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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$2450 for My Sons Surgery! in cockeysville FICO Score: 679-713 $9175 for Seeking Capital for Investment Property in Glenarden FICO Score: 679-713 $5000 for Wedding in ELLICOTT CITY FICO Score: 714-749 $7500 for investing in a business center in baltimore FICO Score: 660-678 $450 for Beautifying My Home in COLUMBIA FICO Score: 780+ $8000 for Credit Cards & Student Loans in Columbia FICO Score: 714-749 $3525 for Business Loan in Bethesda FICO Score: 679-713 $1200 for Please help in Baltimore FICO Score: 750-779 $10225 for Refinance my High interest credit cards in Cockeysville FICO Score: 640-659 $10000 for Corporate Lawyers Wedding expenses in Ft. Washington FICO Score: 679-713 $25 for Wedding/Credit Card Debt Consolidation in Jessup FICO Score: 679-713 $7500 for Paying down graduate school debt in Hagerstown FICO Score: 660-678 $15000 for Debt Consolidation in Bowie FICO Score: 660-678 $4000 for Paying for College in Chester FICO Score: 660-678 $5000 for Need Loan for Business Startup in Columbia FICO Score: 660-678 $5000 for JAL Loan in Rockville FICO Score: 780+ $10050 for Expanding in Fort Washington FICO Score: 714-749 $7000 for Moving to NYC in Baltimore FICO Score: 714-749 $900 for credit cards in Frederick FICO Score: 640-659 $8400 for Personal Loan in annapolis FICO Score: 640-659
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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