What is Lending Club? And Does It work?
Lending Club makes use of crowdsourcing to provide a low-cost borrowing solution than traditional loan programs. Savings on to the borrowers comes in the form of lower rates. Investors can also make potentially solid returns as well with on online crowdfunding platform.
Borrowers who borrow from Lending Club typically are used to consolidate debt or to pay off a high rate of interest credit card debt. Business owners are able to borrow capital for their business as I did for my Hawaii carpet cleaning business.
Borrowers can save an average of about 35 percent on their interest rates.
While Lending Club provides its borrowers with excellent rates, investors can also make money and fund the borrower’s loan with risk-adjusted and attractive returns. The innovation is a great way of transforming lending. Lending Club serves as the largest crowdfunding marketplace in the world because it connects investors and borrowers.
Lending Club males it easy for borrowers to apply for a loan. They leverage technology and online data in order to be able to quickly assess the borrower’s payback ability, possible risks as well as to determine credit ratings and to assign an appropriate rate on the note for investors to invest in.
The applicants who are qualified will be able to receive offers in just minutes. After that, they will be able to evaluate the loan options and will not have an impact on their credit score.
Investors that currently invests in Lending Club notes are people from institutions to individuals. They will be able to pick and choose loans where they want to invest in so they have the control over their own investment style, risk, and philosophies.
So, if you are looking for a great way to secure a loan, consolidate debt, refinance your currently high-interest debt, etc., Lending Club is a viable option to inquire with.
If you would also like to grow your money, check Lending Club out to invest by lending money to others and being the bank.
Accelerate your finances now!