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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$7000 for Credit Card Consolidation in york FICO Score: 679-713 $16000 for Credit Card Consolidation in PHILADELPHIA FICO Score: 679-713 $5600 for personal purchase in springfield FICO Score: 660-678 $4400 for Integra Loan in Pittsburgh FICO Score: 714-749 $8775 for Money needed to invest in real estate in Pittsburgh FICO Score: 660-678 $1700 for joshs loan in Ebensburg FICO Score: 679-713 $5600 for Debt Consolidation in bethlhem FICO Score: 660-678 $1600 for Integra Loan Part 2 in Pittsburgh FICO Score: 714-749 $1425 for Mayas Debt Consolidation Loan in Harrisburg FICO Score: 640-659 $500 for Home improvement loan in wilkes barre FICO Score: 660-678 $8000 for Help Me Get Back on My Feet in Philadelphia FICO Score: 640-659 $800 for Personal in Corry FICO Score: 640-659 $5000 for New House - Big and Empty in West Chester FICO Score: 679-713 $7500 for pay off debts in whitehall FICO Score: 640-659 $275 for reconciling for the future in PHILA FICO Score: 679-713 $2500 for Debt consolidation in HARRISBURG FICO Score: 660-678 $5000 for ROOF in Clearfield FICO Score: 714-749 $7500 for Investing in my familys music business in Doylestown FICO Score: 780+ $16000 for Payng off higher rate at fixed rate/term in Coraopolis FICO Score: 660-678 $4000 for Home Improvement in newtown 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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