In today’s Internet age, better banking means that people don’t have to deal with banks at all. Bank loans and credit card companies are facing some stiff competition with the new-age concept of ‘peer-to-peer lending’, a modern day finance option made possible by the birth of online groups like Facebook.com. Facebook.com has seized the opportunity to make its community more like, even better than, the real world by allowing its users to exchange more than just conversation. The web net at Facebook.com has just merged with a company geared toward empowering the people on both ends of the lending equation by skipping bank and credit card interference. Enter: Lendingclub.com.
The system is simple. People lend to people. And the only thing between the borrowers and the lenders is security. At Lendingclub.com, Facebook users all over the world are logging in to handle their own loans and investments on their own terms. The Lending Club system means more control, and thus more money, for everyone involved.
Lending Club uses its own, patented LendingMatch system to generate its loan flow. Potential borrows log in from their Facebook accounts and submit a loan request after being pre-approved for their individual fixed interest rate. Borrowers can submit a request to finance anything they desire, from purchasing school necessities like new computers, to refinancing existing loans, to paying for events like weddings or vacations. Using Lending Club, lenders are able to put together a portfolio of borrowers that meet their loan preferences which both reduces their risk and raises their returns.
Lending Club is a new deal, but not for long. The company is currently in the final stretch of a YouTube video contest that has professional and amateur filmmakers across the world vying for the grand prize. Contestants are required to produce an original and creative video about Lending Club and how it is changing the world of personal financing. All videos are required to be submitted on YouTube, and the winning video earns the five thousand dollar prize based on its total numbers of views.
The contest is in effect only until August 10, 2007, and by now, the favorite has clearly been established. Professional filmmaker, Chris Barrett’s submission was a late entry to the field of YouTube videos, but the quick-paced, comprehensive, and humorous commercial has already stolen the show. The video, shot in HD and featuring fresh acting talent, has been viewed over ten thousand times so far, with no end to activity in site. Check it out ‘Chris Barrett's Lending Club Commercial Submission’ at YouTube.com and discover the power of peer-to-peer lending at Lendingclub.com.
