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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 Michigan$425 for Debt Payment in Brighton
FICO Score: 679-713 $10000 for Helping to fight against child abuse in Standish
FICO Score: 780+ $500 for Marks College Bailout Plan in Clawson
FICO Score: 679-713 $1000 for Ready to Run Race Truck in Newport
FICO Score: 714-749 $325 for C&C Debt payoff in Flint
FICO Score: 679-713 $1325 for loan credit in Ypsilanti
FICO Score: 714-749 $2125 for Flight Training in Byron Center
FICO Score: 679-713 $1425 for to get a second location for my business in taylor
FICO Score: 679-713 $5100 for netty in Ann Arbor
FICO Score: 679-713 $725 for Buying a Business in Troy
FICO Score: 660-678 $2375 for home purchase in Armada
FICO Score: 640-659 $4275 for paying off debts in warren
FICO Score: 640-659 $8000 for Hot Water Heater and Roof Repair in Iron Mountain
FICO Score: 714-749 $2425 for real estate rehab loan in dearborn
FICO Score: 640-659 $9000 for Credit card consolidation in Saint Clair Shores
FICO Score: 679-713 $10850 for kmy007@hotmail.com in Ann Arbor
FICO Score: 660-678 $6400 for TMJ Surgery Needed in Ann Arbor
FICO Score: 660-678 $10000 for Proven Business Needs Increased Cashflow in Wyoming
FICO Score: 714-749 $2000 for home improvment in dearborn
FICO Score: 640-659 $3250 for personal loan in Eagle
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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