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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$18500 for Expansion of New Collection Company in Seattle
FICO Score: 679-713 $3000 for payoff higher loans in Longview
FICO Score: 660-678 $2575 for moneymailer_help in kenmore
FICO Score: 714-749 $10000 for Credit card consolidation in Walla Walla
FICO Score: 679-713 $2200 for Newlywed Couple Trying To Pay Down Debt in Pullman
FICO Score: 640-659 $1700 for Funeral Expense in Fort Lewis
FICO Score: 640-659 $10825 for Purchasing Inventory for Gold Business in Shoreline
FICO Score: 640-659 $4000 for Consolidating high interest debt in tumwater
FICO Score: 679-713 $10000 for Loan to Clear Debt in Olympia
FICO Score: 640-659 $2350 for Wedding loan in Renton
FICO Score: 714-749 $3700 for credit cards consoldation in Des Moines
FICO Score: 679-713 $15000 for Debt Consolidation on Back Taxes in Seattle
FICO Score: 714-749 $15450 for Debt consolidation in Vancouver
FICO Score: 679-713 $7100 for land loan or personal loan in federal way
FICO Score: 640-659 $25000 for 4-plex down-payment in Ferndale
FICO Score: 679-713 $3000 for Credit Card Debt in Federal Way
FICO Score: 679-713 $3000 for Consolidating Higher Rate Loans in Medical Lake
FICO Score: 750-779 $6625 for Strong Web Business Seeks Fundraising in Federal Way
FICO Score: 679-713 $4050 for Web Entrepreneur Business Expansion Fund in Covington
FICO Score: 640-659 $2200 for Education in Ferndale
FICO Score: 660-678
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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