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Compare LendingClub vs. Prosper personal loans

Who takes the win in the LendingClub vs. Prosper comparison battle?

It can be challenging to pay for large projects or unexpected expenses all in cash. Fortunately, if you have a steady job and a solid credit history you may qualify for a personal loan. Most personal loan providers let you borrow for a variety of reasons, including relocating, getting married, buying a used car or even consolidating existing debts. LendingClub and Prosper are two online lenders with the aim of simplifying how borrowers get the money they need.

Winner snapshot

lendingclub logoCompare sites like Prosper
Interest ratesTieTie
  • Winner
Lending limitsTieTie
  • Winner
Funding speed
  • Winner
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An overview of LendingClub and Prosper

LendingClub and Prosper operate as online peer-to-peer lenders, both established around the same time: Prosper began operations in 2005, and LendingClub entered the picture a year later, in 2006.

Personal loans are the only financial product available through Prosper. LendingClub, on the other hand, offers a range of lending solutions that include personal loans, auto refinancing, small business loans and patient financing for doctors.

First, am I eligible for a loan with LendingClub and Prosper?


  • 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.


  • 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.

Which lender offers lower interest rates?


Personal loans from LendingClub come with fixed rates that start at 9.57% and soar to 35.99%. The APR includes the interest rate and origination fee.


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%.

  • Winner: Tie

    The lowest APR offered by both lenders is the same. Although LendingClub’s maximum interest rate is slightly lower than Prosper’s, it’s not enough for them to take the win here.

Which comes with fewer fees?


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.


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.

  • Winner: Prosper

    Your maximum loan origination fee is lower through Prosper, and the lender charges a lower fee for check payments too.

Case study: Jack gets on the road again

Jack plans to drive across the States, and he needs $8,000 to buy a used car he’d found through a friend. He’s OK with the other expenses that come with such a journey, and he’d like to get a personal loan for the car to pay it off over time.

Looking only for reliable monthly payments, he compares fixed-rate loans with LendingClub and Prosper.

APRFeesApplication process
LendingClub9.57%–35.99%$80–$480 origination fee on an $8,000 loanGet your potential rate without a hard credit pull, and apply in minutes. Potentially get your funds within a few business days.
Prosper-35.99%$80–$400 origination fee on an $8,000 loanUse the online preapproval system to see the rate you might get without affecting your credit score. Decisions typically take one week.

There isn’t too much of a difference in origination fees or interest rates between the two lenders. But comparing the turnaround times from each provider, Jack decides to apply for a loan through LendingClub to possibly get the funds a bit faster before hitting the road.

Which has a better reputation?


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.


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

  • Winner: LendingClub

    Although LendingClub has fewer online reviews, a better average gives LendingClub the upper hand when it comes to reputation.

How much can I borrow with each lender?


LendingClub offers loans from $1,000 to $40,000. You may qualify for different minimum and maximum amounts depending on your application and need.


You can borrow from $2,000 to $50,000 with a personal loan through Prosper, depending on your qualifications.

  • Winner: Tie

    If you need less than $2,000 or more than $35,000, you’ll want to check out LendingClub. But the ranges are just close enough for us to count this one as a tie.

Which lender can get me money faster?


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 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.

  • Winner: LendingClub

    LendingClub is the winner here, mainly because it promises disbursement of funds in as little as a few business days.

Bottom line

Turning to LendingClub could work well for those who need to access funds more quickly or are looking for less than $2,000. Note that both lenders suggest that applicants have good to excellent credit before applying.

You can look into even more reputable online lenders to find the best option before taking out a personal loan.

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