Lending Club Competitors Offer Alternative Lending Options

Lending Club competitors offer alternative lending options that cater to specific needs. Prosper, a peer-to-peer lending platform, was founded in 2005 and allows users to borrow up to $40,000 with interest rates ranging from 6.99% to 35.99%.

Upstart, a lending platform that uses artificial intelligence to evaluate creditworthiness, offers loans up to $50,000 with interest rates between 6.46% and 35.99%. It's a great option for those who have limited credit history.

Social Finance, a platform that allows users to lend and borrow money for personal or business purposes, offers loans up to $40,000 with interest rates ranging from 5.99% to 29.99%. It's a more traditional lending approach with a focus on community involvement.

SoFi and LendingClub are two of the most popular peer-to-peer lending platforms, but they have different borrower qualifications and loan terms. SoFi has a somewhat strict criteria for eligibility, looking into employability, budget management, and financial history, whereas LendingClub has a minimum credit score requirement of 600.

Other competitors to LendingClub include Prosper, Avant, Zirtue, Best Egg, Achieve, and Upgrade. These companies offer a range of financial solutions, including personal loans, credit cards, and home equity lines of credit.

Here's a brief overview of some of LendingClub's competitors:

Note that the loan amounts, APR range, and time to funding for some of these companies are not specified in the article sections.

Upstart is a personal lender that's great for young entrepreneurs who are just starting out. They offer loans with APRs between 4.5% and 30% and term lengths between three to five years.

Upstart is suitable for startups, with relaxed credit score requirements and competitive terms and fees. This makes it easier for young businesses to get the funding they need to get off the ground.

To qualify for a loan from Upstart, you'll need to be at least 18 years old with a social security number, have a regular source of income, a bank account, and a credit score of at least 640.

One of the benefits of Upstart is its easy application process, which can be completed in just a few days. The average time to funding is 2-7 days, and there's no prepayment penalty.

However, Upstart may not be the best choice for established businesses, and there's a potentially high origination fee to consider.

SoFi and LendingClub are two popular options for personal loans, but they cater to different borrowers. SoFi is best for large loan amounts and long terms, while LendingClub is better for smaller loan amounts and shorter terms.

SoFi offers loans with APRs ranging from 8.99% to 29.49% and loan amounts from $5,000 to $100,000. LendingClub, on the other hand, offers loans with APRs ranging from 8.91% to 35.99% and loan amounts from $1,000 to $40,000.

If you're looking for a lender with a high Bankrate Score, SoFi has a 4.7 score, while LendingClub has a 4.5 score. SoFi also offers same-day funding, while LendingClub takes around four business days to fund loans.

Prosper is another option to consider, offering loans with APRs ranging from 5.99% to 36% and loan amounts from $2,000 to $350,000. They offer loans for a variety of purposes, including debt consolidation, home improvement, and auto loans.

Fundation is a good option for business loans, offering terms and fees that are competitive with banks and credit unions. They require a minimum of two years of business experience, a credit score of 600, and an annual revenue of at least $100,000.

StreetShares is a P2P lender that offers lenient loan structures and low interest rates. They require a minimum of one year of business experience, a credit score of 600, and an annual revenue of at least $25,000.

OnDeck is a large online lender that uses algorithms to determine lending decisions. They offer loans with APRs ranging from 14% to 40% and loan amounts from $15,000 to $100,000. They require a minimum of nine months of business experience, a credit score of 600, and an annual revenue of at least $75,000.

Here's a comparison of the top competitors:

Ultimately, the best lender for you will depend on your individual needs and circumstances. Be sure to research and compare the terms and fees of each lender before making a decision.

If you're not an accredited investor, don't worry! There are still options available to you.

Crowdfunding platforms like Kickstarter and Indiegogo allow non-accredited investors to invest in startups and small businesses.

These platforms typically offer rewards or equity in exchange for contributions, making it a more accessible option for non-accredited investors.

Platforms like SeedInvest and StartEngine also allow non-accredited investors to invest in startups and small businesses.

However, be aware that investing in startups and small businesses carries a higher level of risk.

Non-accredited investors can also consider investing in real estate investment trusts (REITs) or real estate crowdfunding platforms.

