Top Alternatives to Prosper for Peer-to-Peer Lending

Prosper

vs.

Avant

9

Prosper and Avant both offer personal loan services to consumers. Prosper is an online market platform that connects borrowers with investors while Avant is a direct lender. Prosper's website offers more features than Avant and has a more comprehensive selection of loan products. Prosper provides a wide range of loan amounts, from $2,000 to $40,000, with repayment terms of 3 or 5 years. They also offer fixed or variable interest rates and payment options that include weekly, biweekly, semi-monthly and monthly payments. Avant's website offers fewer features than Prosper and their loan amounts are limited to between $2,000 and $35,000 with repayment terms of 2 to 5 years. Their interest rates are higher than Prosper’s but they do offer the option of autopay for recurring payments. Both sites have helpful resources such as educational articles on personal finance topics which can help borrowers make informed decisions about their loans. However, Prosper's website also provides financial tools such as budgeting calculators while Avant does not.

Prosper

vs.

Best Egg

18

Prosper and Best Egg are both online lending marketplaces that offer personal loans to qualified borrowers. Prosper offers loans of up to $40,000 with a fixed APR from 5.99% to 35.99%. The loan terms range from 3 years to 5 years for unsecured loans, and the minimum credit score required is 640. Best Egg loans start at $2,000 and go up to $35,000, with an APR ranging from 5.99% to 29.99%. Loan terms also range from 3 years to 5 years and the minimum credit score is 640. Both companies have fast loan approval times, with funds available as soon as 1-3 business days after approval. Both sites also offer customer service support through email or phone. However, Best Egg has a dedicated team of loan advisors who can help customers with their loan application process if needed. Additionally, Best Egg allows borrowers to make additional payments without any penalties or fees while Prosper charges a fee for early repayment of the loan amount.

Prosper

vs.

LendingClub

110

Prosper and LendingClub are two of the leading peer-to-peer (P2P) lending platforms in the United States. Both offer borrowers a wide range of loan options with competitive interest rates. Prosper offers fixed-rate loans up to $40,000 while LendingClub has the ability to provide larger loans up to $100,000 with either fixed or variable rate options. Additionally, both P2P lenders have built-in credit analysis tools that allow potential borrowers to get prequalified for a loan without impacting their credit score. Additionally, both lenders provide helpful online resources such as educational articles and videos to assist borrowers in making informed decisions about borrowing money through P2P lending. One major difference between the two sites is that LendingClub requires potential investors to be accredited before investing whereas Prosper does not have this requirement. Lastly, Prosper has a more robust mobile app compared to LendingClub which has yet to launch an official app for its services.

Prosper

vs.

CareCredit

18

Prosper and CareCredit are both popular websites that provide financial services to individuals who need credit. Both offer a variety of options for financing purchases, such as personal loans, credit lines and healthcare financing. However, there are some key differences between the two. Prosper is best known for its personal loan service, which allows borrowers to borrow up to $40,000 with fixed rates and flexible payment terms. Additionally, Prosper offers an online marketplace for investors to purchase fractional shares of loans in order to fund them. CareCredit is a healthcare-specific credit card that can be used to finance medical procedures or products at participating providers. It offers low interest rates and no annual fees, making it an attractive option for those looking to finance medical expenses or treatments. Additionally, CareCredit has a wide network of providers and partners that makes it easy for customers to find a lender that works with their needs. Overall, both Prosper and CareCredit offer useful financial services for individuals who need credit. Ultimately, the choice between the two depends on the specific needs of the individual borrower.

Prosper

vs.

Flourish

66

Prosper and Flourish are both personal finance websites that offer users the ability to manage their money and reach important financial goals. Prosper is a peer-to-peer lending platform where users can borrow money from others, while Flourish offers traditional banking services such as checking accounts, debit cards, and loans. Both sites provide ways for users to track their spending, set up automatic savings plans, budget more efficiently, and get an overall view of their financial health. However, Prosper focuses more on investing by providing access to individual stocks and bonds as well as ETFs and mutual funds. On the other hand, Flourish provides educational resources such as calculators, podcasts, blogs and articles to help people learn about investing basics. Ultimately, Prosper is best suited for those looking for a quick loan or investment advice while Flourish is better for those who need help with budgeting and financial planning.

Prosper

vs.

