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.
APR | Fees | Application process | |
---|---|---|---|
LendingClub | 9.57%–35.99% | $80–$480 origination fee on an $8,000 loan | Get 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 loan | Use 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.