Prosper is a peer-to-peer (P2P) platform that offers investor-funded loans from $2,000 to $50,000 that can be repaid in terms of either three or five years. Its rates are low compared to other peer-to-peer providers, running from 8.99% to 35.99%. And it accepts credit scores starting at 600. However, loans require an origination fee of 1% to 9.99%.
You can receive your funds as soon as one business day after accepting a loan offer, but the time period also depends on your bank’s ability to process the transaction. Other online lenders might offer better deals or have more relaxed requirements.
LightStream is a direct online lender that offers some of the most competitive rates on the market. And if you get a better offer, they might beat that rate by 0.1%, as long as that offer meets certain conditions. It also offers a wider range of loan amounts than Prosper, and there's no origination fee. But it's also one of the most difficult lenders to qualify with — and there's no option to check your rate without affecting your credit. Save this for when you have few debts and near-perfect credit.
Min. credit score
Good to excellent credit
APR
6.94% to 25.79%
Loan amount
$5,000 to $100,000
Not available in: Iowa, West Virginia
LightStream is a direct online lender that offers some of the most competitive rates on the market. And if you get a better offer, they might beat that rate by 0.1%, as long as that offer meets certain conditions. It also offers a wider range of loan amounts than Prosper, and there's no origination fee. But it's also one of the most difficult lenders to qualify with — and there's no option to check your rate without affecting your credit. Save this for when you have few debts and near-perfect credit.
Pros
Low rates
No fees
Same-day funding available
Cons
High minimum loan amount of $5,000
Higher minimum credit score than Prosper
No prequalification
Loan amount
$5,000 to $100,000
APR
6.94% to 25.79%
Interest Rate Type
Fixed
Min. credit score
Good to excellent credit
Turnaround Time
As soon as same day
Loan Term
24 to 240 months
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. At least 27% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 10/01/2024 to 12/31/2024. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $25,000 loan at 6.49% APR with a term of 3 years would result in 36 monthly payments of $766.11.
Maximum APR for a LightStream loan is 25.79%. Loan terms range from 24 - 240 months depending on the loan type.
SoFi started as a P2P platform like Prosper, but now it funds its own loans, which range from $5,000 to $100,000. If you qualify, you can also take advantage of member perks like networking events and financial advice. But you'll need to meet its strict requirements, which include a 680 minimum credit score.
Min. credit score
680
APR
9.49% to 29.99% fixed APR
Loan amount
$5,000 to $100,000
Available in all states
SoFi started as a P2P platform like Prosper, but now it funds its own loans, which range from $5,000 to $100,000. If you qualify, you can also take advantage of member perks like networking events and financial advice. But you'll need to meet its strict requirements, which include a 680 minimum credit score.
Pros
Low fixed and variable rates
Member perks
Checking your rates won't affect your credit score
Cons
High minimum loan amount of $5,000
Higher minimum credit score than Prosper
Loan amount
$5,000 to $100,000
APR
9.49% to 29.99% fixed APR
Interest Rate Type
Fixed
Min. credit score
680
Turnaround Time
Up to 2 business days
Loan Term
2 to 7 years
Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
LendingClub might be the closest alternative to Prosper. But unlike Prosper, LendingClub sends your funds directly to your creditors if you take out the loan to consolidate debt. It was Prosper's main competitor when it was a P2P platform, offering a slightly wider range of loans, from $1,000 to $40,000, with similar credit score requirements. But rates start higher, at 6.34%. And while LendingClub's origination fee starts lower than Prosper, it ends higher. But unless you can qualify for the lowest rates available, these providers are similar enough that it may be worth prequalifying with both before you make a decision.
Min. credit score
600
APR
6.34% to 35.99%
Loan amount
$1,000 to $40,000
Available in all states
LendingClub might be the closest alternative to Prosper. But unlike Prosper, LendingClub sends your funds directly to your creditors if you take out the loan to consolidate debt. It was Prosper's main competitor when it was a P2P platform, offering a slightly wider range of loans, from $1,000 to $40,000, with similar credit score requirements. But rates start higher, at 6.34%. And while LendingClub's origination fee starts lower than Prosper, it ends higher. But unless you can qualify for the lowest rates available, these providers are similar enough that it may be worth prequalifying with both before you make a decision.
Upstart is an online lender that specializes in funding fair-credit borrowers who haven't had a chance to build a strong credit profile. It considers factors like your level of education and career to help you qualify for a loan and may be a good alternative to Prosper if you're new to the workforce. Its rates are similar to Prosper, running from 6.7% to 35.99% — and you can borrow between $1,000 and $50,000. But origination fees range from 0% to 12% and it also only offers two loan terms of three or five years. Upstart also only considers individual income when you apply, not household income.
Min. credit score
300
APR
6.7% to 35.99%
Loan amount
$1,000 to $50,000
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Upstart is an online lender that specializes in funding fair-credit borrowers who haven't had a chance to build a strong credit profile. It considers factors like your level of education and career to help you qualify for a loan and may be a good alternative to Prosper if you're new to the workforce. Its rates are similar to Prosper, running from 6.7% to 35.99% — and you can borrow between $1,000 and $50,000. But origination fees range from 0% to 12% and it also only offers two loan terms of three or five years. Upstart also only considers individual income when you apply, not household income.
