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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$6000 for personal loan in Neptune
FICO Score: 679-713 $15000 for I WOULD LIKE TO FURNISH MY APARTMENT in NEWARK
FICO Score: 679-713 $20000 for 401k Loan Payoff in Wenonah
FICO Score: 679-713 $10000 for Consolidating High Interest Credit Cards in Palmyra
FICO Score: 679-713 $20000 for Wedding Loan in Fair Lawn
FICO Score: 750-779 $5000 for Piano lover in sicklerville
FICO Score: 714-749 $1500 for Personal Load in ISELIN
FICO Score: 714-749 $4500 for Help pay the bills in Boonton
FICO Score: 714-749 $6000 for managing loans in Edison
FICO Score: 714-749 $5500 for Preperation for a child in mantua
FICO Score: 679-713 $1925 for Amex in Franklin
FICO Score: 660-678 $25000 for Family Personal Loan in Clifton
FICO Score: 714-749 $1675 for To pay off Credit Cards in Hillsborough
FICO Score: 660-678 $7500 for some sanity in Orange
FICO Score: 660-678 $4625 for Consolidate high rate credit cards in Clinton
FICO Score: 714-749 $2725 for HELP ME PAY OFF MY AMEX BLUE in SOMERVILLE
FICO Score: 714-749 $5000 for credit card in Union
FICO Score: 640-659 $3000 for Educational Pay Off in ORANGE
FICO Score: 660-678 $6000 for Credit Card in Belle Mead
FICO Score: 640-659 $600 for boat in Penns Grove
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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