Posted by Mike Smith :: January 29, 2008 @ 5:05 am

Due to the fact that I telecommute to my day job, I spend my workdays at home. Despite the reduced number of interruptions from colleagues, I still get the occasional interruption at my front door. A recent encounter reminded me of the way banks try to loan you money.

The specific interruption came from a door to door salesman. He was selling prepackaged meat. The idea was that by buying a huge quantity, you could get a high quality product at a reduced price. He became upset when I declined to invite him, a total stranger, into my home. Things continued to take a turn for the worse when I requested to speak to my wife before committing to a purchase. Needless to say, I did not become a customer.

The whole experience is one that I played over and over in my mind. I knew it reminded me of something, but I couldn’t put my finger on it. Then it came to me: the door-to-door salesman was just like a bank. The main similarity was that both are old-fashioned ways of doing things. There may have been times when the local bank (or salesman) offered you the best option for a particular service. In many cases, they offered the only option. They also both try to shove a one-size-fits-all product down your throat. As a consumer, I don’t care if I could get a great deal on a variety of cuts of meat if the package includes ones I don’t want. I’d be much better off finding a provider who gets me a great deal on just the specific product I’m looking for. Lastly, both banks and door-to-door salesmen benefit from snap decisions. Giving yourself time to think will allow you to consider your alternatives.

Just as there are many more effective ways to make purchases than through a door-to-door salesman, there are better places to go for money than a bank. Lending Club offers a better solution to old needs, namely to borrow and lend money. Lending Club’s low interest person-to-person loans are just the right product for a lot of people at an amazing price. And unlike dealing with pushy salesman, there’s never any pressure from Lending Club either. If it suits your need and can benefit your situation, then Lending Club would love to have you as a member. If you need a different type of product, such as a home mortgage, that’s fine, too. We’ll do our best to help you find the best option through our educational blog posts.

You may find a door-to-door salesman, or a bank, that is offering a product of great value to you. Before making any commitment to purchase anything, however, be sure to consider your options carefully. You’ll likely find an alternative solution that better suits your needs at a better price. Making a poor decision will surely leave a bad taste in your mouth.