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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$2925 for Credit Card Consolidation Loan in Carrollton
FICO Score: 679-713 $8000 for Credit Card Payment in Mission
FICO Score: 679-713 $25000 for Consolidate and Elinate Debt Forever in La Porte
FICO Score: 714-749 $10000 for Clean House in Austin
FICO Score: 660-678 $18000 for Angela Kay Myrick in Gilmer
FICO Score: 714-749 $7500 for DEBT CONSOLIDATION in MCGREGOR
FICO Score: 640-659 $10000 for Consolidate and Home Improvement in houston
FICO Score: 679-713 $3550 for cc loan in amarillo
FICO Score: 640-659 $6000 for Consolidate credit card debt in san antonio
FICO Score: 679-713 $3000 for Just needing a bit of money in Sanger
FICO Score: 679-713 $6000 for JUST MARRIED AND MOVING in Vega
FICO Score: 679-713 $6350 for Home Improvement/Debt Consolidation in houston
FICO Score: 714-749 $5000 for Debt Consolidation Loan in Corpus Christi
FICO Score: 660-678 $14500 for Payoff CapOne High Interest Loan in Arlington
FICO Score: 679-713 $6000 for Paying credit card and investing in LC in San Antonio
FICO Score: 679-713 $7000 for My First Home in Austin
FICO Score: 750-779 $5250 for weight loss surgery in Houston
FICO Score: 640-659 $5500 for Bourg BST-20 collator+folder+stitcher in Royse City
FICO Score: 750-779 $6000 for Closing Costs for Dream Home in Mesquite
FICO Score: 640-659 $7000 for consolidate in league city
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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