Lending Club - A Place to Borrow & Invest Money

Are you greatly affected by the recent financial meltdown and need instant cash to pay for your debts? Or are you willing to invest your savings into stocks but afraid that it'll continue to fall tremendously?

Well, if you're one of the above, I'll advice you to try out a social lending website called LendingClub. From the interview with the founder of LendingClub, Renaud Laplanche explains how this service works, "We have created a platform that lets borrowers and lenders meet directly online and trade money at an average rate of about 10%. As a way to help build confidence on the lenders' side, we have decided to limit access to borrowers with at least a 640 Fico score and less than 20% debt-to-income ratio. This combination will result in low defaults and excellent net returns for the lenders. The flip side is that we have to turn down a fair number of borrowers."