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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 Maryland$2500 for School expenses in Baltimore
FICO Score: 660-678 $7950 for Too much debt! in Severna Park
FICO Score: 679-713 $8500 for clearview mech. inc. in Finksburg
FICO Score: 660-678 $8000 for Consolidation Loan in Frederick
FICO Score: 679-713 $12000 for URGENT ASAP in COLUMBIA
FICO Score: 640-659 $7500 for Payoff credit cards 2008 in Rockville
FICO Score: 679-713 $2650 for Pay off Car in Frederick
FICO Score: 640-659 $4000 for Starting a landscaping buisness in conowingo
FICO Score: 660-678 $7250 for Credit Card in Abingdon
FICO Score: 714-749 $175 for keith felix in lanham
FICO Score: 660-678 $1600 for Pay off medical bill in Baltimore
FICO Score: 660-678 $8400 for Peronal Loan in Sykesville
FICO Score: 640-659 $3500 for Tims Loan in Baltimore
FICO Score: 679-713 $2500 for CUA.EDU in Laurel
FICO Score: 660-678 $20000 for Purchase Franchise in Clinton
FICO Score: 660-678 $1800 for Help me get back on my feet after Layoff in Capitol Heights
FICO Score: 640-659 $250 for Emergency Please Read Please Help! in Frederick
FICO Score: 660-678 $5625 for Paid off Credit Card in Hyattsville
FICO Score: 660-678 $9000 for Pay off debt in Clinton
FICO Score: 660-678 $25 for Wedding/Credit Card Debt Consolidation in Jessup
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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