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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$1000 for delight in Boston
FICO Score: 679-713 $5000 for Building my future in clinton
FICO Score: 679-713 $825 for Consolidating Debt in Amherst
FICO Score: 679-713 $1625 for Personal Loan in Peabody
FICO Score: 679-713 $8000 for Time Share in Haydenville
FICO Score: 750-779 $1600 for credit card debt in cambridge
FICO Score: 640-659 $10000 for refinance in chicopee
FICO Score: 679-713 $350 for Poor student getting married! in Cambridge
FICO Score: 714-749 $9600 for money for engagement ring in North attleboro
FICO Score: 679-713 $12000 for Looking to consolidate credit debt in worcester
FICO Score: 660-678 $7500 for engagement ring in braintree
FICO Score: 750-779 $4750 for Want to attend college in Brookline
FICO Score: $7500 for QUICK REHAB LOAN in BROCKTON
FICO Score: 640-659 $5000 for car in Arlington
FICO Score: 780+ $9000 for Multi purpose loan. in Mattapoisett
FICO Score: 714-749 $7200 for Consolidate debt in dorchester
FICO Score: 750-779 $1350 for Equipment Finance in Rockport
FICO Score: 660-678 $10000 for Consolidate debt in Everett
FICO Score: 679-713 $14400 for Consolidate credit cards in East Walpole
FICO Score: 679-713 $10000 for New Roof in Wellesley
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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