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Personal Loans

Prosper Competitors and Alternatives

Updated May 09, 2023   |   4 mins read
Written by Jeff Gitlen, CEPF®  
Updated May 09, 2023

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.

To review some of those options, continue on below.

Prosper Alternatives for Personal Loans

There are countless personal loan alternatives to Prosper. Here are a few options that you may want to consider.

LightStream

LightStreamView Rates

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

UpgradeView Rates

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

Upstart

Upstart logoView Rates

Rates (APR)

8.41% – 35.99%1

Loan Amounts

$1,000 – $50,0002

Credit Score

600+

Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and many other variables when determining eligibility.3 This model leads to 27% more approvals and 16% lower rates than traditional models.4

  • Credit score category: Fair, bad
  • Soft credit pull to check rates: Yes
  • Deposit time: As fast as one business day
  • Origination fee: 0% – 8%
  • Late fee: $15 or 5% of payment
  • 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:

*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.

**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.

1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

2Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

3Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

4Approval numbers compare the 2020 loan approval rate by the Upstart model and a hypothetical traditional credit decision model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analyses was developed in connection with the CFPB No Action Letter access-to-credit testing program, is trained on Upstart platform data, uses logistic regression and considers traditional application and credit file variables.