Borrowing from Peers on Lending Club
The Federal Reserve is saturating the banking system with money, but that easy money is still not reaching those who could use it the most: borrowers! The Lending Club matches people with money to lend - investors - with people looking to borrow money. This service is great for both sides - the lenders get a far above market interest rate - generally over 8%. The borrowers get an interest rate below market rates - all by excluding the middle man - the banks. Check to see if Lending Club is available in your state - here are the states that residents are able to Borrow Money via the Lending Club:
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Illinois
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Lending Club is not offering loans in Idaho, Indiana, Iowa, Maine, Nebraska, North Carolina, North Dakota, or Tennessee. I am guessing those states have more complicated laws related to the borrowing and lending of money.