Personal Lending Becomes Popular on Facebook

Duncan Riley of Techcrunch published an article a couple days ago about Lending Club surpassing the $100,000 mark in loans to Facebook users. This is pretty remarkable. The concept behind Lending Club is pretty simple. Users get better rates than their personal savings accounts by lending money to other users that have gone through a credit check. The benefit to borrowers is significantly lower rates than banks typically charge. It is a highly effective lending system and is poised for explosive growth.