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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$10000 for Refinancing Credit Cards in Jersey City
FICO Score: 714-749 $500 for Short Term Real Estate Investment in Burlington
FICO Score: 714-749 $1000 for College Education in carteret
FICO Score: 714-749 $3125 for Paying off debt in West New York
FICO Score: 714-749 $25000 for Family Personal Loan in Clifton
FICO Score: 714-749 $1000 for school in carteret
FICO Score: 679-713 $10475 for Debt consolidation in Toms River
FICO Score: 640-659 $2400 for December Loan in Lawrenceville
FICO Score: 660-678 $2300 for Mr. Downs in Morganville
FICO Score: 679-713 $6000 for paying off high interest credit cards in Bloomfield
FICO Score: 679-713 $1600 for Rochester2 in Passaic
FICO Score: 750-779 $15000 for Moving Forward in Morris Plains
FICO Score: 679-713 $1000 for personal loan in fairview
FICO Score: 679-713 $10000 for Consolidating High Interest Credit Cards in Palmyra
FICO Score: 679-713 $7200 for for paying some bills in budd lake
FICO Score: 679-713 $25000 for Reducing my Credit Card APR in Jersey City
FICO Score: 660-678 $12000 for Out With Old In With New Lower Interest in Morristown
FICO Score: 679-713 $24000 for Finance an escrow deficit. in Bloomfield
FICO Score: 679-713 $3925 for Consolidating Credit Card Debt in Toms River
FICO Score: 640-659 $2400 for Personal loan in Camden
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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