Best Peer-to-Peer Lenders of October 2024
Peer-to-peer (P2P) lenders source funds from investors and use the proceeds to issue loans, while traditional lenders rely on consumer deposits to provide financing. Therefore, P2P lenders are middlemen between you and the institution or individual providing the loan.
Most P2P lenders require a credit score of around 600. However, Upstart’s AI-driven algorithm approves borrowers with credit scores of at least 300. As a result, new technology has streamlined lenders’ underwriting practices, increasing your chances of obtaining a loan. Furthermore, the P2P lenders on our list provide upwards of $250,000., with max APRs of 35.99%.
However, if your credit score is exemplary, we reviewed more than 20 good credit personal lenders that may offer cheaper financing. Similarly, several options are available for borrowers with poor credit. We reviewed more than 20 bad credit personal lenders with 35.99% or less APRs, and some don’t charge loan origination fees.
Our marketplace also has many options for borrowers with very bad, bad, fair, good, and excellent credit. Moreover, applying does not require a commitment and won’t impact your credit score. Therefore, submitting multiple applications should increase your chances of landing the best deal.
Best Peer-to-Peer Lenders of October 2024
P2P lenders make it easier to obtain financing since outside investors fund loans. And companies like Prosper, LendingClub, and Upstart won’t worry about solvency. As a result, they can match investors’ risk tolerances with borrowers’ credit scores to create the perfect combination. You can see a quick overview of P2P lenders’ terms below. For more information, please read the reviews that follow.
| Lender: | Loan Amount: | APR: | Min. Credit Score: | Type: | Best For: |
|---|---|---|---|---|---|
| SuperMoney | $600 – $100,000 | 4.99% – 35.99% | 600 | Connects to peer-to-peer lenders | Comparing multiple offers |
| Upstart | $1,000 – $50,000 | 4.6% – 35.99% | 300 | Peer-to-peer lender | Low credit scores, high DTI ratios |
| PersonalLoans | $1,000 – $35,000 | 5.99% – 35.99% | 580 | Connects to peer-to-peer lenders | Short and long-term personal loans |
| Prosper | $2,000 – $40,000 | 7.95% – 35.99% | 640 | Peer-to-peer lender | Obtaining multiple personal loans |
| LendingClub | $1,000 – $40,000 | 7.04% – 35.89% | 600 | Peer-to-peer lender | Fair credit scores, low DTI ratios |
| Peerform | $4,000 – $25,000 | 5.99% – 29.99% | 600 | Peer-to-peer lender | Fair credit scores, low DTI ratios |
| Happy Money | $5,000 – $40,000 | 5.99% – 24.99% | 550 | Peer-to-peer lender | A stable credit history |
| LendingTree | $1,000 – $50,000 | 2.49% – 35.99% | 600 | Connects to peer-to-peer lenders | Obtaining a low APR |
SuperMoney
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| Loan Amount: | $600 – $100,000 |
| APR: | 4.99% – 35.99% |
| Min. Credit Score: | 600 |
| Approval: | 1 – 7 Days |
| Terms: | 1 – 7 Years |
| Fees: |
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| Qualification Criteria: |
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| Average Borrower Profile: |
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| Best For: | Comparing multiple offers |
| Check rates | |
SuperMoney is a loan comparison site that partners with some top direct P2P lenders like LendingClub and Peerform. Traditional, online, and P2P lenders on SuperMoney’s platform provide $600 to $100,000, with APRs of 4.99% to 35.99% and terms of one to seven years. SuperMoney’s website is easy to navigate, and you can obtain personalized quotes with a few clicks. Moreover, a quick rundown of amounts, APRs, terms, and fees shows up on SuperMoney’s product page, making it easy to conduct a quick scan. The company notes that most of its partner lenders require a credit score of at least 600 and that the higher the credit score, the lower the potential APR.
In addition, SuperMoney loan origination fees range from 1% to 8%, and the lenders themselves determine other charges. However, the site can help you find the cheapest loan in the shortest amount of time.
Pros:
- Lenders on SuperMoney’s platform offer $600 to $100,000.
- Competitive APRs range from 4.99% to 35.99%.
- SuperMoney’s search function makes it easy to find affordable loans.
- SuperMoney’s services should be available in all states.
- Applying does not impact your credit score.
Cons:
- You incur a loan origination fee of 1% to 8%.
- Late payment fees vary by lender.
The impact of COVID-19:
Since SuperMoney is a comparison site, it doesn’t issue loans directly. Moreover, the lenders on SuperMoney’s platform determine their deferral and forbearance policies independently. As a result, you need to contact your lender directly to determine the available options.
Upstart
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| Loan Amount: | $1,000 – $50,000 |
| APR: | 4.6% – 35.99% |
| Min. Credit Score: | 300 |
| Approval: | 1 – 7 Days |
| Terms: | 3 – 5 Years |
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| Qualification Criteria: | |