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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 Kansas$4800 for Paying down some high rate credit cards in Wichita
FICO Score: 714-749 $18000 for refinancing a loan/planning a wedding in manhattan
FICO Score: 660-678 $3000 for Metalending in Lawrence
FICO Score: 750-779 $5000 for Personal in Wichita
FICO Score: 660-678 $5500 for Consolidating credit card debt. in Wichita
FICO Score: 660-678 $2500 for craigchaff@yahoo.com in Wellington
FICO Score: 679-713 $8175 for Looking to Consolidate! in Kansas City KS
FICO Score: 640-659 $7500 for WantToBeDebtFree in lenexa
FICO Score: 660-678 $8500 for Home Remodeling in Iola
FICO Score: 750-779 $4900 for Debt Consolidation in Overland Park
FICO Score: 714-749 $4000 for Pay off debt quicker w/lower int % hope in lenexa
FICO Score: 660-678 $6300 for Lower interest rate on credit card. in Kanopolis
FICO Score: 679-713 $7300 for Debt Consolidation in Overland Park
FICO Score: 714-749 $50 for Personal Loan in Lawrence
FICO Score: 714-749 $3000 for Moving Expense in Mullinville
FICO Score: 750-779 $1025 for debt consolidate in Prairie Village
FICO Score: 679-713 $1200 for Personal Loan DQ in Westwood Hills
FICO Score: 679-713 $4250 for family medical bills in dodge city
FICO Score: 660-678 $9000 for Money to sell our House in Overland Park
FICO Score: 679-713 $7500 for Pawn Shop in Overland Park
FICO Score: 780+
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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