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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 Ohio$3200 for Home Furnishings in middletown
FICO Score: 640-659 $3350 for payoff high interest credit card in Worthington
FICO Score: 750-779 $2500 for Big Move in Toledo
FICO Score: 660-678 $5000 for The Gift of a Special Wedding in Dover
FICO Score: 750-779 $1800 for Auto Repair in Cincinnati
FICO Score: 640-659 $725 for Looking for lower rate for credit card in Cincinnati
FICO Score: 660-678 $2125 for Consolidate Debt in Shaker Heights
FICO Score: 679-713 $9225 for Business Inventory Loan in Toronto
FICO Score: 750-779 $950 for Remodel Bathroom and Finish Basement in Parma
FICO Score: 640-659 $4350 for New House Becomes a Home in Brooklyn
FICO Score: 640-659 $10000 for Payoff Mortgage in Navarre
FICO Score: 714-749 $10000 for Pay off debt and start buisness in mentor
FICO Score: 679-713 $4250 for Paying off high rate credit cards in Hilliard
FICO Score: 660-678 $15450 for I need to consolidate in Maple Heights
FICO Score: 660-678 $6000 for Personal Loan in Maineville
FICO Score: 780+ $7500 for Credit Consolidation in Strongsville
FICO Score: 679-713 $6250 for 176 Citrus Ave. in West Chester
FICO Score: 640-659 $2675 for New Years Resolution.... in North Olmsted
FICO Score: 714-749 $4000 for Consolidate credit card debt in Akron
FICO Score: 679-713 $20000 for Business Consolidation Loan in Columbus
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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