Peer-to-Peer Personal Loans for Borrowers

Key facts

Pros

• Offers co-signed and joint loan options.

• Offers direct payment to creditors with debt consolidation loans.

• Soft credit check with pre-qualification.

Cons

• Borrowers can only choose from two repayment term options.

• Rates are high compared to other online lenders.

• Charges an origination fee.

Qualifications

• Minimum credit score of 600. LendingClub uses FICO 8 credit scoring model.

• Minimum credit history of three years.

• Debt-to-income ratio of less than 40% for single applications, 35% combined for joint applicants.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 1% to 6%.

• Late fee: Greater of $15 or 5% of payment after 15-day grace period.

Disclaimer

A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

Key facts

Pros

• Option to change your payment date.

• Offers joint loan.

• Offers wide range of loan amounts. 


Cons

• No rate discount for autopay.

• Charges origination and late fees.

• Borrowers can choose from only two repayment term options.

Qualifications

• Minimum credit score: 640; borrower average is 726.

• Minimum credit history: 2 years.

• Minimum income: No minimum income requirement; borrower average is $113,000.

• Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18% with housing payment.

• No bankruptcies filed within the past year.

• At least three open accounts on credit report.

• Fewer than five credit bureau inquiries in the last six months.

• Must be at least 18 years old.

• Must provide Social Security number and a U.S. bank account.


Available Term Lengths

3 to 5 years

Fees

• Origination fee: 2.41 to 5%.

• Late fee: $15 or 5% of unpaid amount (whichever is greater).

• Insufficient funds fee: $15.

Disclaimer

For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.

Key facts

Pros

• Accepts borrowers new to credit.

• Able to fund loans within one business day.

• Offers direct payment to creditors with some debt consolidation loans.

Cons

• Borrowers can choose from only two repayment term options.

• Charges origination fee.

Qualifications

• Minimum credit score: 580.

• Minimum credit history: None, this lending platform accepts borrowers with credit history too limited to produce a FICO score.

• Minimum gross income: $12,000.

• Employment: Full-time job, full-time job offer starting in 6 months, a regular part-time job, or another source of regular income.

• Must have U.S. residential street address where borrower resides (unless military personnel on active duty).

• Must be at least 18 years old.

• Valid email account required.

• Personal bank account with U.S. routing number required.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 0% - 8%.

• Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 24.4% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.