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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 $22000 for Credit Cards in Blacksburg
FICO Score: 679-713 $3000 for Law School in Arlington
FICO Score: 640-659 $1575 for Seeking a nest egg for savings in Great Falls
FICO Score: 660-678 $5800 for Heat Pump in Richmond
FICO Score: 750-779 $4800 for Graduate Education Payment in Arlington
FICO Score: 679-713 $5000 for Loan for purchase of a project vehicle in Gloucester
FICO Score: 679-713 $12375 for car financing in Fairfax
FICO Score: 679-713 $9000 for HELP ME!!! in Sterling
FICO Score: 660-678 $5550 for Business Loan in Arlington
FICO Score: 750-779 $7000 for Loan4AF2008 in Arlington
FICO Score: 750-779 $4575 for personal in richmond
FICO Score: 714-749 $10000 for Promote and market Global Business Pages in Richmond
FICO Score: 640-659 $1675 for Loan in Berryville
FICO Score: 679-713 $17600 for Paying off Mums surgery in richmond
FICO Score: 750-779 $15000 for debt consildation and invest. in ARLINGTON
FICO Score: 679-713 $500 for Loan in Round Hill
FICO Score: 640-659 $1500 for Recent College Grad Moving to Job Locati in Fredericksburg
FICO Score: 679-713 $4000 for Funding web design project in Arlington
FICO Score: 679-713 $850 for Personal Loan in Gainesville
FICO Score: 660-678 $4225 for Consolidate Debt in Richmond
FICO Score: 640-659
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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