Upgrade is an online lender that focuses on cash flow instead of your personal credit score, making it a good option if you have few debt payments and monthly bills. While you can qualify with a credit score as low as 580, you need at least $1,000 in income after monthly bills. Rates start slightly lower than Prosper, ranging from 7.99% to 35.99% APR. But it also charges a higher origination fee, which runs from and only has the option of three- and five-year loan terms.
Min. credit score
580
APR
7.99% to 35.99%
Loan amount
$1,000 to $50,000
Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
Upgrade is an online lender that focuses on cash flow instead of your personal credit score, making it a good option if you have few debt payments and monthly bills. While you can qualify with a credit score as low as 580, you need at least $1,000 in income after monthly bills. Rates start slightly lower than Prosper, ranging from 7.99% to 35.99% APR. But it also charges a higher origination fee, which runs from and only has the option of three- and five-year loan terms.
Pros
Considers cash flow over credit score
Accepts fair credit
Accepts coapplicants
Cons
Requires $1,000 in monthly cash flow
Only offers two loan terms
Higher origination fee than Prosper
Loan amount
$1,000 to $50,000
APR
7.99% to 35.99%
Interest Rate Type
Fixed
Min. credit score
580
Turnaround Time
1 to 4 business days
Loan Term
2 to 7 years
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
Unlike many other lenders, Avant accepts self-employment income and less-than-perfect credit. To qualify, you need a credit score of at least 550, whereas most other lenders require upwards of 600 to 670 minimum. While Avant is more flexible with credit scores and employment history, it has high rates between 9.95% to 35.99% — so if you have a higher credit score, you may be able to find lower rates elsewhere.
Min. credit score
550
APR
9.95% to 35.99%
Loan amount
$2,000 to $35,000
Not available in: Iowa, Kentucky, Massachusetts, Michigan, Montana, Virginia, West Virginia
Unlike many other lenders, Avant accepts self-employment income and less-than-perfect credit. To qualify, you need a credit score of at least 550, whereas most other lenders require upwards of 600 to 670 minimum. While Avant is more flexible with credit scores and employment history, it has high rates between 9.95% to 35.99% — so if you have a higher credit score, you may be able to find lower rates elsewhere.
Pros
Accepts self-employment
Low credit score requirement
Soft credit pull for preapproval
Cons
High volume of BBB complaints
High rates
Max loan amount of $35,000
Loan amount
$2,000 to $35,000
APR
9.95% to 35.99%
Interest Rate Type
Fixed
Min. credit score
550
Turnaround Time
As soon as the next business day
Loan Term
24 to 60 months
Personal loans from $2,000–$35,000. If approved, the actual loan amount, term, and APR that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC.
Achieve (formerly FreedomPlus) is an online lender that accepts fair credit scores of 620 but charges similar interest rates as Prosper. If you apply with a co-applicant, you have a better chance of qualifying for a loan with up to a 5.5% discount. You can also qualify for a discount of up to 6% if you use the loan to send most of the funds directly to your creditors for debt consolidation. But it's not available in every state and charges an origination fee.
Min. credit score
620
APR
8.99% to 29.99%
Loan amount
$5,000 to $50,000
Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington
Achieve (formerly FreedomPlus) is an online lender that accepts fair credit scores of 620 but charges similar interest rates as Prosper. If you apply with a co-applicant, you have a better chance of qualifying for a loan with up to a 5.5% discount. You can also qualify for a discount of up to 6% if you use the loan to send most of the funds directly to your creditors for debt consolidation. But it's not available in every state and charges an origination fee.
PenFed Credit Union offers personal loans with lower interest rates than most, ranging from 7.99% to 17.99%. Although PenFed requires a history of good credit history to qualify, you can improve your eligibility for a loan if you apply with a co-borrower. It runs a hard credit check to apply though, which means you can't get a preview of your rates and terms before actually applying and affecting your credit. PenFed Union has an “Excellent” rating on TrustPilot, which means customers are generally happy with their experience.
Min. credit score
580
APR
8.99% to 17.99%
Loan amount
$600 to $50,000
Available in all states
PenFed Credit Union offers personal loans with lower interest rates than most, ranging from 7.99% to 17.99%. Although PenFed requires a history of good credit history to qualify, you can improve your eligibility for a loan if you apply with a co-borrower. It runs a hard credit check to apply though, which means you can't get a preview of your rates and terms before actually applying and affecting your credit. PenFed Union has an “Excellent” rating on TrustPilot, which means customers are generally happy with their experience.
Prosper offers up to $50,000 loans with reasonable rates for a P2P lender, but you’ll pay an origination fee.You’ll have up to five years to repay your loan, which is on the lower end of normal for these types of loans. But, turnaround time is right in line with competitors, so you won’t have to wait long for your money. For more details on how this P2P platform works, read our full Prosper review.
Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio
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Gabriel Vito is a freelance personal finance writer for Finder. With over four years of experience, he has crafted helpful guides and articles covering various personal finance topics, including credit cards, investing and banking. Gabriel's work has been featured on Yahoo Finance, NASDAQ, GoBankingRates, and more. He has a Bachelor's Degree in English and is passionate about helping others navigate their financial journey. See full bio
A review of Pennie Financial, a company that appears to be a personal loans marketplace but likely shares your information with debt settlement partners.
Learn how you can verify your income and increase your chances of approval — even if you’ve only been working a few months.
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