This peer-to-peer lender could get you up to $40,000 to consolidate your debt, start a business, improve your home and more.
This peer-to-peer (p2p) lender offers investor-funded loans with a quick online application for a wide range of uses. APRs start low — though slightly higher than some of the competition — ranging from 6.95%–35.99%. You can borrow between $2,000 and $40,000 with terms of 3 or 5 years. Typically it takes 1-3 business days to get your loan.
Pros
- Offers loans for a variety of purposes.
- Low starting APRs.
- Simple terms of 3 or 5 years.
- Fast turnaround for a p2p lender
Cons
- Loans capped at $40,000.
- Offers only 2 fixed term lengths.
- Not available in Iowa, North Dakota, or West Virginia.
Looking for a lender with more flexible terms?
1. LendingClub
Apply for an unsecured personal loan of up to $40,000 with LendingClub.
Pros
- No prepayment penalties.
- Lower starting rates: 6.95% to 35.89% APR
- Loans as small as $1,000
Cons
- Higher rates for poor credit borrowers.
- Unavailable to Iowa and West Virginia residents.
- Long turnaround: As few as 3 days
2. Upstart
This newer online lender considers things like your education and career path when considering you for its unsecured, fixed-rate loans.
Pros
- Good for younger borrowers with limited credit history.
- Offers a variety of loans with one simple application.
- Pay no fees for early repayment.
Cons
- High origination fees of up to 8% rolled into loan.
- Slightly higher starting APR: 8.36%–35.99%
- Additional fees for paper copy requests and late payments.
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3. SoFi
If you have a good to excellent credit score, SoFi can get you fast funding with low interest rates and no fees.
Pros
- High maximum loan amount of $100,000.
- Free credit counseling and unemployment protection.
- No origination, closing, late, NSF or prepayment fees.
Cons
- Strict eligibility requirements.
- Not available in Mississippi.
- Lower approval rate than other lenders.
4. NetCredit
NetCredit offers unsecured personal loans up $10,000 that could help you rebuild your credit, even if you have a low credit score.
Pros
- Quick turnaround time with flexible repayments.
- Fair credit OK.
- No early repayment fees.
Cons
- Higher APRS from 34% to 155% (Varies by state)
- Low maximum loan amount.
- Loans available in 14 states only.
- Stiff late fees could apply.
5. OneMain Financial
In business for over a century, OneMain Financial provides secured and unsecured loans for a variety of purposes.
Pros
- Offers both secured and unsecured loans.
- Allows joint applications.
Cons
- Higher starting APR: 16.05% to 35.99%*.
- Origination fees vary by state.
- Low maximum loan amount.
6. Avant
Avant offers personal loans with funds deposited into your account as soon as the business day after approval. Learn about similar online lenders.
Pros
- Quick approval and funding.
- Pay no fee for early repayment.
- Reports to the three major credit bureaus to help build your credit.
Cons
- Maximum loan amount varies by state.
- May not be available in all states.
- Potentially high origination fees if approved.
Personal loans through Prosper
You could borrow up to $40,000 for a variety of purposes, with rates from 6.95%–35.99%%.
- Recommended Credit Score: 640 or higher
- Minimum Loan Amount: $2,000
- Maximum Loan Amount: 40000
- Loan Term: 3 or 5 years
- Turnaround Time: 1-3 business days
- Simple online application process
- No prepayment penalties
