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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 Virginia $6625 for jeffs loan in richmond
FICO Score: 679-713 $1200 for Pay off Debts in richmond
FICO Score: 679-713 $12500 for RATE REDUCTION LOAN in CHESAPEAKE
FICO Score: 679-713 $4000 for Wedding in Fairfax
FICO Score: 679-713 $12375 for Working Capital in Arlington
FICO Score: 679-713 $12375 for no credit cards for me in Alexandria
FICO Score: 679-713 $5000 for Debt Consolidation in Salem
FICO Score: 660-678 $6400 for Paying off credit cards in Arlington
FICO Score: 640-659 $5800 for Heat Pump in Richmond
FICO Score: 750-779 $7500 for Decrease utility bills in Fairfax
FICO Score: 714-749 $3700 for Retain lawyer for custody hearing in Falls Church
FICO Score: 679-713 $4000 for Not so new car in Richmond
FICO Score: 679-713 $6625 for Refinancing Mastercard in Ashburn
FICO Score: 679-713 $10000 for Debt Consolidation in Forest
FICO Score: 714-749 $3000 for Used car loan in Herndon
FICO Score: 679-713 $5000 for Loan for purchase of a project vehicle in Gloucester
FICO Score: 679-713 $25000 for Family consolidation & edu in Berryville
FICO Score: 714-749 $850 for Personal Loan in Gainesville
FICO Score: 660-678 $1675 for Loan in Berryville
FICO Score: 679-713 $5875 for Credit Card Payoff loan in Orange
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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