Does anyone ever borrow money from lending club?
By kingparker
@kingparker (9673)
United States
December 3, 2012 8:28pm CST
Have you heard of peer - to - peer lending? Some say it is easier than traditional bank authorized personal loan. This afternoon, I got a letter which invites me to use lending club website to borrow money from other people who willing to let me borrow. It was tempting, and I had thought twice about it. After I check that website, the interest rate wasn't that desirable though. But I still have better chance to pay it down as soon as possible if I restrict my spending and willing to work harder. I want to use that loan to consolidate some credit card debt, and give me some breathing room at the moment.
Does anyone borrow from this peer - to - peer community?
1 person likes this
6 responses
@TeamCholent (2832)
• United States
18 Mar 13
I myself am an investor in both The Lending Club as well as prosper. I am enjoying the sites and being very picky with who I am lending to in case of default. It is a lot easier than a traditional bank and there is no penalty for early payments which is great. The rate is far better than any credit card would be and also your interest rate depends on the amount you need to borrow and also how good your credit is.
If you do decide to request a loan from either site let me know as I can help you out on prosper a lot.
@asliah (11137)
• Philippines
23 Jan 13
hi,
actually it was my plan before because we need money to build a house in our lot,but because they need a collateral and my father was scary to put his vehicle as a collateral he changed his mind so we didn't borrow money instead i will apply for a loan in a government agency.
@wongchoiyee (7413)
• Malaysia
4 Dec 12
I heard it before in my place, but people still frighten to borrow from them, they are like chasing you after that, if you don't pay, actions will be taken.
@inertia4 (27960)
• United States
8 Dec 12
I would never do that kind of thing. You cannot go and trust anything you see online like that. If you truly need a loan, just go to your bank and take a loan. It is much much safer. I have gotten many emails from these loan companies and they want to give me money. I toss all those emails in the trash.
@anubrataroy (444)
• India
5 Dec 12
I haven't heard of anything like peer - to - peer lending prior to this discussion. Earlier I have taken home loan from State Bank Of India. And best part is that this August I have payed the loan amount with interest back to the Bank. 
As of now I don't have plans of taking any loan in the near future.
As of now I don't have plans of taking any loan in the near future. 
@janeaustin (140)
• Singapore
4 Dec 12
This is the first time that I've heard of peer to peer lending. My daughter told me about a website where you can appeal to a panel of lenders for money and there's no repayment because it's a community so each person would probably just have to donate some money maybe as little as a dollar to the community and then you present to the panel your case for wanting the money and if approved you can get the money without ever needing to repay the loan. I think this would be possible if for example you need money for an important surgery or for further studies and so on.
