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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 South Carolina$4275 for Travel Resorts of America in Hartsville
FICO Score: 750-779 $4300 for Home Improvement Loan in Myrtle Beach
FICO Score: 714-749 $3575 for Adopt a math student! in Charleston
FICO Score: 660-678 $2000 for bill in Goose Creek
FICO Score: 750-779 $5500 for Pay Off My 401K Savings Plan Loan in Greenville
FICO Score: 714-749 $5100 for Travel Resorts of America in Summerville
FICO Score: 750-779 $8275 for Travel Resorts of America TNC15 in Blythewood
FICO Score: 714-749 $7500 for Bathrooms and Kitchen in Mt Pleasant
FICO Score: 679-713 $25000 for Building Apartments in Greer
FICO Score: 750-779 $8000 for Tavern Capital in Myrtle Beach
FICO Score: 679-713 $5650 for Consolidate miscellaneous debt in Easley
FICO Score: 780+ $3800 for Another Step to Freedom! in Hiton Head
FICO Score: 660-678 $3600 for Consolidate Debt in Chesnee
FICO Score: 679-713 $5000 for One More Step to Freedom in Hilton Head
FICO Score: 640-659 $2400 for Emergency dental work in Sumter
FICO Score: 660-678 $5200 for Refinance Long Term Medical Debt in Seneca
FICO Score: 679-713 $7500 for Kitchen Remodel in Summerville
FICO Score: 640-659 $10000 for Pay for grad school in charleston
FICO Score: 714-749 $13000 for Consolidating Credit Cards in Greenville
FICO Score: 640-659 $12000 for Payoff in Fort Mill
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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