The Lending Club is an online financial community that brings together borrowers and lenders. Their mission is to create al alternative to banks that offers borrowers a great rate introducing borrowers to lenders via the internet.

Peer-to-peer lending is not new, but the Lending club is one of the main innovators in this area. Borrowers hurt by the credit squeeze can turn to peer lending to find financing from investors looking to lend.

You can use the lending club to pay off credit card debt, look for an alternative to banks for business funds, find a lender for a micro loan, etc.

How to start:

The application process is easy,

A) Apply for a Loan Online in minutes

B) Get funds in a few days

C) Make Fixed monthly payments

They are commited to be more competitive than a regular bank by reducing the cost and complexity of bank lending

The online process is fast and easy, you can apply in minutes and get an instant rate quote

Members are using these loans for:

Loan Consolidation
Paying off Credit Cards
Car or Vehicle loans
Unsecured Loan
Home Improvement
Business Loans
Special Events
Green Loans, green home renovations, installing solar panels, etc.
Other Personal Loans, wedding, extra expenses, elective surgery, vacation, and much more,

You can borrow up to $35,000 at a lower rate than the bank typically offers.

Start today for a Personal Loan or a Low Interest Loan

*information based on Lending Club website on 4/13/2010

Can you find a home equity loan if I don’t hold a mortgage?
Absolutely, if you own a home and own good credit (FICO > 620). Hello my dear do not full prey to those hoodlums at they that call them self money lender they are all scam , adjectives they want is your money and you well…

Can you folder bakruptcy on a home equity loan?
i have loan for mortgage and a home equity loan at a different company, thinking about bankrupcy on ccards and the home equity loan is that possible to wallet on it and not your house the first loan Not without them taking your house. Usually people directory bankruptcy after house being…

Can you get hold of a home equity loan while contained by a debt government program?
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Can you get hold of a loan short using home equity?
I know as a homeowner you can get a loan using your home equity, but if you do not want to do that, are there any other ways of getting a loan. Based on your credit rating / FICO win, you can get a loan basically for anything you would…

Can you help yourself to out a home equity loan on your current home to put a down salary on an investment property?
Just wondering if I put a considerable down payment on a home and built more equity over a few years if it would be possible to take a home equity loan out to put a down settlement on…

Can you lose your college grant by getting a home equity loan?
No. You can’t lose college grant by getting a home equity loan, because the essence of home equity loan is to for home improvement, not for coaching. Banks that issue home equity loan all require the applicants to tell them what the money will be used for,…

Can you lose your home equity loan on one of your houses if one of your houses go foreclosure?
I have 2 houses and I can’t keep paying one so I’m trying to bring a home equity loan for 50k on one so I can open my new business and if the other one doesn’t rent out I will own no…

Can you own $50,000 worth of credit card debt and still bring back a home equity loan?
If you are a first time borrower of a home equity loan it is imperative that you have a checklist of essential questions that you inevitability to ask each and every lender. The answers to these questions will provide a useful reference…

Can you procure a home equity loan even if you already get a second mortgage?
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Can you recommend a hill for my home equity loan (in the SF Bay Area)?
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Can you rob out a home equity loan to repay stale your house?
Interesting question. Hypothetically, yes, you could. But I have more question than answers here. If you took out a home equity loan against your house, to pay off your current loan for your house, you hold just traded one loan for another, which…

Can you seize a home equity loan for a home that requests rehab?
The home is paid for and no liens are against it. The home would not pass inspection at this time. I inevitability 20K to make it livable again. Someone told me that the bank would lend the the money on the adjectives equity of the…

Can you still apply Home Equity Loan even thoght your contained by the process of foreclosure?
no you can singular approach a private lender Source(s): http://www.getmaxloan.com/equity-loan.ht… No. Any lender worth anything will discover the foreclosure. When you are in foreclosure, the lender in the 1st lien position is going to filch your home and all your…

Can you use a co-signer to bring back a home equity loan?
I have equity in my house, and it is a substantial amount, however, next to all other bills and stuff, my credit has taken a trounced. I was wondering if anyone knows whether a co-signer would be an preference to obtain the equity to pay the other bills…

Can you use a home equity loan for something excluding a home?
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Can you use the money from your home equity loan to buy another house?
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Car Loan vs. Home Equity Loan?
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Chapter and home equity loans?
If you have a 1st for 188k and a second for 137k, but the home is valued currently at 220k, can the 2nd be partialy changed to unsecured debt as part of the repayment plan? I doubt it but why? Pay the money you owe in recent times as it is and you will thank…

Closing cost on a home equity loan?
we are refinancing on a 120,000 loan and they are charging 8,000 in closing cost. does this sound outrageous? Yes, but everything have gone up in price because of inflation.

