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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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