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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$1500 for Amex payoff in Loveland
FICO Score: 679-713 $6000 for NewOrganic in lakewood
FICO Score: 750-779 $5600 for On your feet loan in Dublin
FICO Score: 714-749 $4000 for Pay Down Debt in Akron
FICO Score: 714-749 $4500 for Five Cards; One Payment in Springfield
FICO Score: 640-659 $6250 for 176 Citrus Ave. in West Chester
FICO Score: 640-659 $5000 for Money needed to consolidate school debt in Fairfield
FICO Score: 640-659 $1675 for Just honorably discharged from military in lindsey
FICO Score: 679-713 $5000 for Get rid of credit card debt in kensington
FICO Score: 750-779 $7000 for Going to the chapel in Cincinnati
FICO Score: 750-779 $11725 for Pay off degree that paid off in COLUMBUS
FICO Score: 679-713 $7500 for Credit Consolidation in Strongsville
FICO Score: 679-713 $5000 for Transfer Personal Loan in Youngstown
FICO Score: 750-779 $7500 for Mastercard in Cincinnati
FICO Score: 660-678 $950 for Remodel Bathroom and Finish Basement in Parma
FICO Score: 640-659 $3200 for Home Furnishings in middletown
FICO Score: 640-659 $7525 for Nursing in DAYTON
FICO Score: 679-713 $3975 for Credit card interest too high!!! in north ridgeville
FICO Score: 660-678 $225 for Im ready to do this in Cincinnati
FICO Score: 679-713 $8950 for Dack Loan Requet in Columbus Ohio
FICO Score: 714-749
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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