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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$4000 for Paying Down Credit Cards in Dresher FICO Score: 660-678 $4600 for To lower my Intrest Rate in Philadelphia FICO Score: 660-678 $6000 for Arbitrage in State College FICO Score: 714-749 $5400 for peterspencervalimont in SELLERSVILLE FICO Score: 714-749 $5275 for Debt Consolidation in Erie FICO Score: 679-713 $1425 for Mayas Debt Consolidation Loan in Harrisburg FICO Score: 640-659 $1450 for Towards college tuition in Cresco FICO Score: 679-713 $6500 for Repair of Storm Damage in Philadelphia FICO Score: 750-779 $5000 for ROOF in Clearfield FICO Score: 714-749 $1275 for need a loan for a business venture in stroudsburg FICO Score: 679-713 $4400 for Integra Loan in Pittsburgh FICO Score: 714-749 $7925 for Consolidation loan in West chester FICO Score: 679-713 $5600 for Debt Consolidation in bethlhem FICO Score: 660-678 $1825 for Looking to paying off credit cards. in Orwigsburg FICO Score: 660-678 $5000 for CRNA School in Pittsburgh FICO Score: 679-713 $12000 for Banker with highly profitable businesses in pittsburgh FICO Score: 714-749 $5375 for Personal Loan in RED LION FICO Score: 750-779 $6300 for Motorcycle in Harrisburg FICO Score: 660-678 $10000 for Getting Married in breinigsville FICO Score: 640-659 $700 for Auto in Philadelphia 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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