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Peer to Peer Loans for 2016

Compare the best peer to peer loans

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5.50-10.49% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • No origination fee
  • 36, 60, 84 month terms
  • 700 minimum credit score
  • $5,000 - $100,000 min/max loan amount
  • 1-3 days funding time
  • average saving

Additional Information

  • US citizen or permanent resident
  • You are currently employed
  • At least 18 years of age
  • Min credit score of 700

Additional criteria for acceptance from the lender may apply.

Ratings

10 out of 10 rating 10
Pro Review Read Review
6 out of 10 rating 6
User Reviews 2 User Reviews

BBB Rating

A+
5.99-32.99% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • No origination fee
  • 36, 60 month terms
  • 600 minimum credit score
  • $1,000 - $35,000 min/max loan amount
  • 7 days funding time
  • average saving

Additional Information

  • US citizen or permanent resident
  • At least 18 years old
  • Verifiable US bank account
  • Min credit score of 600

Additional criteria for acceptance from the lender may apply.

Ratings

9 out of 10 rating 9
Pro Review Read Review
7 out of 10 rating 7
User Reviews 2 User Reviews

*The APR ranges from 5.99% to 32.99%. For example, with a credit grade of A1 you could receive a loan of $10,000 with an interest rate of 5.32% and a 1.00% origination fee of $100 for an APR of 5.99%. In this example, you will receive $9,900 and will make 36 monthly payments of $301.Your APR will be determined based on your credit at time of application. Average APR on a 36 month loan for $10,000 was 15.18% for personal loans via Lending Club from 10/29/2014-11/29/2014. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the Lendingclub.com website. Only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR depends upon credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. All loans are made by WebBank, a Utah-chartered industrial bank, member FDIC.

5.67-29.99% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • $100 - $600 min/max origination fee
  • 12 - 36 months min/max term
  • 640 minimum credit score
  • $3,000 - $35,000 min/max loan amount
  • 1-3 days funding time
  • average saving

Additional Information

  • US citizen or a permanent resident living in US
  • At least 18 years old
  • Have a US bank account
  • Have a full time job, part-time job
  • Have verifiable name, DOB and SSN

Additional criteria for acceptance from the lender may apply.

Ratings

8 out of 10 rating 8
Pro Review Read Review
6 out of 10 rating 6
User Reviews 3 User Reviews

BBB Rating

A-
6.63-35.18% fixed apr
--- monthly repayment
Find My Rate Will not affect credit score

Loan Features

  • - min/max total repayment
  • $99 - $499 min/max origination fee
  • 36 - 60 months min/max term
  • 660 minimum credit score
  • $3,000 - $35,000 min/max loan amount
  • 7 days funding time
  • average saving

Ratings

7 out of 10 rating 7
Pro Review Read Review
7 out of 10 rating 7
User Reviews 2 User Reviews

BBB Rating

A

* Our comparison is a representative example of how much you could be paying for a loan. The amount available to borrow and the actual rate offered will depend on your individual circumstances.

Advertiser Disclosure

Advertiser Disclosure

In order for this comparison to remain a free service, many of the companies featured provide compensation for new customers, however this does not affect the order in which they are displayed. Calculations are based solely on user inputs and data from the companies that are displayed.

Interest rates, terms and monthly payments are estimated and generated based on user entered information and information collected from providers websites. Specific information may vary based on a number of factors including the individual's specific qualifications and the providers application criteria. We attempt to keep information up to date and as accurate as possible but information (especially interest rates) may change based on a number of factors.

The information generated is meant to give users an indication of what might be available in the industry; it does not guarantee prices or bind any provider. Please see the providers specific terms and conditions for more information before applying.

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Peer To Peer Personal Loans

Options abound in regard to obtaining funding for foreseen and unforeseen expenses. In most cases, people will walk into their local branch or log-on to their preferred bank's website and submit an application for a loan. But for some people, this isn't the most ideal scenario. Maybe you have had bad experiences with a financial institution or maybe your credit score is not where you would like it to be. In those cases, peer to peer lending may be the best option for you.

