Lending Club Blog

What Door-to-Door Salesmen and Banks Have in Common

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.

Tuesday, January 29th, 2008 at 5:05 am

Comments (0)

Recommended

Types of Loans 101

Growing Your Business By Using Capital

9 Reasons to Open an IRA

6 Reasons to Get a Personal Loan

See more
Lending Club Awards
  • Archives z

Recent Posts

Line of Credit vs. Loan

Lines of credit (LOCs) and small business term loans… Read More »
September 28, 2016

Types of Loans 101

There are many types of loans out there and… Read More »
September 16, 2016

Meet Patrick Dunne — Lending Club’s Chief Capital Officer

Patrick Dunne, Chief Capital Officer,… Read More »
September 8, 2016

Growing Your Business By Using Capital

Smart small business owners don’t wait to consider borrowing… Read More »
August 19, 2016

9 Reasons to Open an IRA

Retirement: a word that often comes with many connotations.… Read More »
August 5, 2016

6 Reasons to Get a Personal Loan

While it would be great if we all had enough… Read More »
July 29, 2016

Lending Club and the Marketplace Model

Some of our investors have observed the funding environment… Read More »
July 28, 2016

A Recap: Credit Strength on the Lending Club Platform

We are proud of our… Read More »
July 14, 2016

A Message to Investors from our President and Acting CEO

Today, our President and acting… Read More »
May 19, 2016

Lending Club Receives Tribeca Disruptive Innovation Award

Disruptive innovation comes in many… Read More »
April 29, 2016

2014

We went public today!

Ringing the bell this morning at the New York… Read More »
December 11, 2014

New and Improved Statistics Page

We recently redesigned our Loan Statistics page to make… Read More »
November 13, 2014

Lending Club Honored with Economist Innovation Award

This month I was honored… Read More »
October 15, 2014

Welcome Vermont Investors!

Today, we’re thrilled to welcome residents of the state… Read More »
September 4, 2014

We filed to go public today

We filed a registration statement with the SEC today… Read More »
August 27, 2014

Our Billion Dollar Quarter

We’re excited to announce  that we’ve facilitated over $5… Read More »
July 8, 2014

Is Lending Club Available in My State?

Is Lending Club available in my state? That is… Read More »
July 7, 2014

Lending Club Joins Senator Cory Booker to Discuss Improving Access to Capital for Small Businesses

Read More »
June 20, 2014

Lending Club Named a CNBC Top 50 Disruptor for a Second Year

For the second year in… Read More »
June 17, 2014

PRIME is now Automated Investing

Lending Club is excited to announce that PRIME has… Read More »
May 14, 2014
View All w