Kansas residents now eligible for Lending Club loans
10/25/2010
By Credit.com Staff
Peer-to-peer lending websites have grown significantly since the onset of the recession, with Lending Club becoming the most profitable site in the U.S. The popular loan management platform announced it will open its site to Kansas residents, allowing them to secure personal loans at an introductory annual percentage rate of 6.78 percent for 36 months.
Over a three-year period, Lending Club has issued more than $169 million in personal loans, which have been used for everything from home remodels and splurge purchases to student loan funding and medical expenses.
"American families are waking up to the fact that they don't have to pay astronomical interest rates on credit cards - which are nearing an all-time high," Lending Club CEO Renaud Laplanche said. "We're excited to be offering loans to the residents of Kansas with low fixed rates and fixed payments, clear terms and no hidden fees."
Personal lending websites do not appear to be going away anytime soon, as many consumers are finding themselves ineligible to receive traditional loans, due to large debt and low credit scores.
