What LendingClub Offers
LendingClub is a pioneering peer-to-peer lending platform that connects borrowers with individual and institutional investors. Established in 2007, it's one of the most well-known names in online lending:
LendingClub's key features:
- Peer-to-peer lending model connects you with investors
- Competitive rates starting at 9.57% for well-qualified borrowers
- No prepayment penalties - pay off early without fees
- Joint applications allowed for improved approval odds
- Origination fees range from 3% to 8%
Why You Might Need a LendingClub Alternative
While LendingClub is a reputable platform, you might look elsewhere if:
- You need faster funding: LendingClub's peer-matching process can take 3-7 days, while direct lenders often fund next-day
- Lower credit score: LendingClub requires 600+; alternatives like Avant accept 550+, and OneMain has no minimum
- Want longer terms: LendingClub maxes at 5 years; Upgrade offers up to 7-year terms
- Prefer direct lending: Some borrowers prefer working directly with a lender vs. peer investors
- Need lower fees: LendingClub charges 3-8% origination fees; some alternatives offer lower
- Want to compare rates: Smart borrowers always check 3-5 lenders before deciding
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Top 5 LendingClub Alternatives Compared
Here's how the best LendingClub alternatives stack up:
| Lender | Min. Credit | APR Range | Loan Range | Max Term | Funding Speed |
|---|---|---|---|---|---|
| LendingClub (baseline) | 600 | 9.57% - 35.99% | $1K - $40K | 5 years | 3-7 days |
| Upgrade | 560 | 9.99% - 35.99% | $1K - $50K | 7 years | 1 day |
| Upstart | 300* | 7.80% - 35.99% | $1K - $50K | 5 years | 1 day |
| SoFi | 680 | 8.99% - 29.99% | $5K - $100K | 7 years | 1-4 days |
| Avant | 550 | 9.95% - 35.99% | $2K - $35K | 5 years | 1 day |
| Best Egg | 640 | 8.99% - 35.99% | $2K - $50K | 5 years | 1-3 days |
*Upstart's AI model considers factors beyond credit score, including education and employment.
Detailed Alternative Reviews
1. Upgrade - Best Direct Lender Alternative
Top PickUpgrade offers a true direct lending experience with faster funding than LendingClub. With loan amounts up to $50,000 and terms up to 7 years, Upgrade provides flexibility for borrowers seeking alternatives to peer-to-peer lending.
Why Choose Over LendingClub
- Next-day funding (vs 3-7 days)
- Longer terms available (up to 7 years)
- Direct lender - no peer matching needed
- Free credit monitoring included
- Lower minimum credit score (560)
Considerations
- Slightly higher minimum APR (9.99%)
- Origination fee up to 9.99%
- May have higher income requirements
Best for: Borrowers who need fast funding and prefer working with a direct lender over peer-to-peer model.
2. Upstart - Best for AI-Based Underwriting
Smart ApprovalUpstart uses artificial intelligence to evaluate borrowers beyond traditional credit scores, considering education, job history, and earning potential. This makes it ideal for those with limited credit history but strong educational and employment backgrounds.
Why Choose Over LendingClub
- Lower starting APR (7.80%)
- Next-day funding common
- Considers education and employment
- Good for thin credit files
- Higher max loan amount ($50K)
Considerations
- High origination fees (up to 12%)
- Approval depends on multiple factors
- May decline based on income stability
Best for: Educated borrowers with good employment but limited credit history.
3. SoFi - Best for Excellent Credit Borrowers
Premium RatesSoFi caters to well-qualified borrowers with excellent credit and strong income. If you have a 680+ score and steady employment, SoFi offers some of the lowest rates in the industry plus valuable perks like unemployment protection and career coaching.
Why Choose Over LendingClub
- Lower maximum APR (29.99%)
- Higher loan amounts (up to $100K)
- No origination fees
- Unemployment protection included
- 7-year terms available
Considerations
- Higher minimum credit score (680)
- $5K minimum loan amount
- Not for fair/poor credit
- Income requirements stricter
Best for: High-income borrowers with excellent credit seeking large loans at the lowest rates.
4. Avant - Best for Lower Credit Scores
Bad Credit OKAvant accepts borrowers with credit scores as low as 550, making it an excellent alternative if you don't meet LendingClub's 600 minimum. With fast funding and lower origination fees, Avant serves the fair-to-poor credit market effectively.
Why Choose Over LendingClub
- Lower minimum credit (550 vs 600)
- Next-day funding available
- Lower origination fees (max 4.75%)
- User-friendly mobile app
- Direct lender - faster process
Considerations
- Lower max loan amount ($35K)
- $25 late payment fee
- Not available in all states
- Higher rates for lower scores
Best for: Borrowers with scores 550-620 who need fast funding and don't qualify for LendingClub.
5. Best Egg - Best for Competitive Rates
Low APRBest Egg offers some of the most competitive rates in the personal loan market, with APRs starting at just 8.99%. If you have good to excellent credit, Best Egg can provide similar or better rates than LendingClub with faster funding.
Why Choose Over LendingClub
- Lower starting rate (8.99%)
- Fast funding (1-3 days)
- Lower origination fees possible (0.99%)
- Secured loan options available
- Higher max amount ($50K)
Considerations
- Higher minimum credit (640)
- Income requirements can be strict
- May require $100K household income
- Not ideal for poor credit
Best for: Borrowers with 640+ credit scores seeking the lowest possible rates with quick funding.
How Swipe Solutions Helps You Compare
Instead of applying to multiple lenders one-by-one (and risking multiple hard credit pulls), Swipe Solutions lets you:
- Compare multiple offers at once: See rates from various lenders with one form
- No credit score impact: We use soft pulls that don't affect your score
- Get matched based on your profile: Our system shows you lenders most likely to approve you
- Save time: Results in 2 minutes vs. hours of individual applications
- Direct vs. peer-to-peer options: Compare both lending models to find what works best
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