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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 Mexico$8000 for Eliminate CashCall + high rate cards in Rio Rancho
FICO Score: 640-659 $3000 for Mishas boo boo in Santa Fe
FICO Score: 660-678 $4000 for Rudy and Trantte in Albuquerque
FICO Score: 679-713 $3500 for personal loan in Alamogordo
FICO Score: 660-678 $6000 for Home Down in Carlsbad
FICO Score: 640-659 $1900 for Bariatric Surgery in BELEN
FICO Score: 714-749 $500 for Every little bit helps in Los Alamos
FICO Score: 660-678 $3975 for cutrate in albuquerque
FICO Score: 660-678 $12000 for Need to rent my house in Albuquerque
FICO Score: 660-678 $7500 for Lower Annual Percentage Rate in Albuquerque
FICO Score: 679-713 $4000 for Getting on the right path in Los Alamos
FICO Score: 640-659 $21600 for Business Expansion in Albuquerque
FICO Score: 679-713 $12000 for Just got promoted in Santa Fe
FICO Score: 660-678 $14400 for debt consolidation loan for W. Varela in Rio Rancho
FICO Score: 640-659 $18000 for Reduce high interest rates consolidate in Rio Rancho
FICO Score: 679-713 $925 for Wedding Covered but No Honeymoon in Taylor
FICO Score: 679-713 $21000 for Consolidation in Santa Teresa
FICO Score: 660-678 $4450 for Consolidate Debt At Lower Interest Rate in Roswell
FICO Score: 679-713 $12000 for Loan for Continuing Education in Taos
FICO Score: 780+
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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