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      July 4, 2020

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LendingClub vs Even

Best Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingClub and Even.

To see ALL of our reviews for the Best Personal Loans, please Click Here

Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

Continue reading below reviews

Best Reviews

2020

Personal Loan Reviews

4 stars
LendingClub

LENDINGCLUB

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Loan:

From $1,000 to $40,000

LendingClub is a recognized leader in the social lending market. They do an excellent job of bringing together lenders and those wanting a loan between $1,000 to $40,000. The benefit of choosing LendingClub is that without a bank in the mix, borrowers are able to get a lower rate on their personal loans. LendingClub currently holds a strong Better Business Bureau rating of A and helps facilitate thousands of loans for happy customers each month.

Low lending rates

The loan rates at LendingClub are among the lowest we've found. Of course, the best APR is available to borrowers with excellent credit. Applying for a loan is simple:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Next you'll be asked to input your name, address, income, and date of birth
  • LendingClub will verify your identity and creditworthiness
  • After verification occurs, your loan and loan terms will be available for you to select from
  • Select your loan
  • LendingClub authenticates your bank account
  • You receive your funds

Turnaround time varies

The size of your loan and your credit worthiness impacts the turnaround time of the process. At any point you can speak to a LendingClub customer service representative to assist. Your loan request will be listed on the LendingClub website for up to two weeks, or until lenders are willing to fully fund your request.

Processing fee

Like any peer-to-peer lending company, a fee is assessed in order to cover costs. At LendingClub you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan and loan terms. For a $1,000 loan that equates to a fee starting around $11.

If you're looking for a personal loan, LendingClub offers an excellent lending process and affordable rates, from a reputable company that you can feel confident with.

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3.5 stars
Even

EVEN

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Loan:

From $1,000 to $100,000

Even is a fintech business that helps connect partner lenders with borrowers to fund their personal loans. Founded in 2015 and based in New York City, this service specializes in prequalified loan offers from multiple sources, helping you shorten the process between your application and receiving your personal loan money.

10 lending partners

At the time of our review, Even was partnered with 10 lenders, many of which you'll find in our in-depth evaluations:

  • Avant
  • Best Egg
  • Freedom Plus
  • Lending Club
  • Lending Point
  • LightStream
  • Payoff
  • Prosper
  • SoFi
  • Upgrade

Wide range of loan amounts

Across their network of lenders, Even can connect you with personal loans ranging from $1,000 to $100,000, with terms from 24-84 months and APRs starting at 4.99%. Of course, your actual loan amount and terms will depend on your credit history, requested loan size, income and more. To get a list of possible offers, enter the loan amount you want, the purpose of your loan (vacation, debt consolidation, large purchase, etc.), your credit score range and your email address, among other details. The service is free and at this stage only a soft pull of your credit is required, so it won't hurt your score.

Too much information?

However, compared with similar services that connect borrowers with personal loans, we felt that Even required too much information from us before providing even basic details about the loans available through their site. Many of their competitors will show you sample terms and rates from specific providers - and some will even give you potential matches without having to enter your Social Security number until after you've selected a loan that sounds like a good fit.

Not much history

Besides that, Even doesn't tell you much about themselves, beyond the lending partners they use for personal loans. Given that they've only been around for 5 years, and that they're not accredited by the Better Business Bureau, the lack of information about them on their main personal loans landing page left us feeling uneasy. We were glad to see their "A" rating from the BBB, but there were no customer reviews made available on the Even site to lend support to that grade.

Middle of the road

All of these factors combine to give Even a middle-of-the-road rating. While we like being able to have one-stop shopping for personal loans, we feel that their competitors do a better job of offering transparency with their lenders and terms while requiring less personal information at the outset. We think you'll probably have a smoother experience when getting a personal loan through one of our higher-ranked services.

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Continued from above

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

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