Lending Club

Posted by on Jun 4, 2006 in Links

Lending Club

The Lending Club is a licensed, peer-to-peer (P2P) lending site that helps match individuals who would like to finance loans with borrowers who need cash.

With interest rates between 7.12% and 18.36% APR, the Lending Club makes an excellent payday loan alternative and can be a good way to reduce expensive credit card debt as well…

Note: The Lending Club is no longer a real P2P lender. All loans are now made by WebBank, a Utah-chartered Industrial Bank.

From their website:

Lending Club is an online lending community where people can borrow and lend money, bypass the banks, and get better rates. By working together, members can borrow money more easily and at a better rate than they would get from a bank.

To borrow through Lending Club, you must:

  • reside in one of the states where the club is licensed as a lender
  • be at least 18 years old

You must also have:

  • a valid bank account
  • a valid Social Security number
  • a FICO score of at least 640
  • a debt-to-income ratio of no more than 25% (excluding mortgage)

Link Removed

We decided to remove the link because they are no longer a real P2P lender. All loans are now made by WebBank, a Utah-chartered Industrial Bank. Also, they do not disclose APR unless you provide personal information. As a rule, you should always Avoid Mystery Meat Lenders.

Please consider other payday loan alternatives or visit our Compare Lenders page.

Recent Posts:

Random Posts:

GD Star Rating
loading...