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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$25000 for Capital Equipment - Business Start Up in Minneapolis FICO Score: 714-749 $8000 for Amy L in HOPKINS FICO Score: 714-749 $5000 for Patio & Garage Floor in New Brighton FICO Score: 780+ $7150 for cash flow in oak grove FICO Score: 679-713 $1400 for Loan in hibbing FICO Score: 660-678 $9000 for ConsolidateDebt & Pay Daughters College in St. Cloud FICO Score: 679-713 $6475 for Debt Consolidation. Starting IT Business in Bloomington FICO Score: 640-659 $7500 for Funding my growing business! in Bloomington FICO Score: 679-713 $23000 for Our family needs your help! in Roseville FICO Score: 679-713 $15000 for Need to consolodate high interest cards in minnetrista FICO Score: 679-713 $8525 for TaxRelief in Woodbury FICO Score: 679-713 $400 for loan in Hibbing FICO Score: 660-678 $6600 for Consolidating high interest cards in Minneapolis FICO Score: 640-659 $6300 for Restaurant and Bar in Saint Francis FICO Score: 660-678 $20000 for lower monthly payments/interest in CAMBRIDGE FICO Score: 714-749 $3800 for purchasing a new home in Shakopee FICO Score: 679-713 $15000 for personal loan in brooklyn park FICO Score: 679-713 $8000 for Product Categories Expansion in Shakopee FICO Score: 780+ $6000 for Small Business Boost in Stillwater FICO Score: 640-659 $3000 for personal loan in Bemidji FICO Score: 750-779
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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