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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 New Hampshire$7800 for Struggling to stay afloat in Concord
FICO Score: 660-678 $6850 for Finishing degree in Swanzey
FICO Score: 679-713 $2300 for Debt consolidation in Hampstead
FICO Score: 714-749 $2500 for Expanding Business (again) in Belmont
FICO Score: 714-749 $11675 for Porsche Engine Rebuild in Hampton
FICO Score: 780+ $12000 for clean up in plaistow
FICO Score: 679-713 $8000 for Refinance High Interest Citifinancial in dover
FICO Score: 660-678 $2600 for Pay off personal loans/credit cards in dover
FICO Score: 660-678 $1000 for Business Loan in Laconia
FICO Score: 679-713 $6000 for 0 Lates Debt Consolidation. Improve Scre in dover
FICO Score: 660-678 $15000 for Personal Loan in Salem
FICO Score: 640-659 $8000 for Consolidating debt and financing wedding in Alstead
FICO Score: 640-659 $8000 for Credit Card Payoff in Manchester
FICO Score: 640-659 $14500 for credit card debt in SUNCOOK
FICO Score: 714-749 $4500 for Paying down credit card debt in MANCHESTER
FICO Score: 750-779 $12000 for I want to pay off my high interest CC in Lyndeborough
FICO Score: 660-678 $4000 for adding 4th unit to 3 unit home in North Conway
FICO Score: 714-749 $9325 for Credit card refi in Lancaster
FICO Score: 714-749 $6000 for pay off debt/braces/school in hampstead
FICO Score: 640-659 $475 for Need to consolidate in Exeter
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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