This peer-to-peer lender is no more. Find out where you might want to look instead.
CircleBack Lending was an online peer-to-peer lender that provided personal loans to borrowers with good to excellent credit. It offered a simple application with funding as fast as the next business day. It also had rave reviews on Trustpilot before it shuttered its virtual doors in 2016. Here are five lenders you might want to look into instead.
Why doesn’t CircleBack Lending offer personal loans anymore?
CircleBack Lending stopped offering personal loans in October 2016 after the peer-to-peer platform ran out of funding. Media reported that it had lost more money than expected after several customers defaulted on their personal loans.
Since it shuttered, CircleBack Lending took down its website, though some customers have reported making repayments by auto debit or over the phone.
Don't confuse CircleBack Lending with CircleBackLending.net
While the online peer-to-peer lender might have closed, an online short-term loan connection service with a similar name — CircleBackLending.net — is still around. Though it offers personal loans that might seem similar, its bread and butter are payday loans.
Short-term loans are designed for poor-credit borrowers who need emergency funds and often come with high rates. A loan from CircleBackLending.net might not be the best choice if you’re looking for the type of loan that CircleBack Lending offered.
5 CircleBack Lending alternatives
Looking for something like the personal loans CircleBack Lending offered? Check out these five providers.
1. Best for peer-to-peer loans: LendingClub
- Loan amounts: $1,000 to $40,000
- APR range: 6.95% to 35.89%
- Loan terms: 3 to 5 years
- Eligibility: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.
LendingClub is another pioneering peer-to-peer lender that offers personal loans for borrowers with excellent credit. It’s also one of the few peer-to-peer platforms that allows you to apply with a cosigner if you can’t qualify for a competitive rate on your own.
Its loans aren’t available to residents of Iowa, and it’s also not fast — it can take as long as a week for investors to disburse your funds.
2. Best for career support: SoFi
- Loan amounts: $5,000 to $100,000
- APR range: Fixed rates: 6.79% to 16.24% with autopay; variable rates: 6.54% to 14.95% with autopay
- Loan terms: 2 to 7 years
- Eligibility: Ages 18+, US citizen or permanent resident
You might have heard of SoFi’s student loan refinancing. But this direct online lender also offers personal loans built for borrowers with good or excellent credit building their careers. On top of offering competitive rates and no fees, SoFi borrowers can take advantage of several perks, including career coaching and an entrepreneur program. SoFi personal loans aren’t available to residents of Mississippi, and rates and loan amounts may vary by state.
3. Best for borrowers with strong finances: Earnest
- Loan amounts: $5,000 to $75,000
- APR range: 6.99%–14.24%
- Loan terms: 3–5 years
- Eligibility: At least 18 years old, US citizen or permanent resident, credit score of at least 680, consistent source of income
Earnest is an online direct lender that offers personal loans to customers with strong personal finances. While you need at least good credit to get approved, Earnest also takes into consideration factors like your employment and savings history.
Earnest personal loans aren’t available to residents of Alabama, Delaware, Kentucky, Nevada or Rhode Island. The lender also doesn’t allow borrowers to check their rates based on a soft credit pull that won’t affect their credit score.
4. Best for seamless prequalification process: Upgrade
- Loan amounts: $1,000 to $50,000
- APR range: 7.99% to 35.89%
- Loan terms: 3 to 5 years
- Eligibility: At least 18 years old, US citizen or permanent resident, verifiable bank account, valid email address
Upgrade is an online marketplace that offers personal loans and lines of credit. Its prequalification process is quick and easy, and you can typically get funding as soon as the next business day. You can also track your credit score through its free online credit monitoring tools to get alerts and tips on how to keep your credit healthy.
Its personal loans aren’t available to residents of Connecticut, Colorado, Iowa, Maryland, Vermont or West Virginia, and loan amounts may vary by state.
5. Best for debt consolidation: Marcus by Goldman Sachs
- Loan amounts: $3,500 to $40,000
- APR range: 6.99% to 24.99%
- Loan terms: 3 to 6 years
- Eligibility: Age of majority in your state, valid Social Security number or taxpayer ID, valid US bank account
Marcus by Goldman Sachs is another online direct lender that provides personal financing to borrowers with good to excellent credit. It specializes in debt consolidation by offering fixed rates and a deferment perk, though borrowers can use its loans for any legitimate purpose.
Like SoFi, Marcus doesn’t charge any fees and rewards customers who’ve made a year of on-time payments with a chance to apply for interest-free deferment. It also offers a discount to servicemembers, with rates starting as low as 4%. Its personal loans aren’t available to residents of Maryland.
Compare more personal loan providers
CircleBack Lending might not offer personal loans anymore, but that doesn’t mean you’re out of similar options. Not sure you want to go with any of these lenders? Check out our personal loans guide to compare even more personal loan providers and learn how it all works.