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I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.

It's time for some money rehab.

Today, I'm going to be giving you a way to fight back against a system that's typically set up

against you. Lending. Recently, I talked to Scott Sanburn, the CEO of Lending Club, who is also

passionate about making the system more equitable. Later in this episode, I'm going to be giving you a

winning strategy to use when managing your money. But first, here's a little background from Scott.

So, the traditional lending systems obviously didn't work for everyone. But first, let's talk

about the folks that it did work well for. Traditional lending systems did work well for, I suppose,

people that had money. Even, you know, work well. You had the ability to go get a loan. In the case

where we started, if you look at personal loans, those went away when credit cards came.

So, basically, what happened is banks as a whole said, if you need access to cash, use this

instead. And there's a reason that banks hold credit card assets on their balance sheet. And

it's a reason why some of the biggest banks in the country also happen to have that as a

core profit engine is that is a very profitable vehicle for a bank. And for a consumer, it is a

very convenient way to pay for stuff. But if you're actually using it as a loan, it's a pretty

crappy loan. It's a high interest rate and it is a loading rate. So, again, I would say, does it work?

...