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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$350 for Struggling Artists Need to Pay Down Debt in Merrick
FICO Score: 640-659 $3000 for Personal Loan in woodhaven
FICO Score: 640-659 $12125 for Get rid of these cards in Freeport
FICO Score: 750-779 $8800 for Trying to get out of debt in Brooklyn
FICO Score: 679-713 $2850 for Adopt-a-Schmuck in New York
FICO Score: 660-678 $2100 for moving ahead in north chili
FICO Score: 640-659 $24625 for Debt consolidation in Brooklyn
FICO Score: 660-678 $2100 for Career Training Loan in Staten Island
FICO Score: 640-659 $11000 for Credit Card Consolidation in New York
FICO Score: 679-713 $9850 for car payoff in new york
FICO Score: 780+ $5450 for Debt Consolidation in Bronx
FICO Score: 679-713 $9000 for Goodbye Credit Cards in Rochester
FICO Score: 660-678 $3550 for New direction in helping people in New York
FICO Score: 679-713 $18000 for debtconsolidation in ELBA
FICO Score: 679-713 $1500 for Mini Max Concrete in Grand Island
FICO Score: 640-659 $3200 for personal in buffalo
FICO Score: 660-678 $1500 for Home Improvment in TONAWANDA
FICO Score: 714-749 $3025 for Paying medical bills in NY
FICO Score: 679-713 $4775 for fairport in Rochester
FICO Score: 714-749 $6500 for Credit Card in Castorland
FICO Score: 679-713
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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