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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 Missouri$5000 for personal Loan in Saint Louis
FICO Score: 640-659 $1700 for Getting Back On My Feet in Wentzville
FICO Score: 640-659 $10000 for One payment please in kansas city
FICO Score: 750-779 $8400 for Wedding in Kansas City
FICO Score: 714-749 $8000 for Consolidation Loan in Kansas City
FICO Score: 750-779 $7500 for 50th anniversary dream vacation in carterville
FICO Score: 679-713 $75 for Auto in OFallon
FICO Score: 660-678 $1500 for There and back again... in Kansas City
FICO Score: 679-713 $7500 for 6067 moonstone in Lees Summit
FICO Score: 660-678 $1200 for Need to payoff CC bills in Kansas City
FICO Score: 679-713 $16000 for Want a Loan For Vacation in ballwin
FICO Score: 679-713 $5600 for Moving in Ellisville
FICO Score: 640-659 $3175 for A Modest Proposal - Credit Card Help! in Saint Louis
FICO Score: 660-678 $12000 for Credit Card Consolidation in Springfield
FICO Score: 714-749 $4400 for Consolidating for better cash flow in Catawissa
FICO Score: 660-678 $6000 for Wife-Masters Degree in Blue Springs
FICO Score: 714-749 $1600 for restructuring debt in Sedalia
FICO Score: 660-678 $12000 for Personal Loan in Springfield
FICO Score: 679-713 $2000 for School and Rent Help in Liberty
FICO Score: 679-713 $1500 for Attempting to keep credit score high in Springfield
FICO Score: 679-713
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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