I’m liking Lending Club thus far. If you’ve been reading my blog for a while, you already know that I was pretty happy over at Prosper lending out money at good rates to borrowers, but then Propser went into a quiet period and I was left with no where to lend my money… or so I thought. Then I found Lending Club. I have $250 out right now at an average rate of 11% – which is way better than what the stock market is doing.
One thing I haven’t focused on much is how great these P2P lending sites are for people who need to borrow cash. Apparently it’s near impossible to get a loan these days, even if you have good credit. And even if you do get a loan, the rates suck. If I needed cash, I’d definitely look into borrowing through Lending Club. Actually, as a borrower I don’t see a reason not to borrow through lending club if you have a decent credit rating. The risk in Lending Club comes from the lender, not the borrower. Just pay back the money on time and it’s a good deal all around.
The latest deal I read about for those with good credit? Personal Loans at rates as low as 7.88%. Borrow up to $25,000.
Have any of you used Lending Club as a borrower? What have your experiences been?