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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 Rhode Island$8050 for Consolidate credit card debt in Providence
FICO Score: 679-713 $1500 for Wedding expenses and pay off a loan in Warwick
FICO Score: 660-678 $1800 for loan in east greenwich
FICO Score: 640-659 $5550 for Consolidating Debt in Wakefield
FICO Score: 750-779 $1600 for Emergency Cash Recovery in WARWICK
FICO Score: 679-713 $9400 for Clearing the table in Providence
FICO Score: 660-678 $7500 for Buying inventory to expand business in Pawtucket
FICO Score: 679-713 $2500 for consolidate debt and fund hobby in Johnston
FICO Score: 640-659 $6400 for Debt Consolidation in North Providence
FICO Score: 679-713 $6725 for Debt Consolidation Loan in Providence
FICO Score: 640-659 $575 for Debt consolidation in Warwick
FICO Score: 679-713 $6000 for Consolidation in Providence
FICO Score: 679-713 $20000 for Debt Consolidation in cumberland
FICO Score: 679-713 $10000 for HARTLEY in hopkinton
FICO Score: 679-713 $5000 for Eliminating Credit Card Debt in Coventry
FICO Score: 679-713 $4000 for changing cars in Wakefield
FICO Score: 679-713 $375 for Leaving for the Air Force in Wakefield
FICO Score: 679-713 $4400 for consolidation in Westerly
FICO Score: 714-749 $7000 for Want to cut up high rate credit cards in Westerly
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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