Compare LendingClub vs. Prosper personal loans

LendingClub

• You have a credit score of 660 or higher.
• You’re at least 18 years old.
• You’re an American citizen, a permanent US resident or in the country on a valid long-term visa.
• You have an operational bank account in your name.
• You’re not a resident of Iowa or West Virginia.

Prosper

• You have a credit score of 640 or higher.
• You’re at least 18 years old.
• You’re an American citizen or a permanent US resident.
• You have reliable income and a debt‐to‐income ratio below 50%.
• You haven’t filed for bankruptcy in the last 12 months.
• You have fewer than seven credit bureau inquiries in the last six months.

LendingClub

Personal loans from LendingClub come with fixed rates that start at and soar to 35.89%. The APR includes the interest rate and origination fee.

Prosper

The APR you’ll get through Prosper can vary from to 35.99%. This lender relies on seven risk rating tiers to arrive at your interest rate range. Those in the lowest risk tier — AA — could get personal loans with an interest rate of 5.99% to 15.00%.

LendingClub

You’ll pay an origination fee with your LendingClub loan that could vary from 1% to 6% of the loan amount. You’ll also pay a $7 processing fees every time you pay by check. If your payment is more than 15 days late, add $15 or 5% of the amount due, whichever is greater. LendingClub does not charge prepayment fees.

Prosper

Your loan origination fee can vary from 2.41% to 5% of the borrowed amount, and the fee you’ll pay depends on your Prosper Rating. You’ll pay a slightly lower paper-check processing fee of $5 over LendingClub’s $7. Payments made more than 15 days late will incur a late fee of $15 or 5% of your unpaid amount, whichever is greater, and returned payments cost $15. Like LendingClub, Prosper charges no fees for early repayment.

LendingClub

LendingClub doesn’t have many reviews on Trustpilot: Of seven reviews, it garners an average 8.1 out of 10. Six users rate it as an excellent company.

Prosper

With 49 reviews on Trustpilot, Prosper averages 7.3 out of 10. It’s rated excellent by 65% of its users.

LendingClub

LendingClub offers loans from to . You may qualify for different minimum and maximum amounts depending on your application and need.

Prosper

You can borrow from to with a personal loan through Prosper, depending on your qualifications.

LendingClub

You’ll complete LendingClub’s application in a few minutes, after which it goes through an underwriting process. If you provide the required information and upload your documents correctly, you could receive the funds you need in just a few business days.

Prosper

Prosper lets you view your preapproved rates in a matter of minutes. From there, you complete a detailed application and upload the required documents. Prosper typically provides final loan contracts within seven days and disburses funds shortly after you accept the contract.