Closing costs on home equity loan??
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Combining 2 home equity loans – how to claim on taxes.?
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Consolidated business debts next to home equity loan. Are those payments business expenses for taxes?
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Continued from previous question/home equity loans?
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Costs/Negatives to verbs house work from my business to personal ownership to receive home equity loan?
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Could a home equity loan be ample?
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Could George Bush bring out a home equity loan out on the White House?
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Credit Card debt w/ glorious APR’S should i appropriate out a home equity loan?
Hey everyone, i have a question. I owe nearly 30-35k in credit cad debt with dignified APR’s(13.99%) . I want to consolidate my Credit cards and get rid of them forever ( darn things!), I live in California and own a house surrounded by Washington. I owe…

Current on first mortgage, second is home equity loan. Any difference within foreclosure if belatedly on home equity?
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Debt consolidation loans,home equity loans?
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A common question asked by people looking for student debt help is “Should I pay off my credit cards or my student loans first?”

This is a tricky question, and the answer depends upon a number of factors, including;

* The rate of APR on your credit card and your student debt

* The repayment terms

So lets look at a typical student debt help example. Let’s say your credit card debt costs you 7.9% APR, while your student loan costs perhaps 3% APR.

In that situation it makes sense to pay the minimum towards your student loan and put the rest of your money towards repaying your credit card debt. As long as the interest rate on your credit card debt is higher than on your student loan, focus on clearing your credit card debt first. Over the long run, that will reduce the total amount of interest that you have to pay on your debt.

But what if the situation changes?

What if the interest on your student debt starts to creep up, and you find an amazing credit card deal? What do you do if your credit card costs 2.9% APR while your student debt stands at 4.9% APR?

Let’s look at the advantages and disadvantages of the various student debt help options;

1) Focus on the credit card debt

IDEA: Continue paying both debts individually, making the minimum payment to your student debt while putting the rest of your cash towards your credit card. Once the credit card is repaid, use all of your income to repay your student loan.

REALITY: As long as the interest rate on your student loan is higher than your credit card, this option will cost you slightly more interest in the long run. But this remains the safest option. As you’ll see below (option 4), it’s generally much safer to owe money on a student loan than it is to owe money on a credit card.

2) Focus on both debts equally

photo credit: [[^Fénix^]]

IDEA: Continue paying both debts individually, but focus on repaying both of them at an equal pace.

REALITY: This is similar to option 1 above, the only difference being that it will cost you slightly less interest while the rate on the student loan is higher than the credit card debt.

3) Focus on the student debt

IDEA: Continue paying both debts individually, making the minimum payment to your credit card while putting the rest of your cash towards your student loan. Once your student loan is repaid, use all of your income to repay your remaining credit card debt.

REALITY: This option is just the reverse of option 1, but takes advantage of the fact that in our new example the student debt suffers interest at a higher rate. It will help you to save money on interest payments for as long as the rate of interest on your student debt is higher than on your credit card deal.

But it will remove more of your debt from the relatively save environment of a student loan at the same time as leaving more of your debt at the mercy of the commercial lending sector (this isn’t always the best option, as shown below).

4) Consolidate

IDEA: Transfer the entire balance of your student loan to your credit card to take advantage of the lower APR. Using our new example, this would reduce the rate of interest on your student loan from 4.9% APR to the 2.9% APR offered by your credit card deal.

REALITY: This could be a risky option. Okay, at present is might allow you to save a small amount of interest on your total debt, but you have to consider the differences between credit card companies and student loan providers.

Most student loan schemes are run by government agencies or educational authorities. This might sound hard to believe but outright profit is not their number one aim. And because many of these schemes are government subsidised, they often have extremely good repayment terms. Often far better than the best credit cards on the market. And they don’t usually impose such harsh penalties if you are late with a repayment.

In contrast, credit card companies exist to make money. The more money that they can draw out of their customers the happier their shareholders. So before you transfer your student debt to a credit card, you must think long and hard about it, because it’s a one time only decision. In most countries, once you’ve repaid a student loan, you can’t re-borrow the money.

How long will this low rate of 2.9% APR on your credit card last? Is it just an introductory offer that will last a few months and then revert to a much high rate of interest? Are there any penalties or restrictions in the small print.

And what if you miss a repayment? Most credit card companies will charge you a hefty fee if make a late repayment. And as if that’s not enough, some will even transfer your debt to a much higher rate of interest just because you miss a repayment. So if either of these things happen it would wipe out all your potential savings immediately. And there would be nothing that you could do about it.

Other issues to consider; Filling up your credit card with student debt could affect your credit rating. In some countries, interest paid on student loans can be used to reduce your income for tax purposes (you can’t do that with a credit card). The psychological issue – would you rather have two smaller loans or one large loan? Some people find it harder to get motivated when the task ahead of them appears to be larger.

Transfering student debt to a credit card could help you to save money but only if you make sure every payment is made on time and that you are committed to paying off the debt before the special offer interest rate ends. But it’s a big risk and there’s no way back if you run into problems.

Of all the options, when you have to choose between repaying credit card debt or a student loan, it’s usually cheapest and almost always safest to focus on repaying your credit card debt first.

by Stuart Laing

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