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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 Washington$5000 for Consolidate credit cards in Kent
FICO Score: 640-659 $3600 for Credit card debt consolidation in Long Beach
FICO Score: 714-749 $17950 for Refinancing Credit Card Debt in North Bend
FICO Score: 679-713 $9000 for Pay off Purchased Merchandise in Seattle
FICO Score: 679-713 $600 for paying creditcard and dental partials in Bothell
FICO Score: 640-659 $18500 for Expansion of New Collection Company in Seattle
FICO Score: 679-713 $3000 for landscape improvement in seattle
FICO Score: 750-779 $4000 for Get my cc debt to one payment low % in Seattle
FICO Score: 679-713 $7500 for cards in kirkland
FICO Score: 679-713 $5500 for Wheels to Work in Seattle
FICO Score: 714-749 $10500 for More capital to buy existing business in Seattle
FICO Score: 714-749 $7500 for Annoying Credit Card in Granger
FICO Score: 714-749 $5425 for Finish home improvement project. in Seattle
FICO Score: 660-678 $475 for Hoping somebody granted my wish in Seattle
FICO Score: 679-713 $1700 for Funeral Expense in Fort Lewis
FICO Score: 640-659 $2575 for moneymailer_help in kenmore
FICO Score: 714-749 $5000 for Dream boat restoration in Port Townsend
FICO Score: 640-659 $1500 for Help Paying for College Credits in Spanaway
FICO Score: 679-713 $3000 for Private School Help in Seattle
FICO Score: 714-749 $2200 for Newlywed Couple Trying To Pay Down Debt in Pullman
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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