Is MyInstantOffer Legal or a Scam? Here is the Answer!


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“Is MyInstantOffer Legit?”

If you’re considering MyInstantOffer as your online lender, you must consider that question. Ever since the market has been populated with peer-to-peer lending platforms, scam platforms have also become prominent. These scam platforms often ripoff investors or borrowers or both.

As such, while p2p platforms can be extremely beneficial and they can help maximize your returns, you should be careful while using them.

MyInstantOffer is the online lending platform belonging to Lending Club. It is currently the world’s leading peer-to-peer lending platform, based in San Francisco with over 1900 employees under their payroll. Furthermore, it is commonly known that MyInstantOffer Pre Approval loans can be granted for up to $40,000, often with no collaterals.

But is MyInstantOffer legit? Are there any MyInstantOffer Scam warning signs out there?

The short answer is: No.

MyInstantOffer is a completely legit and legal p2p lending platform. What makes me say that? Read on and find out!

Is MyInstantOffer.com Legal?

MyInstantOffer.com is a subset of Lending Club, the world’s largest online lenders. They are pioneers of the p2p lending business model which allows buyers and investors to bypass third-parties like financial institutions and transact directly with greater mutual benefits.

Lending Club is a completely legitimate organization founded in 2007 and headquartered in San Francisco. Furthermore, the loans provided by Lending Club are financed by WebBank, an FDIC-insured state-chartered industrial bank located in Salt Lake City, Utah.

As such, there are various layers of legitimacy to MyInstantOffer.

So, as for your earlier question: “Is MyInstantOffer legit?”

The answer is: 100%.

Is MyInstantOffer a Scam?

A “scam” suggests a dishonest or fraudulent scheme wherein an organization offers false promises to profit from its users.

MyInstantOffer does not live up to that definition. It is a completely legit and transparent platform. They offer both security and anonymity to their users.

When borrowers go through traditional banking institutions, they have no anonymity of identity. They have to reveal all of their personal details and information.

However, MyInstantOffer protects the borrowers’ identities by keeping them anonymous. Potential investors can only identify borrowers based on relevant details like financial history, credit history, etc, i.e., factors that will help investors determine their feasibility. MyInstantOffer Lending Club is also completely transparent about their operations.

All things considered, MyInstantOffer is NOT a Scam. In fact, they take all the necessary precautions to protect their investors and borrowers.

However, like all p2p platforms, MyInstantOffer also has complaints levied against them. So why are complaints filed against a legitimate business?

By its very nature, a p2p lending platform carries certain risks that you have to be aware of. They promise high returns, but they come with higher risks as well.

Risks of MyInstantOffer

The following are some of the risks of investing with MyInstantOffer.

  • No Insurance: Loans provided through Lending Club are not FDIC-insured since it is not an official financial institution.
  • Defaults: Lending Club does not employ any “best practices” of collecting loans. As such, borrowers can occasionally default on loans. In those cases, the investor will not receive their payment. This is an unfortunate situation. However, that is why it’s important for the lender to thoroughly vet their borrowers. This can be done by going through their employment, financial, and credit history and employing Credit Risk Management practices.

These are all legitimate risks associated with p2p platforms like MyInstantOffer. It is possible that investors and borrowers may be unlucky in their dealings. But that does not make MyInstantOffer a scam platform.

MyInstantOffer.com Timeline

To give you a better idea about MyInstantOffer Lending Club’s legitimate progression, here’s a timeline of their history.

Date Activity
2007 Starts off as a Facebook application.
August, 2007 Receives Series A funding worth $10.26 million and becomes an official lending company.
8th April, 2008 Temporarily suspends new lender registration process and enters “quiet phase”.
20th June, 2008 Files an S-1 statement with SEC and seeks a $600 million registration in “Member Dependent Payment Notes”
1st August, 2008 Files an S-1 form amendment.
14th October, 2008 Announces completion of the SEC registration process.
Files prospectus on the MyInstantOffer website and resumes new lender registrations.
March, 2009 Receives Series B funding worth $12 million.

MyInstantOffer.com Lending Club Company Background

MyInstantOffer Lending Club is currently one of the world’s fastest growing online p2p loan services. It is similar to other popular p2p platforms like Prosper, Quicken Loan, Lending Tree, and various others.

They can offer personal loans up to $40,000 with no collateral, and their investors can maximize their returns on investments. The investors can either finance an entire loan or purchase “notes” backed by loan payments.

The loans provided by Lending Club are controlled by the state-chartered industrial bank named WebBank. And the credit and interests are determined by the amount loaned.

Lending Club currently has an A- rating on the Better Business Bureau, which is considered to be exceptional. This is yet another sign of MyInstantOffer Lending Club’s legitimacy.

The Federal Trade Commission (FTC) did file a complaint against Lending Club on the 25th of April, 2018. However, the case is still pending, even though its details are available for public perusal.

It is certainly true that the FTC complaint is cause for concern. And hence people’s concern about MyInstantOffer’s legitimacy is warranted.

However, it is important not to jump to conclusions, especially since the case has not yet been decided. Besides that one detail, all other evidence suggests that MyInstantOffer is a legal and legitimate p2p lending platform.


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