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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 Montana$25000 for Medical ecommerce site in Hamilton
FICO Score: 714-749 $6000 for Business Startup in Bozeman
FICO Score: 750-779 $3000 for Tires in Helena
FICO Score: 714-749 $1550 for consolidate in gallatin gateway
FICO Score: 714-749 $5000 for Cards and Loan in billings
FICO Score: 660-678 $16000 for Expand Gallery Business in Bozeman
FICO Score: 780+ $25000 for Webmedrecords Inc in Hamilton
FICO Score: 750-779 $7500 for island school of building arts in Bozeman
FICO Score: 714-749 $8000 for 2004 Tahoe in Billings
FICO Score: 660-678 $2400 for Student Loan Fall 2007 in Toston
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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