MyReviewsNow Online Shopping & Reviews Presents The Lending Club For Borrowers & Investors

View PDF | Print View
by: chickie maxwell
Total views: 31
Word Count: 762
Date: Sat, 9 Jul 2011 Time: 10:21 AM
0 comments

MyReviewsNow, your one stop online shopping for all things, is now promoting The Lending Club for Borrowers & Investors on their website. This website picks the best products and services for product review, and among their choices under the category labeled "Personal Finance & Credit" you will find The Lending Club.

Who is The Lending Club?

They are an online financial community that opened in 2007 with one mission in mind: to create optional choices for borrowers and investors other than banks at a great rate. Renaud Laplanche is the founder of the company, and has a top-rated staff with backgrounds in financial services, technology and consumer products.

The Club was recently recognized by Harvard Business Review, The Industry Standard, and is on the JMP Hot 100 and the Always On Global 250 Top Private Companies lists. In addition, Lending Club has won the 2008 Webby Award and other nominations and honors for the years 2009 and 2011.

This financial institution brings together borrowers and investors who are seriously interested in benefiting financially. They substitute the complicated high cost of bank lending procedures with a faster, smarter, and more innovative method to borrow and invest. They keep their customers in mind, simplifying the process:

- you can join in minutes
- get instant quotes, if borrowing
- start building a portfolio immediately, if investing
- everything can be done online

Company Features

Lending Club has many great and undeniable features compared to its competitors. They include:

• Investing. As of May 25, 2011, over 26,000 investors had funded more than $275,000,000 in loans and received over $22,000,000 in interest payments. These investors range from individual (personal) accounts to professional (business) accounts. Investors' accounts have expanded four times over, ranging from a few thousand dollars to over millions of dollars. Returns for investors are based on basic risk factors. Areas of investment include 401(k) rollovers and IRA. Just fill out a basic online application and the applicant is paired with investors who are interested.

• Personal loans. Lending Club is a great resource for borrowers seeking short to medium term loans. Rates for borrowers can start as low as 6.78% depending on credit and type of loan they are applying for. Their loans are better when compared to competitors because the rates are lower, online processing is fast and easy, and processing is secured and confidential. It is as simple as applying, getting funded, and making fixed monthly payments. Personal loan types include:

- Consolidate debt loans
- Pay off credit card loans
- Car & vehicle loans
- Home improvement loans
- Business loans
- Special events
- Green loans
- Pool loans
- Other personal finance loans

How does Lending Club work?

This organization is a unique product in the lending/investment market. The company's strategy is set up methodically wherein its members invest and borrow directly from one another. This strategically disposes the middle man (the banking system) and additional costs; therefore, resulting in better rates for the borrowers and better returns for the investors. Their overall model plan simply includes:

- Investors and borrowers benefit
- Streamlining banking - century-old concept
- Diversification

Lending Club Rates and Fees

There are no hidden fees or charges. Application and membership are free, and you only have to pay an origination fee if your loan request is issued. Interest rates, APRs, and fees are listed at lendingclub.

If you are still not convinced about the authenticity of this business, listed below are the latest company's statistics as of 06/27/2011:

Loans funded to date: approximately $297,000,000
Loans funded last month: approximately $18,531,000
Interest paid to investors since inception: approximately $24,516,000

Lending Club makes it a win-win situation for all who are involved by allowing its members to help one another. Its online shopping feature makes it easy for potential and current members to conduct all their transactions. In addition, their business listed on the MyReviewsNow online shopping website places it in another category of excellence by itself. The Lending Club approach to lending and finance is both new & unique. If interested you are interested in either borrowing or investing in the Lending Club program, please visit the Finance Store today.

About the Author

MyReviewsNow