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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 Jersey$1000 for school in carteret
FICO Score: 679-713 $12000 for Lower Rate in Jersey City
FICO Score: 714-749 $6000 for Consolidate debt in Nutley
FICO Score: 660-678 $5400 for MAsters in finance in New brunswick
FICO Score: 679-713 $6000 for Geoffs Car Loan in Succasunna
FICO Score: 679-713 $5000 for personal in asbury park
FICO Score: 640-659 $3675 for ccard in Hillsborough
FICO Score: 679-713 $10000 for moving consolidate school loan in new milford
FICO Score: 679-713 $1800 for personal in trenton
FICO Score: 679-713 $25 for Personal Loan in Delran
FICO Score: 679-713 $15000 for debt help in jamesburg
FICO Score: 679-713 $20000 for 401k Loan Payoff in Wenonah
FICO Score: 679-713 $4625 for Consolidate high rate credit cards in Clinton
FICO Score: 714-749 $1000 for Extra Money for HouseHold furnitre in Jersey City
FICO Score: 640-659 $7500 for some sanity in Orange
FICO Score: 660-678 $500 for vacation in Jersey City
FICO Score: 640-659 $14000 for Consolidate Debt in Belmar
FICO Score: 660-678 $6500 for My loan in elizabeth
FICO Score: 714-749 $600 for Back To School in Basking Ridge
FICO Score: 679-713 $2400 for December Loan in Lawrenceville
FICO Score: 660-678
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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