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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 Texas$10600 for Personal Debt Consolidation in Grand Prairie FICO Score: 679-713 $10000 for Stop Look Loan in Houston FICO Score: 660-678 $3725 for Credit Card Debt in Austin FICO Score: 714-749 $5000 for Vegas cash in Bee Cave FICO Score: 750-779 $7500 for Consolidate Credit Cards in Houston FICO Score: 714-749 $225 for End Of Semester Funds in Austin FICO Score: 679-713 $8000 for Negative Equity Finance in MC KINNEY FICO Score: 679-713 $2400 for Pay off high-end credit cards in Killeen FICO Score: 679-713 $2050 for Help Get Me Out Of Credit Card Debt in Nacogdoches FICO Score: 640-659 $7500 for dsojedi in DeSoto FICO Score: 660-678 $7200 for BENEFICIAL LOAN PAYOFF in DALLAS FICO Score: 679-713 $2375 for RELIEF in SEABROOK FICO Score: 660-678 $10000 for one payment in Joshua FICO Score: 679-713 $6900 for Consolidate Credit/ Business Equipment in Lubbock FICO Score: 660-678 $13675 for Business Loan in The Woodlands FICO Score: 679-713 $12800 for consolidate the rest of my debt in Hockley FICO Score: 714-749 $1000 for Learning Experience in Bedford FICO Score: 780+ $2000 for help fathers medical bills in houston FICO Score: 660-678 $3000 for Used vehicle in Houston FICO Score: 660-678 $3150 for Renew Vows-Wedding in longview FICO Score: 660-678
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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