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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 York$10000 for by by credit cards in COLLEGE POINT
FICO Score: 679-713 $8000 for Tracy and Andrew in New York
FICO Score: 679-713 $275 for personal in bklyn
FICO Score: 660-678 $7000 for Loan for Car Payoff in Stillwater
FICO Score: 679-713 $11000 for Debt Consolidation in Chittenango
FICO Score: 660-678 $10000 for personal in cambria Heights
FICO Score: 679-713 $11500 for expanding my construction company in Brooklyn
FICO Score: 640-659 $275 for Home improvement in New York
FICO Score: 640-659 $1000 for Funding for Mattress in New York
FICO Score: 640-659 $9000 for Goodbye Credit Cards in Rochester
FICO Score: 660-678 $1800 for Loan for debt consolidation in new york
FICO Score: 640-659 $900 for Foundation Loan in new york
FICO Score: 679-713 $5000 for Bridge Loan for Real Estate investment in Buffalo
FICO Score: 714-749 $7500 for Clean up credit card debt in Brooklyn
FICO Score: 679-713 $5000 for credit cards in BAYPORT
FICO Score: 679-713 $4375 for On My Last Year of College in New York
FICO Score: 640-659 $900 for personal loan in East Hampton
FICO Score: $6325 for Major purchase loan in Williamsville
FICO Score: 714-749 $3000 for Looking to Refinance Credit Card in New York
FICO Score: 660-678 $10000 for P2P Investments in New York
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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