I have written a lot about Lending Club (click here) as a place to go for a legitimate debt consolidation loan. And I wanted to show you how much I believe in this peer-to-peer lending network by putting my money where my mouth is.
If you apply for a debt consolidation loan by clicking on this LendingClub.com link from the GetOutOfDebt.org site and your loan is approved for funding, I will personally invest in your loan and be one of the investors that helps you to get out of debt.
When your loan appears for funding on the LendingClub.com site just post the link for your loan in the comments section below. I’ll make sure your loan came through this site and then I’ll invest in it. Simple.
What is Peer-to-Peer Lending?
Think of peer-to-peer (P2P) lending as cutting out the banks, which it is. In P2P lending, people like you and me lend money to people like you and me. in doing so we cut the banks out of the loop all together and that results in lower rates for borrowers.
P2P lending is something to take notice of. Some of the groups that have offered up praise for this LendingClub.com approach are places like Harvard Business Review, Fast Company Magazine, Wired Magazine, and, well the list gets too long to mention.
The Old Debt Consolidation Loan Scam – AVOIDED
The reason I have been sour on loans to consolidate debt in the past is that they were either not really available, very expensive through the banks, or scams that people fell for. The most common scam was the up-front loan fee scam. This is where someone would promise a loan if the applicant paid a hefty processing fee up-front. Once the fee was paid, guess what, “I’m sorry your loan has been denied.”
But this is all avoided with the the Lending Club solution and that’s why I love it.
- The loans are actually available
- There are no expensive banks involved
- There is no up-front fee to pay
And Don’t Forget, I’m Putting My Money Where My Mouth Is
Like I said above, if you apply for a loan through this link with LendingClub.com and your loan is approved for funding, post the URL of your loan in the comments section below and once I confirm it came through this site I’ll proudly invest in it.