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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$9100 for Fixing up home for wife in Carterville
FICO Score: 679-713 $10000 for help pay off debt and fund my business in st charles
FICO Score: 640-659 $2425 for Divorce...I Will Make it On my Own. in Holts Summit
FICO Score: 660-678 $12000 for Credit Card Consolidation in Springfield
FICO Score: 714-749 $10000 for CC Debt - Rather Have You Get Interest in Creve Coeur
FICO Score: 679-713 $1000 for Credit Card Payoff in Jefferson City
FICO Score: 640-659 $1500 for Attempting to keep credit score high in Springfield
FICO Score: 679-713 $5000 for unexpected expenses in knob noster
FICO Score: 714-749 $750 for Looking for a Loan to work on my houses. in Kennett
FICO Score: 640-659 $1500 for There and back again... in Kansas City
FICO Score: 679-713 $5600 for Moving in Ellisville
FICO Score: 640-659 $12000 for Personal Loan in Springfield
FICO Score: 679-713 $3500 for Young Professionals Career Start-Up in Chesterfield
FICO Score: 679-713 $3000 for Overlapping Rent in Ballwin
FICO Score: 679-713 $14000 for Replace old roof in Springfield
FICO Score: 679-713 $7025 for Credit Card at a better rate in Kansass City
FICO Score: 640-659 $1300 for Consolidation Loan in St. Louis
FICO Score: 679-713 $75 for Auto in OFallon
FICO Score: 660-678 $1700 for Getting Back On My Feet in Wentzville
FICO Score: 640-659 $8100 for Business Start Up in Buffalo
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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