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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 Massachusetts$7200 for Consolidate debt in dorchester
FICO Score: 750-779 $10000 for Consolidate debt in Everett
FICO Score: 679-713 $8050 for Freedom in Everett
FICO Score: 679-713 $3600 for Pay off old debt in Dighton
FICO Score: 679-713 $7000 for Emergency in WORCESTER
FICO Score: 714-749 $5000 for Mortgage Pre-Payment in Ashland
FICO Score: 750-779 $5350 for debt consolidation in New Bedford
FICO Score: 660-678 $1350 for Equipment Finance in Rockport
FICO Score: 660-678 $5000 for car in Arlington
FICO Score: 780+ $2450 for Debt Consolidation in Framingham
FICO Score: $1625 for Personal Loan in Peabody
FICO Score: 679-713 $15000 for Seeking $15000 - ~36 month term in Somerville
FICO Score: 679-713 $7500 for Debt consolidation at a better %Rate in Ludlow
FICO Score: 679-713 $2100 for Inventory Advertising in Brighton
FICO Score: 679-713 $11500 for Consolidate too many balances in North Andover
FICO Score: 679-713 $1000 for delight in Boston
FICO Score: 679-713 $1800 for a consolidating debt loan in Sharon
FICO Score: 640-659 $1175 for Loan to pay off my credit cards in Lawrence
FICO Score: 640-659 $1000 for Security Deposit in Brighton
FICO Score: 679-713 $10000 for High interest credit cards consolidation in Nantucket
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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