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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 Louisiana$2100 for personal in Franklin
FICO Score: 714-749 $3600 for personal in harvey
FICO Score: 679-713 $10500 for unsecured consolidation in Eros
FICO Score: 679-713 $10000 for No More Card Debt! in New Orleans
FICO Score: 714-749 $2500 for Student needing help in Baton Rouge
FICO Score: 660-678 $4800 for payback high interest credit card in hattiesburg
FICO Score: 750-779 $2725 for Student Loan Payoff in Eros
FICO Score: 714-749 $3000 for Personal Loan in Metairie
FICO Score: 679-713 $12000 for Consolidate Debt in New Orleans
FICO Score: 714-749 $4000 for Consolidation loan in Lafayette
FICO Score: 714-749 $3000 for HOME in New Orleans
FICO Score: 679-713 $8000 for 12_14_2007 in Lafayette
FICO Score: 679-713 $325 for Loan consolidation and personal expenses in Covington
FICO Score: 679-713 $4000 for Add-ons in Baton Rouge
FICO Score: 750-779 $3025 for Wedding Expenses / Debt Consolidation in New Orleans
FICO Score: 679-713 $5600 for Debt Paydown Acceleration in Baton Rouge
FICO Score: 679-713 $500 for Looking to Build my Credit in New Orleans
FICO Score: 714-749 $6950 for Consolidate C Card debt from Hurricane in Welsh
FICO Score: 660-678 $4600 for 2005 Altima in Denham Springs
FICO Score: 714-749 $11200 for consolidate debt in prairieville
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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