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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$925 for Wedding in Columbus
FICO Score: 640-659 $600 for Loan Consolidation in Columbus
FICO Score: 660-678 $3350 for payoff high interest credit card in Worthington
FICO Score: 750-779 $25000 for Oil & Gas Investment in Bucyrus
FICO Score: 750-779 $2675 for Baby On Way Debt Consolidation Needed! in Columbus
FICO Score: 640-659 $650 for Buying another rental property in Litchfield
FICO Score: 660-678 $4000 for Consolidate credit card debt in Akron
FICO Score: 679-713 $7500 for Need money to consolidate debt in Springfield
FICO Score: 640-659 $7000 for Going to the chapel in Cincinnati
FICO Score: 750-779 $7500 for Moving due to illness in cincinnati
FICO Score: 679-713 $7525 for Nursing in DAYTON
FICO Score: 679-713 $10000 for Payoff Mortgage in Navarre
FICO Score: 714-749 $250 for Refinancing high interest credit cards in Rushsylvania
FICO Score: 660-678 $11725 for Pay off degree that paid off in COLUMBUS
FICO Score: 679-713 $10000 for Lets Pay off The Cards at a Better Rate in Cleveland
FICO Score: 660-678 $2400 for Consolidate debt for a lower rate in Cincinnati
FICO Score: 679-713 $10000 for Small Business Looking to Expand in Akron
FICO Score: 679-713 $10000 for Ready to get married- wedding loan in Parma
FICO Score: 660-678 $5000 for Wedding Finance Loan in Dublin
FICO Score: 640-659 $1800 for Auto Repair in Cincinnati
FICO Score: 640-659
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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