Recent studies have shown that Facebook users tend to be better educated and higher on the social rank than their MySpace counterparts. The thing is, those fancy educations cost a very dear number of dollars.
It’s hardly a surprise that these kids need loans; they need loans to cover their loans. That’s where Lending Club steps in and saves the day. Lending Club is the Facebook version of Zopa. It’s social banking. You can lend your money and get a much better return than with a bank, plus it diversifies your interests. If you need to borrow money, a credit check is performed. There are installment loans with fixed interest rates as well. Borrowers who don’t pay up will be hounded by collections agencies if necessary, and they will get not so pretty remarks in their credit histories. With Lending Club, you can find borrowers you trust via similar Facebook networks. You don’t have to lend to a complete stranger.
LendingClub.com In Their Own Words
“Lending Club is an online lending community where people borrow and lend money, bypass the banks, and get better rates. By working together, members can borrow money at a better rate than they would get from a bank, or invest in a pool of loans at higher rates than those served by savings accounts or CDs.”
Why LendingClub.com It Might Be A Killer
Lending Club has a unique angle on the whole P2P banking scheme. Because it’s based on Facebook membership, there’s a social side involved. Lenders aren’t just giving out money to random people. They’re lending to people who have profiles and friends. Both parties get better rates. Who wants to deal with banks anyways? And forget about those quick cash places like the Money Tree.
Some Questions About LendingClub.com
Will social lending really catch on? Although it seems like a good idea, many might find it a tad risky. The site relies on social groups to make connections—so you don’t really know who you’re lending to, you just know if their in the same group as you. This might scare off users. 
