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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 Dakota$2500 for monthly expenses in Mobridge
FICO Score: 679-713 $25000 for Home Basement Completion Expense in SIOUX FALLS
FICO Score: 714-749 $700 for Need help to get out of debt in Brookings
FICO Score: 660-678 $2000 for 3 Year $2000 in Sioux Falls
FICO Score: 679-713 $2775 for Preparing for Education in Sioux Falls
FICO Score: 679-713 $700 for school loan in springfield
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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