Lending Club

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Lending Club makes borrowers go through a credit assessment and hand out credit grades ranging from A-G. Lenders can browse borrowers’ profiles and find someone they want to lend to depending on the amount of risk they are willing to take or depending on who the borrower is (like a friend).

Borrowers can use anonymous screen names to post their loan requests on the Lending Club Facebook application. Most of the loan requests are for consolidating debt so most borrowers probably don’t want their credit histories to be public information. On the other hand, being open with potential lenders can increase the chance of landing a loan.

According to Lending Club, average loan sizes clock in around $5,500, with $1,000 being the minimum loan size and $25,000 the max. Borrowers with low credit grades have higher average interest rates than borrowers with high credit grades.

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