These options often provide a more stable and predictable return on investment compared to startups and small businesses.

Some platforms, like Fundrise, allow non-accredited investors to invest in a diversified portfolio of properties for as little as $1,000.

This can be a great option for those who want to invest in real estate without having to directly manage properties.

For accredited investors, there are several options to consider. Yieldstreet (yieldstreet.com) is one of the most popular alternative investment platforms, offering a range of investments in asset classes like litigation finance, marine, art, commercial lending, and real estate.

These investments are often backed by collateral, providing a level of security. On Yieldstreet, you can invest in individual deals with a minimum of $10,000 or opt for the Yieldstreet Prism Fund with a $1,000 minimum.

Another option is PeerStreet (peerstreet.com), a marketplace for investing in real estate debt with loans ranging from 9 months to 24 months. The minimum investment is $1,000, and they also offer an automated investment option.

If you're looking for slightly higher yields, Sharestates (sharestates.com) is worth considering, with average loan sizes of $894,000 and average investor returns of 10.1%. Their redemption program allows investors to sell back their note for a small loss.

Cadence offers a diversified mix of high-yield, short-term investments often offering returns in the double digits. Deals range from 9% to north of 15%, and the minimum investment is usually $500.

Here are some key details about these platforms:

Some lenders offer more flexibility than others. For example, they may allow co-borrowers on loans.

Lending Club competitors also provide loan amounts up to six figures, making them a viable option for larger financial needs.

Here are some key features to consider:

SoFi offers some really attractive features that set it apart from other lenders. One of the standout benefits is the maximum loan amount, which can reach six figures.

Another advantage is the ability to accept co-borrowers, which can help you qualify for a loan. This flexibility is especially useful for those with lower credit scores or limited credit history.

SoFi also offers repayment terms up to 7 years, which is a few years longer than what you typically find at other personal loan lenders. This extended repayment period can be a big help if you need more time to pay off your debt.

Here are some of the key pros of SoFi:

SoFi doesn't set a specific minimum credit score, but it may have other credit requirements.

LendingClub, on the other hand, sets its minimum credit score at 600, which is a bit more restrictive.

This is likely due to LendingClub's specialty in debt consolidation, which makes it a good strategy for consolidating debt to improve your credit utilization ratio and credit score.

SoFi offers same-day cash potential if you sign all your paperwork by 7 p.m. ET on a regular business day. LendingClub's funding times may be longer due to its focus on debt consolidation loans.

Fees for SoFi are unique, allowing you to choose an APR with no fees or opt for a lower one by paying origination fees. LendingClub fees run between 3 and 8 percent of the amount borrowed, making it a more expensive option than SoFi.

Fundation's fees are competitive and have few additional fees, making it a more affordable option. Fundation's average time to funding is 2-7 days, which is shorter compared to banks.

SoFi offers a unique approach to fees, allowing you to choose an APR with no fees or opt for a lower one by paying origination fees.

If you can recoup the costs with a significantly lower monthly payment, it may be worth exploring SoFi's fee structure.

LendingClub fees run between 3 and 8 percent of the amount borrowed, making it a more expensive option than SoFi.

This significant difference in fees is something to consider when deciding between these two lenders.

SoFi offers same-day cash potential if you sign all your paperwork by 7 p.m. ET on a regular business day.

LendingClub's funding times are not published, but users who have taken out a loan receive their funds within 3.9 days, according to Bankrate data.

The longer funding times of LendingClub may be due to their focus on debt consolidation loans, which can take longer to ensure they can pay off all the creditors as quickly and efficiently as possible.

LendingClub has several alternatives and competitors in the market. One of its top competitors is Best Egg, a consumer financial technology platform that offers personal loans and credit services through a digital platform.

Best Egg operates in the fintech sector and provides services such as debit rewards and credit scoring. It's worth noting that LendingClub and Best Egg have similar offerings, making them direct competitors in the market.

Another competitor of LendingClub is Zopa, a financial services company that focuses on providing fair and honest financial products. Zopa offers lending, intelligent investments, and fixed-term savings services, which are also similar to LendingClub's offerings.

If you're looking for more alternatives to LendingClub, here are a few options: