Yusra3
VIP Contributor
LendingClub and Prosper are two of the largest peer-to-peer lenders offering personal loans online. LendingClub allows you to borrow from $1,000 up to $40,000, with APRs ranging from 8.05% to 35.89%. They charge origination fees between 3-6% of the loan amount. Prosper's loan amounts range from $2,000 to $40,000, with APRs spanning 7.95% to 35.99%. Their origination fees are 2.4% to 5% of the loan proceeds.
For borrowers with excellent credit, Prosper tends to offer slightly lower APRs and origination fees compared to LendingClub. However, LendingClub has more flexible credit requirements, making them an option for those with fair or poor credit scores. LendingClub also offers unemployment protection which allows you to temporarily pause payments.
Overall, if you have a credit score above 720, Prosper may provide a minor cost advantage. But LendingClub could be the better choice if your credit isn't pristine or you want greater flexibility with payments during financial hardships.
For borrowers with excellent credit, Prosper tends to offer slightly lower APRs and origination fees compared to LendingClub. However, LendingClub has more flexible credit requirements, making them an option for those with fair or poor credit scores. LendingClub also offers unemployment protection which allows you to temporarily pause payments.
Overall, if you have a credit score above 720, Prosper may provide a minor cost advantage. But LendingClub could be the better choice if your credit isn't pristine or you want greater flexibility with payments during financial hardships.
