Prosper Competitors and Alternatives
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Peer-to-peer lending is a relatively new way for consumers to borrow and invest money. These types of lending platforms remove the barrier of the traditional financial institution from the lending process and directly match borrowers with investors.
Prosper was the first peer-to-peer lender in the United States. Founded in 2006, Prosper has helped over 800,000 individuals borrow over $12 billion. Over the last few years, however, there have been an increasing number of Prosper competitors when it comes to personal loans and small business loans.
On this page:
Prosper Alternatives for Personal Loans
There are countless personal loan alternatives to Prosper. Here are a few great options that you may want to consider.
LightStream
Rates (APR)
3.49% – 19.99%
with AutoPay
Loan Amounts
$5,000 – $100,000
Credit Score
660+
LightStream is an online-only lender providing a wide variety of personal loans. They do not charge any fees or prepayment penalties and offer low rates. If you need cash quickly and have a good credit score, 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’s personal loans are best suited for borrowers with fair or bad credit. They offer flexible repayment terms that allow customers to fit their loan payments in with their monthly budget. You can check rates without affecting your credit score and eligibility is based more on free cash flow as compared to other lenders.
- 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
LendingClub
Rates (APR)
10.68% – 35.89%
Loan Amounts
$1,000 – $40,000
Credit Score
600+
LendingClub is a peer-to-peer lender offering loans to those with bad or fair credit. They provide customers with various educational resources to help the average borrower learn more about personal loans and credit scores. The entire application process is quick and accepted applications often lead to loan disbursement in just a few days.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as 4 business days
- Origination fee: 1% – 6%
- Late fee: $15 or 5% of payment amount
- Repayment terms: 36 or 60 months
Not interested in any of these options? Check out some of our other guides to find Prosper personal loan alternatives:
- Best Personal Loans
- Best Good Credit Loans
- Best Fair Credit Loans
- Best Bad Credit Loans
- Best Online Loans
- Best Bank Loans
Prosper Alternative for Small Business Loans
Here are a few small business loan alternatives to Prosper.
Lendio
Rates (APR)
As low as 6.00%
Loan Amounts
$5,000 – $2 million
Repayment Terms
1 – 5 years
Lendio is a marketplace that works with 300+ lenders to offer a wide variety of small business loans to businesses. The loan discussed in this review is the lender’s business term loan. The online application can be completed in 15 minutes with funds received in as little as 24 hours.
LendingClub
Rates (APR)
9.77% – 35.98%
Loan Amounts
$5,000 – $500,000
Repayment Terms
6 – 60 months
LendingClub, like Prosper, is a peer-to-peer lender. This means that rather than receiving funds from LendingClub itself, the company matches you with investors who put up the funds for your loan.
In order to be eligible for a business term loan from LendingClub, businesses must have been in business for at least 12 months and have a minimum annual business revenue of $50,000.
Kabbage
Rates (APR)
7.00% – 69.00%
Loan Amounts
$500 – $250,000
Repayment Terms
6, 12, or 18 months
Kabbage is a small business lender offering multiple types of loans to businesses. The loan being discussed in this review is the lender’s business line of credit. Kabbage can be a good option for borrowers with bad credit and a need for fast funding.
