Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans LendingClub vs. Prosper: Personal Loan Comparison Updated Jul 18, 2024 5-min read Written by Andy Rowe Written by Andy Rowe Expertise: Personal loans, credit cards, real estate, financial technology Andy Rowe is a skilled writer and small business owner with a passion for storytelling. He's been writing about financial technology, real estate, thought leadership, and personal loans since 2018. Andy adapts his style to diverse audiences and enjoys documenting his personal finance journey online. Learn more about Andy Rowe 4.7 View Rates 4.8 View Rates Rates (APR) 8.98% – 35.99% 8.99% – 35.99% Rates (APR) Rates (APR) 8.98% – 35.99% 8.99% – 35.99% Loan amounts $1,000 – $40,000 $2,000 – $50,000 Loan amounts Loan amounts $1,000 – $40,000 $2,000 – $50,000 Repayment terms 24 – 60 months 24 – 60 months Repayment terms Repayment terms 24 – 60 months 24 – 60 months Fees Origination fees from 3% – 8%, no prepayment penalty Origination fees from 1% – 9.99%, no prepayment penalty Fees Fees Origination fees from 3% – 8%, no prepayment penalty Origination fees from 1% – 9.99%, no prepayment penalty About Prosper and LendingClub LendingClub and Prosper are two well-known personal loan lenders. Both offer competitive interest rates, easy application processes, and quick funding decisions. Let’s take a quick look to better understand what these two lenders can offer and which might be best for you. Table of Contents Skip to Section What do customers say about Prosper vs. LendingClub?LendingClub vs. Prosper eligibility requirementsProsper vs. LendingClub: Which is right for you? How LendingClub personal loans work LendingClub offers a quick application process you can complete in minutes. If you’re approved, you will have the opportunity to choose the best offer. Once the loan process is complete, you can expect the money in your bank account within a few days, typically a week or less. Applicants must have a Social Security number, a bank account, a steady source of income, and a debt-to-income ratio that does not exceed 30%. You can learn more in our LendingClub personal loans review. How Prosper personal loans work Prosper is an online peer-to-peer lending (P2P) marketplace where creditworthy borrowers can request loans and individuals can invest in them. Much like LendingClub, Prosper’s application process is quick. It can provide your lowest eligible rates and a list of offers within minutes. Once you select the offer that fits your needs, you’ll get the funds in your account within a few business days. Applicants must have a Social Security number, an open and active bank account, a steady source of income, and a debt-to-income ratio that does not exceed 50%. You can learn more in our Prosper personal loans review. What do customers say about Prosper vs. LendingClub? PlatformLendingClubProsperTrustpilot4.7 out of 5 (5,679 reviews)4.6 out of 5 (12,716 reviews)Google4.8 out of 5 (3,803 reviews)2.3 out of 5 (55 reviews)Better Business Bureau (BBB)4.5 out of 5 (1,865 reviews)1.04 out of 5 (153 reviews)Customer feedback Fast response, quick application process, good customer serviceGreat offers, poor customer service, fast and easy application processReviews collected on June 5, 2024. When deciding between personal loan lenders, we recommend consulting the most recent customer reviews from reliable platforms, including Trustpilot, Google, and BBB. LendingClub scores high across the board for its straightforward application process and excellent customer service. Prosper’s ratings are mixed, with repeated concerns over customer service. Both platforms are BBB-accredited and have longstanding histories of doing business. However, despite maintaining an A-minus rating since 2012, Prosper’s reviews on BBB and Google tend to be negative. LendingClub and Prosper customers praise each lender’s quick application process. Prosper’s offers are more competitive, but LendingClub earns higher marks across trusted review platforms. This might influence customers who prioritize customer service and reliability from a lender. LendingClub vs. Prosper eligibility requirements LendingClub and Prosper, like all lending platforms, have unique ways of evaluating potential borrowers. LendingClub reviews personal loan applications using a detailed analysis of your credit score and ability to repay. It also offers the option to add a co-borrower to bolster your chance of approval. Prosper begins its evaluation using a TransUnion report and follows WebBank’s underwriting criteria. It offers added flexibility with the option to add a co-borrower and have two loans active at the same time. Both platforms require you to be a U.S. citizen or permanent resident with a stable income. CriteriaLendingClubProsperCitizenshipU.S. citizen or permanent resident U.S. residents in states where loans are available Employment statusProof of income requiredProof of income required State of residenceAvailable in all 50 states, including Washington, D.C. (excluding U.S. territories) Available in most statesMin. age18 years18 yearsMin. credit score600 600 Prosper vs. LendingClub: Which is right for you? As you can see above, Prosper and LendingClub offer similar loan terms and rates. This can make it difficult to determine which, if either, is the right fit for you. To help, we’ve broken down scenarios below in which one lender may make more sense than the other. You have good creditYou want a business loanYou want to finance medical careYou live in West VirginiaYou live in Iowa If you have good credit: Prosper Prosper targets borrowers with good credit—typically FICO scores of 670 and higher—and LendingClub is a fair-credit lender. Our team has determined that those with fair credit (580 to 669) are more likely to get favorable rates with LendingClub. Those with good credit scores may fare better with Prosper. Winner Prosper If you want a business loan: LendingClub Prosper used to offer small business financing but discontinued the service. So if you’re looking for a business loan, LendingClub is your only option between the two. Winner LendingClub If you want to finance medical care: LendingClub LendingClub offers a Patient Solutions program through which borrowers can work with their dentist or doctor to finance a procedure. Prosper’s personal loans could be used to pay for medical care or to consolidate medical debt, but it doesn’t offer a similar medical financing program that loops in your doctor. Winner LendingClub If you live in West Virginia: LendingClub Prosper is not currently available to borrowers in West Virginia, making LendingClub the clear winner in that state. Winner LendingClub If you live in Iowa: Neither lender If you live in Iowa, neither lender is currently open for business. In this case, we recommend looking into the lenders mentioned below. Winner Neither. (See our list of the best personal loans.) Where to find other options If you have decent credit, a well-paying job, and a low debt-to-income ratio, you may find that LendingClub and Prosper both represent viable options for securing a personal loan. But we recommend that borrowers, especially those with good credit, consider other personal lending options. Consult with your bank and other online lenders to ensure you get the best rate for your credit and financial situation. If you want to compare LendingClub to other companies, check out our review of SoFi vs. LendingClub. If you want to explore additional options, check out our guide to the best personal loan lenders.