Compare the best peer-to-peer lending sites in 2018 |

Compare peer-to-peer loans

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Find a better way to borrow or invest with peer-to-peer lending.

If you’re looking for a personal loan to pay for a wedding or renovate your home, a peer-to-peer loan could offer you a unique way to get the funds you need at reasonable rates. Investors fund peer-to-peer loans to see a return on their money, while helping others accomplish financial goals.
LendingClub Personal Loan

Our top pick: LendingClub

Borrow up to $40,000 from this peer-to-peer lender, with rates from 6.16% to 35.89%.

  • Recommended Credit Score: 660 or higher
  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $40,000
  • Loan Term: 3 to 5 years
  • Simple online application process
  • No prepayment penalties
  • Cosigners welcome

    Compare peer-to-peer loan options

    Rates last updated October 22nd, 2018

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    6.99% to 14.87% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    6.16% to 35.89% (fixed)
    Prosper Personal Loans
    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
    6.95%–35.99% (fixed)
    A convenient peer-to-peer lending service with low potential interest rates.
    5.99%–29.99% (fixed)
    Upstart Personal Loans
    This service looks beyond your credit score to get you a competitive-rate personal loan funded by accredited investors.
    8.36%–35.99% (fixed)

    Compare up to 4 providers

    How does peer-to-peer lending work?

    Peer-to-peer lending takes place in an online marketplace facilitated by a third-party lender. If you’re looking to borrow, you submit an online application just like you would with any other loan. You provide details regarding your financial circumstances, including income, employment, assets, debts and credit score, and then wait to be approved. Investors can review your application (no personal details) and choose whether to finance your loan wholly or partially.

    Why get a peer-to-peer loan?

    Peer-to-peer lending has been a growing part of the American credit sector since its inception in 2006. Here are a few reasons why borrowers choose to take out P2P loans:

    • Lower rates. You’ll be offered an annual percentage rate (APR) based on your credit history, and this is typically lower than what is offered by a bank. Rates vary between 5.3% to 30% APR depending on what you’re looking to finance and what your credit score is like.
    • Check your rate. You can get an interest rate quote without it affecting your credit score, which is usually not possible with a bank.
    • Flexible eligibility criteria. Peer-to-peer lenders base your rate on your credit history. You can apply with less-than-perfect credit, but your rate will be higher.
    • Less work than a bank. Typically, P2P loan applications are less involved and require fewer documents than a traditional bank loan application. They also tend to have higher approval rates.

    What loan options are available?

    • Unsecured personal loans. This is a common type of loan available from P2P lenders, and you can use it to finance anything from a holiday to furniture purchases. Unsecured personal loans don’t require collateral. You can usually borrow between $1,000 and $50,000.
    • Secured personal loans. If you have security, such as a car or property, you can take out a secured personal loan through a marketplace lender. If you have bad credit, you may have a better chance of being approved if you can provide collateral.
    • Debt consolidation loans. Another common reason people take out P2P loans is to consolidate debt. You can bring together debt from separate accounts such as credit cards or personal loans and pay it off at a lower rate with a debt consolidation loan.
    • Business loans. A newer type of financing is personal loans for business or P2P business loans. These business loans can help grow your business or get it up and running.

    When to consider other types of lenders

    • You have bad credit. Typically you’ll need to have good to excellent credit to qualify for a competitive rate with a P2P lender.
    • You have an emergency expense. With P2P lending, you might have to wait as long as a week or more for investors to fund your loan.
    • You’re in serious debt. Debt consolidation is one of the most common uses for a P2P loan, but it can’t help if you’re already struggling to make debt payments. Instead you might want to consider other options.
    • You don’t want to pay fees. Most P2P lenders charge origination fees, so you might want to look elsewhere for a no-fee personal loan.

    How can I find the right marketplace lender?

    There are a few peer-to-peer or marketplace lenders available in the US right now. Here’s how you can compare and find the right one for you:

    • How much will I be charged? This is an important aspect to consider for borrowers and investors. When it comes to borrowing, you need to consider what your rate will be and how much the loan origination fee is. You can generally check your rate without it affecting your credit file. For investors, you’ll want to find out what the provider will charge you in fees.
    • Am I eligible? This is an important consideration for borrowers. Check the minimum criteria and make sure you meet it before applying.
    • What happens if I default? If you want to invest, see what the marketplace lender has in place in terms of collection services for late or defaulted payments. Some lenders will take on the responsibility of collecting payments and some will charge a fee for this service.

