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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 Pennsylvania$3000 for Taxes in Chicora
FICO Score: 660-678 $5500 for interest in Newtown
FICO Score: 679-713 $17350 for Consolidation in Pittsburgh
FICO Score: 679-713 $8000 for Credit Card Balances in Pittsburgh
FICO Score: 679-713 $3500 for Consolidating Debt Getting Rid of CCs in Philadelphia
FICO Score: 679-713 $2500 for used car loan in Harveys Lake
FICO Score: 714-749 $3975 for Debt Consolidation and Home Improvements in Pittsburgh
FICO Score: 750-779 $10000 for Getting Married in breinigsville
FICO Score: 640-659 $3500 for Pay off higher rate credit cards/Home in Cranberry TWP
FICO Score: 679-713 $8000 for Help Me Get Back on My Feet in Philadelphia
FICO Score: 640-659 $1600 for Integra Loan Part 2 in Pittsburgh
FICO Score: 714-749 $22725 for Business Loan For New E Commerce Site in Tyler Hill
FICO Score: 714-749 $5300 for Consolidation in Philadelphia
FICO Score: 640-659 $800 for Personal in Corry
FICO Score: 640-659 $275 for reconciling for the future in PHILA
FICO Score: 679-713 $10000 for Duplex Upgrade in Warminster
FICO Score: 660-678 $4000 for Need a car get rid of SUV in Middletown
FICO Score: 640-659 $12000 for Refinance credit card debt in Philadelphia
FICO Score: 660-678 $1625 for Wanting to further my education in York
FICO Score: 660-678 $3200 for Personnal in Bristol
FICO Score: 660-678
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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