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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 Oklahoma$5875 for Credit Card Debt Consolidation in Tulsa
FICO Score: 640-659 $2375 for Getting bills paid in Inola
FICO Score: 660-678 $4000 for Fence in oklahoma city
FICO Score: 714-749 $7900 for godb in Midwest City
FICO Score: 679-713 $3600 for deployment in Lawton
FICO Score: 640-659 $5000 for Pay off credit card in Tulsa
FICO Score: 679-713 $950 for National14 in Tulsa
FICO Score: 679-713 $13000 for Personal Loan in Mustang
FICO Score: 660-678 $7500 for Reece in Tulsa
FICO Score: 679-713 $2600 for Need to get back on track in Idabel
FICO Score: 679-713 $6000 for stock in oklahoma city
FICO Score: 750-779 $2075 for Need new car to get to work in Idabel
FICO Score: 679-713 $6450 for financial fix it (slightly) faster in okc
FICO Score: 714-749 $11000 for debt in Ponca City
FICO Score: 679-713 $8950 for Consolidation Loan in Edmond
FICO Score: 660-678 $1000 for Funds to pay custom duties in EDMOND
FICO Score: 660-678 $20825 for hard working manager seeks funding in Oklahoma City
FICO Score: 640-659 $5050 for Snipping the Plastic in Broken Arrow
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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