LendingClub.com just told me that they are backing up with too much money to lend to consumers and are in search of people that are looking for fixed rate, unsecured loans.
LendingClub.com is a people-to-people lending network that typically charges lower interest rates than banks and makes the borrowing process automated, online and less scary.
Individuals like me lend money though LendingClub to help other people that have a need. A majority of these loans are used to consolidate high interest rate debt to a lower fixed rate loan that is paid off in three years or less.
And not only is LendingClub and attractive place for people to secure debt consolidation loans but as evidenced by their surplus of cash to lend it is also an attractive place for people to lend money for a much higher rate of return than they can get elsewhere.Debt Consolidation Lender Has Too Much Money to Lend. Needs Customers. by Steve Rhode