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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 North Carolina$9000 for Moving and Consolidating Debt in Charlotte
FICO Score: 679-713 $8275 for Travel Resorts of America in Hendersonville
FICO Score: 750-779 $5500 for getting free in richlands
FICO Score: 679-713 $8000 for consolidation in burlington
FICO Score: 660-678 $2000 for Consolidating my high interest ccs in Gastonia
FICO Score: 640-659 $2500 for Getting Rid of High Interest Credit Card in Holly Springs
FICO Score: 679-713 $3900 for rims in sparta
FICO Score: 780+ $13000 for Personal in Charlotte
FICO Score: 679-713 $10100 for aricsloan in Asheboro
FICO Score: 640-659 $10000 for Capital for Import Business in Charlotte
FICO Score: 714-749 $7500 for improvement in charlotte
FICO Score: 679-713 $6825 for Unsecured personal in Holly Springs
FICO Score: 679-713 $5000 for Established Gov. Supplier Seeks Capitol in Apex
FICO Score: 640-659 $15000 for Help for a injured Vet. in fayetteville
FICO Score: 660-678 $4150 for Consolidate in Fayetteville
FICO Score: 714-749 $6625 for starting in a new place/environment in asheville
FICO Score: 640-659 $5275 for Travel Resorts of America in Statesville
FICO Score: 780+ $3425 for Investment Land in Greenville
FICO Score: 679-713 $7500 for Motorcycle Loan in Hendersonville
FICO Score: 660-678 $5600 for Car financing in New Hill
FICO Score: 714-749
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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