $19200 for consolidation in Chicago
FICO Score: 679-713 $5575 for funeral expense in chicago
FICO Score: 750-779 $7500 for CC PAYOFF in Zion
FICO Score: 714-749 $7500 for Need to Consolidate Debt for Dental Work in Aurora
FICO Score: 660-678 $7500 for Small business loan in Downers Grove
FICO Score: 679-713 $5000 for Paying off my Credit Cards! in Darien
FICO Score: 714-749 $7000 for Elizabeths New Bathroom in waukegan
FICO Score: 660-678 $8000 for personal loan in Chicago
FICO Score: 660-678 $6000 for Credit Card Debt from College in chicago
FICO Score: 640-659 $3000 for Consolidate CC debt in chicago
FICO Score: 679-713 $2050 for US Bank line of Credit in Chicago
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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