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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 Wisconsin$3600 for debt consolidation in west bend
FICO Score: 640-659 $6000 for woodstove/chimney replacement b4 winter in Soldiers Grove
FICO Score: 660-678 $5000 for Consolidate debt freedom from plastic in Madison
FICO Score: 640-659 $5000 for remodelin my kitchen in Oconomowoc
FICO Score: 714-749 $15000 for consolidating debt in townsend
FICO Score: 750-779 $5000 for my loan in Greenfield
FICO Score: 640-659 $5925 for Consolidate high interest credit cards in Madison
FICO Score: 679-713 $7150 for debt loan in Monona
FICO Score: 679-713 $1475 for Business bridge loan in Sun Prairie
FICO Score: 640-659 $15000 for Ambitious start-up ready to grow in Slinger
FICO Score: 714-749 $8000 for My loan in Hartford
FICO Score: 640-659 $2000 for Moving to Iowa need to pay off car loan in Appleton
FICO Score: 640-659 $3600 for School Assistance in Germantown
FICO Score: 640-659 $1275 for Relocation in Oconomowoc
FICO Score: 679-713 $125 for Pay off credit cards at 19-22% in Madison
FICO Score: 679-713 $9325 for Supporting My Education in West Milwaukee
FICO Score: 714-749 $75 for Pay of Credit Cards at 19-22% in Madison
FICO Score: 679-713 $25000 for Business Start-Up in Neenah
FICO Score: 679-713 $2500 for non insured dental work in silver lake
FICO Score: 679-713 $20825 for Refinance Credit Cards to better rates in Wausau
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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