Lending Club Facebook Application

What is the LendingClub Facebook Application?

LendingClub allows you to give and receive loans from other Facebook users at reasonable interest rates. Rates for peer-to-peer borrowing and lending start at 7.45% APR. Depending on the borrower’s credit history, rates can go up to 11.68%.

When you sign up as either a borrower or lender, LendingClub verifies your identities and bank accounts. If you’re a borrower, you’ll receive a credit check to determine your interest rate. The crappier your history, the higher the rate you’ll receive.

LendingClub Pros

• Get reasonable loan rates
• You can make some money by being a lender.
• Sign up is easy.

LendingClub Cons

• Can only get a loan if you have a FICO score of 640 or higher. This is a con depending how you look at it. For a lender it’s great, because you can be assured that you don’t have any bum debtors. For a borrower it sucks, because it might take getting a loan from lending club out of the picture.
• Only available for US citizens. Because of different regulations in different countries, LendingClub is only available in the US. However, it looks like it will be open to Canada soon.