Right now, many of you are probably thinking, "What is peer to peer lending?" It's actually a fairly simple concept. Peer to peer lending allows borrowers to cut banks and other financial institutions out as a middle man by borrowing from accredited investors. Plus, it's a growing industry; by 2025, the p2p lending market could increase to $150 billion. Unlike traditional institutions, p2p lending gives multiple investors the opportunity to fund your loan.

And there are a number of excellent companies offering providing peer to peer loans. However, while having a plethora of options is certainly ideal, it can lead to some confusion. Because like taking out any other loan, finding the peer to peer lending company which best suits your needs is of the utmost importance. The first steps to determining which provider best suits your needs is fairly simple. First, you'll want to determine basics like how much you want to borrow and what your credit score is. These key factors will determine which p2p lenders are ideal for you and the interest rates you can expect. In addition, a number of peer to peer lenders will consider your career prospects and whether or not you have earned a degree.

Finding the Best Interest Rates

In regard to finding the right p2p lending companies, there are a variety of determining factors which can influence your interest rate. Depending on the p2p lending sites you land on, anything from credit score to debt to income ratio, graduation status and degrees can influence your interest rate. For instance, SoFi, which is also known as Social Finance, requires its borrowers to be a graduate of an accredited Title IV university of graduate program. In addition, borrowers must be employed full-time or have a standing offer of employment to be considered. Lastly, you cannot have filed bankruptcy in the last three years. While these requirements may sound a bit specific they are ideal for young professionals with high earning potential but low credit scores. And that is what separates SoFi from other lenders. Unlike most lenders, SoFi does not weigh credit score as its primary factor and considers college graduates to be better credit risks than others. As a result, if you are a recent graduate with a poor score, a lender like SoFI may be ideal for you.

Upstart is similar to SoFi as a peer to peer lender. The company values earning potential over raw credit scores and the p2p lender, which was founded in 2014, developed an algorithm as part of its approval process and to determine your interest rate. The algorithm factors school, academic record, standardized tests and major in determining your interest rate. Scoring highly in this peer to peer lender's criteria will be reflected with a reasonable interest rate.

But there are viable options for those who may not be college graduates as well. PeerForm is a p2p lending company which specializes in financing borrowers with low credit scores at reasonable interest rates. While the majority of peer to peer companies require a minimum credit score of about 640, PeerForm will consider borrowers with scores as low as 600. So while credit score is not the primary factor for most, it does play a role. And our tool at the top of the page can give you a good idea of where your terms will fall and which peer to peer lending companies are ideal for you.

Comparing P2P Lenders

Beyond interest rates and credit scores, there are a few more options to consider when selecting the best p2p lending company for you.

Origination Fees: These fees are charged by lenders once an agreement has been agreed to between the p2p lender and the borrower. While some peer to peer companies do not charge origination fees, they are not uncommon. For example, Upstart, charges an origination fee of one to six percent of the total balance upon closing. Conversely, a company like SoFi doesn't charge an origination fee. Factors like this can and should be key determining factors as you weigh your options.

Loan terms: Like anything else, the terms of your loan vary depending on which peer to peer lender you opt for. Upstart, for instance, only offers three-year loan terms. So, for those seeking smaller loans, this likely won't be an issue. However, if you're seeking the maximum loan amount, a three-year repayment plan may not be ideal because your p2p loan will require higher monthly payments. Lending Club, another popular p2p lending company, offers repayment lengths of 12, 24, 36, 48, or 60 months. If you're seeking larger loans or repayment flexibility, Lending Club is a peer to peer company to consider. Using our tool above, you can narrow down lenders depending on your preferred repayment term.

Prepayment Fees: For many borrowers, repayment terms aren't a primary consideration because they intend to make extra payments to close their loans as quickly as possible. This is a fastidious approach to repayment but prepayment fees are something to consider before closing. Some companies charge prepayment fees as means to discourage paying off your loans ahead of schedule. The good news is that the majority of lenders do not charge prepayment fees.

Simplified Loan Comparison

We understand that shopping for the right peer to peer lender can appear to be a daunting task. There are a lot of variables to be considered which is why MoneySavingPro has done the majority of the research for you. And we believe our easy-to-use tool at the top of the page will help you efficiently and effectively narrow the field to peer to peer lender best suited for your needs.

Simply enter your credit score, the amount you want to borrow, your preferred repayment length and your home state and we'll do the rest.

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Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.