Lending Club Loans

 

Applying for a loan is not the easiest thing to do in this economy which is why people are often looking towards alternative sources to get approved for their desired amount. Lending Club Loans have become an increasingly popular way for people to get the money that they are looking for without all of the hassles of going through their normal bank. The difference isn’t because they have more lenient guidelines as to who they accept but because the person accepting or denying you is actually the person who will be lending you the money. This makes the whole experience a lot more personal.

When applying for a regular loan at a bank you are really nothing but a name, an amount that you wish to borrow and a credit score to them. This can be pretty frustrating for most people as they often feel that their particular circumstances should make them eligible to borrow the amount that they are looking for. The bank might not always agree and they look at you as just another person on a piece of paper and deny you. With Lending Club loans things work much differently indeed. Since the person lending the money will be the person that you end up talking to you have a much better chance of pleading your case to them. You may have had some rough times due to the struggling economy but are back on your feet now. Your credit score doesn’t reflect that you are doing just fine now though, only that you had a problem at some point. By talking directly to the lender you are much more easily able to explain your particular situation to them in the hopes that they will be more understanding.

Lenders also prefer this sort of arrangement as they feel more confident that the loan will be paid back as they have already had a certain level of interaction with the person who is borrowing. Even though Lending Club is an internet lending platform and the internet often makes things quite impersonal, the way that Lending Club loans are set up definitely make things a whole lot more personal in the end.

Borrowers also stand the chance of receiving the loan at a much better rate than the one that they might receive at the bank. For borrowers we always suggest at least getting a second opinion and a rate on your loan through Lending Club before taking out any kind of loan whatsoever, the results could end up really surprising you.

Lending Club is trying to present itself as a company that cares. Of course since they are a peer to peer company it is mostly their customers that are able to project that image but we feel that they have been doing a pretty good job at it so far. Taking out Lending Club loans is a great alternative to a lot of the other options that are available out there today.

 

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