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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 Minnesota$3000 for College grad looking for better rate in Minnetonka
FICO Score: 640-659 $7150 for cash flow in oak grove
FICO Score: 679-713 $15000 for Consolidate High % Credit Cards & Loans in Sartell
FICO Score: 679-713 $1575 for rebuild in marshall
FICO Score: 679-713 $23000 for Our family needs your help! in Roseville
FICO Score: 679-713 $6475 for Debt Consolidation. Starting IT Business in Bloomington
FICO Score: 640-659 $5400 for Credit Cards in Edina
FICO Score: 679-713 $15000 for Need to consolodate high interest cards in minnetrista
FICO Score: 679-713 $1400 for Loan in hibbing
FICO Score: 660-678 $7000 for personal loan in BROOKLYN CENTER
FICO Score: 714-749 $6300 for Restaurant and Bar in Saint Francis
FICO Score: 660-678 $400 for loan in Hibbing
FICO Score: 660-678 $500 for Rebuilding Credit for Better Rates in LAKEVILLE
FICO Score: 640-659 $3000 for personal loan in Bemidji
FICO Score: 750-779 $2950 for Medical expnses in Lake Elmo
FICO Score: 679-713 $4500 for Need to payoff credit card in Minneapolis
FICO Score: 679-713 $2100 for HIP in White Bear Lake
FICO Score: 660-678 $5000 for Car Loan in South St. Paul
FICO Score: 660-678 $1500 for College Tuition & other Debts in SAINT PAUL
FICO Score: 679-713 $8000 for Product Categories Expansion in Shakopee
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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