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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 Utah$8000 for Consolidating debt in draper
FICO Score: 660-678 $4000 for for a better home in Taylorsville
FICO Score: 714-749 $8850 for Payroll Cashflow in West Valley
FICO Score: 679-713 $18000 for Debt Consolidation in Orem
FICO Score: 679-713 $13200 for Money saver in Salt Lake
FICO Score: 679-713 $4275 for Business Inventory Expansion in West Valley
FICO Score: 750-779 $12000 for repay home improvement in West Valley
FICO Score: 679-713 $2525 for Pick me! Pick me! Pick me! in Mona
FICO Score: 679-713 $1925 for Welcome baby in Saint George
FICO Score: 679-713 $4000 for Truck Payoff in St George
FICO Score: 750-779 $10000 for Consolidate debt in spanish fork
FICO Score: 660-678 $2000 for Baby Bills in Layton
FICO Score: 679-713 $8000 for Juan Diego tuition in Pleasant Grove
FICO Score: 780+ $8050 for Personal loan in Brigham City
FICO Score: 679-713 $1500 for need to help mom in LAYTON
FICO Score: 640-659 $7500 for home business in kearns
FICO Score: 660-678 $23450 for Personal Loan in Ogden
FICO Score: 679-713 $3700 for Investment Property in South Jordan
FICO Score: 714-749 $12500 for Bill Consolidation in Draper
FICO Score: 640-659 $125 for Paying for College in Murray
FICO Score: 750-779
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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