    I’m an investor. How can I benefit?

    If you’re looking to get involved in P2P financing as an investor, here are the features you can look forward to:

    • Lucrative returns. Investors can look forward to returns of between 5% and 9%.
    • Diversify your investments. You choose how much to fund per loan and you can spread your risk among multiple borrowers. This lessens the impact of negative results from late payments or defaults from riskier loans.
    • Easy for first-time investors. Playing the stock market may be difficult and time-consuming for first-time investors, but P2P lending is a much simpler way to invest. You choose where to put your money based on multiple loan factors and then receive monthly cash flow.
    • Different accounts available. You have multiple account options with some providers, including retirement accounts or standard investment accounts.

    Bottom line

    Peer-to-peer lending is a great alternative loan to consider – whether you’re a lender or a borrower. Remember that not every form of credit or investment opportunity is going to be right for you, so compare P2P loans to other options before making a decision.
    The history of peer-to-peer lending in the US

    Frequently asked questions about peer-to-peer lending

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    10 Responses

    1. Default Gravatar
      AmySeptember 10, 2018

      I am in desperate need of a loan up to 5,000 for debit consolidation. I have tried every where my credit score isn’t the best and I know that’s what is hurting me. I just need someone to look past that an give me a chance. So I can get back on my feet.

      • finder Customer Care
        joelmarceloSeptember 11, 2018Staff

        Hi Amy,

        Thanks for leaving a question on finder.

        Sorry to hear you are going through difficult times. Debt consolidation is one way to manage repayments and reduce debt if you have more than one account on which you pay interest. By moving all the separate balances into one account, you can start to reduce your liability by paying one monthly repayment instead of several. While many lenders require you to have a positive credit history to take out these loans, there are some who approve debt consolidation loans for those with bad credit if you click HERE.


    2. Default Gravatar
      CandiceJanuary 23, 2018

      I’m in desperate need of $4000 to buy a car.. I had a credit score of around 630 6 months ago but it’s 454 now because I have lived with a man for 4 years that WILL NOT work.. I’m on Disability.. I am sick..they think I have celiac mom got a loan for me but as always she never follows husband is abusive.. I just need a break.. Is there someone who can help me??

      • finder Customer Care
        joelmarceloJanuary 23, 2018Staff

        Hi Candice,
        Thanks for leaving a comment on You may still be eligible for a loan even if you are on Disability pension. Please note that laws that apply to loans may vary from state to state so make sure you choose your state from the dropdown HERE.

        If you need further help, please send us a message anytime.


    3. Default Gravatar
      kdogDecember 19, 2017

      Hello! I would like to start rebuilding my score is right at 590 to 600. Exp even had me at a 623. So, I did get a capital one journey card, 300.00 limit. Can I get a personal loan anywhere with this score? Or should I give up until I have established better history with this new card?

      • finder Customer Care
        RenchDecember 20, 2017Staff


        Thanks for your inquiry.

        Your overall credit score is determined by many variables, including your credit utilization rate. To indicate to lenders that you’re a responsible borrower, only carry a balance with a utilization of 30% or less. For example, if your credit limit is $1,000, keep your balance below $300, which is 30% of your limit. You can get helpful tips on this page on how to improve your credit score and how credit score works.

        While on this page, you can make use of our personal loan calculator to give you an idea.

        Best regards,

    4. Default Gravatar
      BenitaAugust 16, 2017

      I have low credit score defaults and I’m on fixed income monthly I would like to and need to take a loan however these facts of plow credit score and defaults have not been approved and I do not have a bank account so how can I or will I qualify for a loan

      • finder Customer Care
        AshAugust 16, 2017Staff

        Hi Benita,

        Thank you for reaching out to us.

        You can refer to these pages to compare your options for Personal Loans and Cash Loans.

        Before applying, kindly make sure that you have met the eligibility requirements of the Lender and have reviewed the details of the loan.

        I hope this information helps.

        Let us know if there is anything else that we may assist you with.


    5. Default Gravatar
      ChydikeMarch 24, 2017

      How can I borrow a loan for a small business?

      • finder Customer Care
        HaroldJuly 12, 2017Staff

        Hi Chydike,

        Thank you for your inquiry.

        Should you need a business loan for you may want to consider the options here.

        I hope this information has helped.


    US Personal Loans Offers

    Important Information*
    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    Prosper Personal Loans

    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

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