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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$6625 for Consolidation in Mountville FICO Score: 660-678 $5400 for peterspencervalimont in SELLERSVILLE FICO Score: 714-749 $1700 for joshs loan in Ebensburg FICO Score: 679-713 $3500 for Consolidating Debt Getting Rid of CCs in Philadelphia FICO Score: 679-713 $1500 for Motorcycle in hatfield FICO Score: 660-678 $7500 for Investing in my familys music business in Doylestown FICO Score: 780+ $4000 for Personal loan in Lake Ariel FICO Score: 679-713 $12000 for Banker with highly profitable businesses in pittsburgh FICO Score: 714-749 $1425 for Mayas Debt Consolidation Loan in Harrisburg FICO Score: 640-659 $7500 for pay off debts in whitehall FICO Score: 640-659 $2000 for Improve score re invest in Lehigh Valley FICO Score: 714-749 $15000 for Consolidate and Medical Loan in Lansdowne FICO Score: 640-659 $2000 for College Purposes in Camp Hill FICO Score: 660-678 $3500 for Pay off higher rate credit cards/Home in Cranberry TWP FICO Score: 679-713 $5375 for Personal Loan in RED LION FICO Score: 750-779 $4100 for Loan in Pittsburgh FICO Score: 660-678 $500 for Home improvement loan in wilkes barre FICO Score: 660-678 $8600 for Income Tax + Debt Consolidation Loan in Philadelphia FICO Score: 640-659 $200 for New job relocation! in Punxsutawney FICO Score: 679-713 $11725 for credit card debt consolidation in kane 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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