(PRWEB) October 09, 2011
MyReviewsNow's new affiliate, the Lending Club, is a community that began in 2007 with the intention of offering personal loans to borrowers and increased loan options for investors. The idea was to offer an alternative way to get personal loans other than using a traditional brick and mortar bank and to offer the loans with competitive rates. Founded by Renaud Laplanche, it is filled with staff that has deep backgrounds in consumer products, technology and, of course, financial services.
One of the major features, among others, is the ability for borrowers to use the Lending Club as a resource for personal loans that are meant to be short- or medium-term loans. Rates often start at 6.78, depending on the borrower's credit score and the type of loan that they are trying to get approved for. Because the rates are so often lower, the loans themselves are much better. This gives the Lending Club an edge over the competition. Getting personal loans from the Lending Club is generally faster and more efficient, as well as secure and confidential. Personal loans can include loans to pay off credit cards, loans to buy a car or vehicle, consolidation loans, loans for home improvement and business loans.
The Lending Club is made up of a network of investors and borrowers that are constantly assisting one another. In effect, the middle man is eliminated and individuals are able to borrow directly from each other. This is going to be part of what makes the process so much faster and easier. By eliminating the banks from the transaction, the Lending Club is able to provide better rates. With lower overhead come lower rates. It is that simple.
Application and membership to Lending Club is free. While there are no hidden fees and charges, there is an origination fee associated with the loans. APR's and interest rates are all listed by the Lending Club. As of June 2011, almost $300,000,000 in loans has been funded, with interest to investors amounting in around $25,000,000.
The Lending Club has fostered a situation that can be seen as a win-win for borrowers and investors, as it is a system based on individuals helping one another to borrow or invest. With an accessible online shopping feature it enables members with the ability to conduct their transactions between each other. This is a new and unique way of creating personal loans for borrowers, and providing a fertile soil for investing.
For further information regarding the Lending Club, please visit MyReviewsNow Online Shopping.
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