OneMain Financial

41

Prosper and OneMain Financial are both online loan providers that offer personal loans with competitive interest rates. Both websites have streamlined application processes, allowing borrowers to apply for a loan quickly and easily. However, Prosper has a more comprehensive range of loan features than OneMain Financial. It allows borrowers to customize their repayment plans and choose from different types of loans depending on their needs, such as secured or unsecured loans. In addition, Prosper also offers tools to help borrowers manage their loan repayments by providing insights into their credit score and allowing them to set up automated payments. On the other hand, OneMain Financial does not provide any additional services such as these. As a result, Prosper is the better option for those who want greater flexibility when it comes to their loan repayment plans and credit management tools.

Prosper

vs.

Fundrise

4

Prosper and Fundrise are two popular peer-to-peer lending companies that allow investors to lend money directly to borrowers. While both offer a unique opportunity for investors to diversify their portfolio and receive a higher return on investment than traditional banking, there are several differences between the two sites. Prosper offers automated investing with its Easy Invest feature, which allows investors to quickly invest in pre-selected loan listings with one click. Its loans range from $2,000 to $40,000 and target borrowers with good credit scores. Prosper also provides investor education resources such as webinars and online courses. Fundrise is more of a real estate investment platform than Prosper, allowing investors to buy into eREITs (real estate investment trusts) or eFUNDs (funds of real estate investments). These investments range in size from $500 up to millions of dollars. Additionally, Fundrise has a personalized approach to investing by offering advice from their team of experts and customized portfolios tailored to each investor’s specific risk tolerance and goals.

Prosper

vs.

Kiva

14

Prosper and Kiva are both peer-to-peer lending websites that provide individuals with a platform to lend money to others. Prosper is an online marketplace for personal loans, while Kiva is a non-profit organization that specializes in microloans for entrepreneurs in developing countries. Both platforms offer the ability for investors to customize their loan portfolio according to risk tolerance and return expectations. Prosper provides more flexibility for borrowers by allowing them to borrow up to $40,000 and choose from various repayment terms ranging from 3 years to 5 years. Kiva does not directly provide loans, but instead supports local field partners who administer the microloans. Borrowers on Kiva are typically asked to repay within 12 months at a fixed interest rate determined by the field partner. Prosper offers borrowers access to a variety of credit scores, including Experian and TransUnion, while Kiva utilizes an alternative credit scoring system based on data like whether or not a borrower has repaid similar loans in the past. Prosper also offers an automated loan recommendation engine which suggests potential loans tailored specifically to each investor's individual risk profile. Both Prosper and Kiva have stringent requirements for lenders and borrowers, but they differ in terms of qualification criteria and minimum investment amounts. On Prosper, investors must be accredited and must commit at least $25 per note while on Kiva lenders can qualify with as little as $25 per loan note with no accreditation required.

Prosper

vs.

LightStream

7

Prosper and LightStream are both online lending companies that provide access to personal loans for consumers. Both companies offer loans from $2,000 to $40,000 with fixed interest rates and repayment terms of 36 or 60 months. However, there are some differences between the two websites. LightStream offers refinancing options for existing debt and charges no application or origination fees. It also has a “Rate Beat Program” which promises to beat any competitor’s rate by 0.10%. In addition, LightStream offers a payment deferment option which allows borrowers to delay their first payment up to 12 months after loan funding if they meet certain eligibility requirements. Prosper does not currently offer refinancing options or a Rate Beat Program, but they do have an AutoPay discount of 0.50% when payments are set up on autopay and can be used in combination with other promotional offers. Additionally, Prosper has a “Prosper Rating” system that assigns each borrower a risk score (based on creditworthiness) which helps them determine the interest rate they will receive on their loan.

Prosper

vs.

Upstart

47

Prosper and Upstart are two peer-to-peer lending websites that provide borrowers with access to funds from a network of individual lenders. Both Prosper and Upstart offer competitive interest rates and affordable fixed payments. With Prosper, borrowers can apply for loans up to $40,000 with repayment terms from 3 to 5 years, while the maximum loan amount offered by Upstart is $50,000 with repayment terms from 3 to 7 years. Both sites have similar requirements for approval and require detailed financial information from applicants including debt-to-income ratio, credit score, employment history and income verification. They also both offer a variety of loan types such as personal loans, debt consolidation loans, home improvement loans and more. The main difference between the two sites is in their approach to borrower approval: Prosper uses its own algorithm to determine risk factors associated with each borrower, while Upstart takes into account additional criteria such as educational attainment and job history when making decisions on loan approval.

