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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$3225 for Funds to improve home value/ease of use in Belleville
FICO Score: 640-659 $5000 for Car payoff in Williamstown
FICO Score: 660-678 $6500 for My loan in elizabeth
FICO Score: 714-749 $2400 for Personal loan in Camden
FICO Score: 640-659 $1200 for Grad School Loan in Clifton
FICO Score: 714-749 $6000 for personal loan in Neptune
FICO Score: 679-713 $8000 for MedicalCredit Card Debt & Car Payments in north brunswick
FICO Score: 679-713 $5500 for Preperation for a child in mantua
FICO Score: 679-713 $6000 for paying off high interest credit cards in Bloomfield
FICO Score: 679-713 $900 for WILL PAY BACK IN 6 MONTHS!!! in Matawan
FICO Score: 679-713 $450 for Looking to re-fi high interest cards in East Windsor
FICO Score: 679-713 $10000 for moving consolidate school loan in new milford
FICO Score: 679-713 $3600 for Consolidate debt from divorce in North Brunswick
FICO Score: 714-749 $500 for vacation in Jersey City
FICO Score: 640-659 $3000 for Moving Expenses for relocation in Hoboken
FICO Score: 780+ $14000 for Consolidate Debt in Belmar
FICO Score: 660-678 $4525 for credit card debt in manahawkin
FICO Score: 679-713 $5400 for MAsters in finance in New brunswick
FICO Score: 679-713 $5250 for Personal Loan in VENTNOR CITY
FICO Score: 679-713 $1000 for paying off surgery in Jersey City
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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