Updated
May 09, 2023 Peer-to-peer lending has become an increasingly common way for people to borrow money or invest. Through this method, people receive money from other individuals through a centralized platform instead of a financial institution.
Though LendingClub was one of the original leaders in the P2P lending industry, today there is an increasing number of competitors for personal loans.
Before borrowing you should review LendingClub alternatives that exist to make sure you are getting the best deal.
LendingClub Alternatives for Personal Loans
There are several LendingClub personal loan alternatives and competitors. You can check out our best personal loans guide or compare some of the options below.
LightStream
Rates (APR)
3.49% – 19.99%*
with AutoPay
Loan Amounts
$5,000 – $100,000
Credit Score
660+
LightStream is a great alternative to LendingClub because of its Rate Beat Program in which it will beat any rate a competitor offers by 0.10 percentage points.** LightStream personal loans have low interest rates and no fees. If you have excellent or good credit, LightStream is a great option.
- Credit score category: Excellent, good
- Soft credit pull to check rates: Not available
- Deposit time: As soon as the same day
- Origination fee: 0%
- Late fee: None
- Discounts: 0.50% interest rate reduction for enrolling in autopay
- Repayment terms: 24 – 144 months***
Upgrade
Rates (APR)
7.99% – 35.97%
Loan Amounts
$1,000 – $35,000
Credit Score
620+
Upgrade is a good alternative to LendingClub for borrowers with fair to bad credit, in addition to those that need a smaller loan since Upgrade’s minimum loan is smaller than most other lenders. Plus, you can check your interest rates with Upgrade without impacting your credit score.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as the next day
- Origination fee: 2.9% – 8%
- Late fee: $10
- Repayment terms: 36 or 60 months
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
**LightStream will offer a rate .10 percentage points lower than the rate offered on any competing lender’s unsecured loan provided that you were approved for that lower rate (with the same loan terms offered by LightStream) no later than 2 p.m. Eastern time two business days prior to loan funding. The Rate Beat Program excludes secured or collateralized loan offers from any lender, and the competitive offer must be available to any customer with a similar credit profile. Terms are subject to change at any time.
If you believe you have been approved by another lender for a lower qualifying rate, contact LightStream customer service. We will work with you to determine your Rate Beat eligibility and obtain the necessary documentation.
***Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.