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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 Vermont$13850 for My Consolidation Loan in South Burlington
FICO Score: 750-779 $2500 for Dental Work in Montpelier
FICO Score: 714-749 $10000 for Business Capital in Cavendish
FICO Score: 780+ $14200 for Consolidate current debt and BSN in ISLE LAMOTTE
FICO Score: 714-749 $10000 for personal loan in NORTH SPRINGFIELD
FICO Score: 679-713 $10000 for Divorce Loan in Richmond
FICO Score: 780+ $4000 for 30 Year Roof Needs Replacing After 40 in So. Burlington
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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