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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$5400 for Consolidating my debt in bellingham
FICO Score: 640-659 $7500 for FOXBORO in Foxboro
FICO Score: 750-779 $3150 for Personal Loan in North Adams
FICO Score: 750-779 $5000 for Personal Loan in BOSTON
FICO Score: 750-779 $10000 for Consolidate debt in Everett
FICO Score: 679-713 $1800 for a consolidating debt loan in Sharon
FICO Score: 640-659 $5000 for credit card pay off in somerville
FICO Score: 679-713 $25000 for New Furnaces in Waltham
FICO Score: 750-779 $3175 for Young Entrepreneur Needs Computer in Northboro
FICO Score: 660-678 $7500 for engagement ring in braintree
FICO Score: 750-779 $6000 for consolidation in stoughton
FICO Score: 640-659 $11500 for Consolidate too many balances in North Andover
FICO Score: 679-713 $5925 for personal in north easton
FICO Score: 640-659 $1600 for credit card debt in cambridge
FICO Score: 640-659 $10400 for one payment in Swampscott
FICO Score: 640-659 $5000 for car in Arlington
FICO Score: 780+ $20000 for Working Capital in Taunton
FICO Score: 714-749 $6000 for Consolidation in Allston
FICO Score: 679-713 $12000 for Looking to consolidate credit debt in worcester
FICO Score: 660-678 $8000 for personal loan in ayer
FICO Score: 714-749
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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