Prosper

vs.

Happy Money

89

Prosper and Happy Money are both personal loan websites with similar features, such as online application and loan funding. Both offer fixed-rate loans with repayment terms between 3 to 5 years. Prosper is a peer-to-peer lending platform that allows borrowers to receive funds from individual investors, while Happy Money is an online lender that provides access to the funds it has on hand. Both platforms provide access to funds quickly, though Prosper’s loans take a few days longer due to its peer-to-peer requirement. Borrowers can also expect competitive interest rates from either platform depending on their creditworthiness. Both Prosper and Happy Money also require an origination fee when taking out a loan, which can range from 0.99% up to 8%. Lastly, both sites allow borrowers to check their eligibility without impacting their credit score.

Prosper

vs.

Payoff

51

Prosper and Payoff are both online personal loan services tailored to people with good credit. Both websites offer the convenience of applying and managing an account online, as well as the ability to contact customer service through a variety of methods. The main difference between Prosper and Payoff is their approach to loans. Prosper offers fixed-rate loans for up to $40,000, and borrowers can choose from varying loan terms ranging from 3-5 years. In contrast, Payoff has a more holistic approach offering debt consolidation loans designed mainly to pay off credit cards. Borrowers can take out a single loan up to a maximum of $35,000 with terms ranging from 2-5 years. Additionally, Payoff provides customers with free access to financial coaching services. Both Prosper and Payoff have similar eligibility requirements, but each have different credit score requirements. To be eligible for a loan on Prosper, customers must have a minimum FICO score of 640 or higher; however, on Payoff customers must have at least 660 or higher FICO score in order to qualify for one of their products. In summary, Prosper and Payoff offer competitive services designed for people with good credit that differ slightly in their approach.

Prosper

vs.

SoFi

26

Prosper and SoFi are two online lending platforms that provide access to personal loans. Both offer a streamlined application process, quick decision times and flexible loan options. Prosper offers loans of up to $40,000 while SoFi provides loans up to $100,000. Additionally, Prosper allows borrowers to choose from three- or five-year term lengths while SoFi offers flexible repayment terms ranging from one to seven years. Both websites also have borrower education materials such as budgeting tools and financial calculators. However, one key difference between the two is that Prosper does not accept co-signers for its loans while SoFi does. This may be beneficial for those who do not have high enough credit scores or income levels on their own but have a friend or family member willing to co-sign the loan with them. Ultimately, both Prosper and SoFi are reliable resources for personal loan needs with different features depending on the individual’s situation.

Prosper

vs.

LendingTree

24

Prosper and LendingTree are both online loan marketplaces that provide borrowers with competitive interest rates. Prosper is a peer-to-peer lending platform, allowing investors to fund loans. It offers personal loans of up to $40,000 with terms ranging from 3-5 years and fixed or variable interest rates. Borrowers can get their funds as soon as the next business day after approval. Prosper also has an educational component to help borrowers understand the loan process and make informed decisions. LendingTree is an online loan marketplace that connects borrowers with lenders offering personal, home equity, auto, student and business loans up to $1 million with terms from 36 months up to 180 months. It also provides tools like calculators and comparison shopping for potential borrowers to determine their best options and compare costs between different lenders. Additionally, LendingTree offers customer service representatives available to assist both borrowers and lenders during the application process.

Prosper

vs.

Upgrade

71

Prosper and Upgrade are both peer-to-peer lending websites that offer personal loans to help borrowers meet their financial needs. Both websites provide customers with access to funds for a variety of purposes, such as debt consolidation, home improvement, medical expenses, and more. However, there are some key differences between the two sites. Prosper is a fully automated platform that offers loans up to $40,000 with loan terms ranging from 36 to 60 months. Borrowers have the option to choose fixed or variable interest rates. The website also provides an online marketplace where lenders can bid on loans. Upgrade offers larger loan amounts of up to $50,000 with repayment terms up to 84 months. It also has a more flexible application process that allows borrowers to get preapproved without impacting their credit score and without providing detailed documentation. In addition, Upgrade allows users to make additional payments without penalty or fees.