TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.

 

LendingClub vs Prosper

We recommend

 

Disclosure: We are not compensated by companies for their reviews, but we may be compensated for links and advertisements on our website. Click here for details.

 

LENDINGCLUB

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.

The current loan rates at LendingClub range between 6.95% and 35.89% APR. 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

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.

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. LendingClub earns our highest rating.

Visit Site >

PROSPER

Prosper launched in 2006 and, as of late, has had over $300 million loans funded from private investors. This California based company currently holds a decent Better Business Bureau rating of B+.

Prosper is also a social lending network that brings together those that need a loan and those willing to lend money. The loan size must be between $2,000 and $25,000.

The current loan rates at Prosper range from 5.99 to 36%. The website is easy to navigate through the application process. The loan application process consists of the following steps:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Input your name, address, income, and date of birth and social security
  • Prosper will verify your identify and pull your credit score. Prosper will also assign a loan rate based on your creditworthiness
  • Investors will begin funding your loan which you may view online
  • Once fully funded, Prosper will do a final verification of your identity
  • Funds are deposited into your bank account direct

Most loans are funded within an average of 8 business days. Prosper does charge a fee to facilitate the lending process. A fee between .5 and 4.95% is taken from the loan upfront before you receive payment.

Prosper provides a simple lending process and a website that's easy to navigate. Loan rates can range a little higher at Prosper but the associated loan fees, to cover credit checks and administrative costs, are slightly lower. If you are in the market for a loan from $2,000 to $25,000, Prosper is worth your consideration.

Visit Site >


Personal Loans

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

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.

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!



Personal Loans In The News

Subprime personal loans will flourish in 2019 thanks to startups and Donald Trump

Americans are again splurging on subprime debt. The spigots are forecast to open even wider next year for personal loans, thanks to financing provided by fintech startups as well as the Trump administ...

Published:  Wed, 12 Dec 2018 03:01:19 GMT



Everything You Need to Know About Personal Business Loans

If you're planning to start a business, you'll obviously have to face a lot of hurdles. One of the biggest hurdles you'll have to clear is to get funding for your business. According to a survey condu...

Published:  Tue, 11 Dec 2018 00:03:00 GMT



Near-Term Outlook for Consumer Loans Industry Remains Bright

student loans and personal loans, among others. The business prospects of these companies are sensitive to the nation's overall economic health. In addition to offering the above-mentioned services th...

Published:  Wed, 12 Dec 2018 10:39:00 GMT



Best home equity loan lenders for 2019

You'll be eligible for this if you pay down your loan/HELOC using the automatic payment deduction service from a TD Bank personal checking or savings account. For a HELOC, you can apply online ...

Published:  Mon, 10 Dec 2018 04:45:00 GMT



Guggenheim Creates Loan Fund for Retail Investors

Guggenheim Partners LLC launched its first ever fund to invest in loans to midsized company targeted at retail investors. The debt-focused money manager, which manages $265 billion and owns several in...

Published:  Wed, 12 Dec 2018 15:09:00 GMT



Personal Loans for Travel and Holidays

There was a time when people would save patiently for years before taking going on a holiday. The situation today has changed significantly. People with a conventional approach to personal finance ...

Published:  Tue, 11 Dec 2018 08:22:00 GMT



How to Get Tax Exemptions on Personal Loans

But there are ways you can get tax exemptions on personal loans that depend on the purpose that you avail the loan for. 1) For investing in business If the personal loan taken out is invested into a b...

Published:  Mon, 26 Nov 2018 12:38:00 GMT



Personal loan activity in Tasmania jumps 47.9% in three years

Tasmanians have significantly increased their use of personal loans, with volumes climbing considerably faster than in other states. Australians took out $4.0 billion of personal loans in October 2018 ...

Published:  Wed, 12 Dec 2018 07:03:04 GMT




We recommend

 

- View Full Site -