Lending Club Opens Services To Kansas Residents

The popular peer-to-peer lending website Lending Club recently announced Kansas residents are now eligible to start receiving services. Residents can begin securing personal loans at a starting rate of 6.78 percent for 36 months, the website said.

Peer-to-peer lending sites are growing in popularity, as consumers with large amounts of debt or low credit scores are excluded from securing financing from traditional banks and lenders. As a result, more consumers seeking debt relief from medical expenses, education costs and other financial obligations are turning to personal loan websites.

"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. "After more than three years in business, we're very proud to say that more than $12 million per month in unsecured loans to prime borrowers are being issued through Lending Club."

While peer-to-peer lending sites can provide an alternative to many cash-strapped consumers, financial professionals encourage individuals to explore all their financial options before turning to the web, especially if they only need to borrow a small amount. In these cases, consumers may be able to save the money by cutting back on unnecessary spending.