Peer-to-peer lending has become an increasingly common way for people to get funding. Through this method, people receive money from other individuals through a centralized platform instead of from a financial institution. LendingClub was one of the original leaders in this industry. Today, there are an increasing number of LendingClub competitors for personal loans and business loans. Before borrowing you should review LendingClub alternatives that exist to make sure you are getting the best deal. To get started, you can compare companies like LendingClub below.
On this page:
- Compare LendingClub Competitors for Personal Loans
- Personal Loan Reviews of LendingClub Alternatives
- Getting a Personal Loan from LendingClub
- Compare a LendingClub Competitor for Business Loans
- Business Loan Review of a LendingClub Alternative
LendingClub Competitors: Personal Loan Comparison
Alternatives to LendingClub Personal Loans
Loans from $5,000 to $100,000 – Rate Beat Program
- Fixed rate loans from 4.99% APR
- Funds available as soon as the same day
Borrow what you need – as little as $5,000 or as much as $100,000
- Rates starting at 5.74% APR
- No origination fees or pre-payment penalties
Loans up to $4,000 – No credit check required
- Get your cash as soon as the next business day
- Affordable payments and personal service
LendingClub Alternatives for Personal Loans
6.95% – 35.99%
3 or 5 years
$2,000 – $40,000
LendingClub may be the original peer-to-peer lending platform, but it has a growing number of competitors. For example, Prosper’s loans have several similarities and differences with LendingClub loans. Here are their terms:
- APR: The APR for Prosper loans range from 6.95% to 35.99%, and there are no prepayment penalties.
- Origination Fees: The Prosper origination fee is from 2.4 percent to 5 percent, similar to the LendingClub, although it varies.
- Minimum Credit Score: The lowest FICO score on Prosper is typically around 640. Borrowers with lower scores may receive funding, but their interest rates will likely be higher.
- Term Length: Loan terms at Prosper, like LendingClub, are for three to five years.
- Borrowing Amount Range: Borrowers on Prosper may receive funding that ranges from $2,000 to $40,000.
- Disbursement Time: If a borrower is approved, their loan may be funded within 24 hours. But this can vary depending on the application process, verification, and whether or not investors back the loan.
Overall, Prosper loans have more similarities than differences compared to LendingClub loans. Both are good options for personal loans, particularly with a good credit score. The primary difference is that LendingClub may offer lower rates than Prosper.
5.74% – 16.99%
2 – 7 years
$5,000 – $100,000
SoFi is a finance company offering a variety of lending products, including personal loans. SoFi is an entirely digitally financial company. They advertise their ability to offer lower rates because of their unique, streamlined underwriting process.
- APR: The APR range for SoFi is from 6.26% to 14.87% if borrowers enroll in AutoPay.
- Origination Fees: SoFi doesn’t charge origination fees.
- Minimum Credit Score: There isn’t a required minimum credit score for SoFi, but most borrowers have a score of at least 660.
- Term Length: There is a lot of flexibility in the available terms for loans through SoFi. Personal loan term options range from three to seven years.
- Borrowing Amount Range: Personal loans are available in amounts of $5,000 to up to $100,000.
- Disbursement Time: It usually takes seven days for a personal loan to be funded.
SoFi has a lot of benefits compared to LendingClub, including potentially lower interest rates and higher loan amounts. There are no origination fees, and the term lengths are flexible. However, SoFi personal loans may be a better alternative for borrowers with higher credit scores and incomes.
8.69% – 29.99%
3 or 5 years
$1,000 – $50,000
Upstart is a modern direct-to-consumer lending platform using artificial intelligence for an automated borrowing process.
- APR: With a personal loan from Upstart, the APR range can be 8.69% to 29.99%.
- Fees: The origination fees charged by Upstart can range nothing to 8 percent of the amount borrowed.
- Minimum Credit Score: Borrowers must have a credit score of at least 620.
- Term Length Range: Upstart offers terms of three to five years.
- Borrowing Amount Range: Personal loans through Upstart begin at $1,000 up to $50,000.
- Disbursement Time: Funding through Upstart is usually provided within a day.
Upstart’s benefit include a fast disbursement time. However, the upper end of the possible origination fees is higher than other lenders. Also, the starting interest rate is higher, although the maximum interest rate is lower than that of LendingClub’s maximum interest rate.
Getting a Personal Loan From LendingClub
6.95% – 35.89%
3 – 5 years
$1,000 – $40,000
Many of the same factors are relevant when applying for a loan through LendingClub as any other institution. In particular, a borrower’s debt-to-income ratio is paramount.
Here are some general requirements and facts about LendingClub personal loans:
- APR: LendingClubs’ APR ranges from 6.95% to 35.89%, and there are no prepayment penalties.
- Origination Fees: These range from 1 percent to 6 percent of the loan amount. The fees are included in the APR and deducted from the loan when it’s funded.
- Minimum Credit Score: To qualify, borrowers need a minimum credit score of 600, but most approved borrowers have credit scores of 700 or higher.
- Term Length: LendingClub loans are either three years or five years.
- Borrowing Amount Range: Personal loans through LendingClub range from $1,000 to $40,000.
- Disbursement Time: Funds are typically issued within seven days.
LendingClub Alternative for Business Loans
4.99% – 27.79%
Max Loan Term
Min. Credit Score
As an alternative for business owners interested in small business loans or larger options, Funding Circle uses the peer-to-peer lending model to offer these options.
- APR: The APR for Funding Circle loans starts at 4.99%, and it can go up to 27.79%.
- Fees: There are no prepayment penalties. Origination fees vary from 0.99 percent up to as 6.99 percent.
- Minimum Credit Score: Borrowers need a credit score of at least a 620 to qualify. The average credit score of funded borrowers is 700.
- Term Length Range: Terms range from six months to five years.
- Borrowing Amount Range: Loans are available from $25,000 up to $500,000.
- Disbursement Time: Loan funding time can take up to 14 days, although many loans are funded in a few days. Once a loan is funded, the loan amount can be deposited into a business bank account the same day.
Funding Circle is a bit different from LendingClub because loan amounts are higher. Plus, it is only a business loan platform. The loan terms are more flexible, and the maximum borrowing amount is significantly higher than LendingClub’s maximum.
Author: Ashley Sutphin
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