Prosper vs LendingClub: Which Marketplace Lender Is Better?
Last updated 09/23/2025 by
Ante MazalinEdited by
Andrew LathamSummary:
Prosper and LendingClub are both marketplace lenders, connecting borrowers with investors. Prosper offers flexibility for fair-credit borrowers, while LendingClub provides a more established platform with broader loan amounts. Choose Prosper for competitive rates if you qualify. Choose LendingClub for wider availability and longer loan terms.
Since both lenders operate as peer-to-peer platforms, they share some similarities, but their terms and fees differ. Let’s compare them directly so you can make the right choice.
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Quick Comparison: Prosper vs LendingClub Loans
| Feature | Prosper | LendingClub |
|---|---|---|
| Loan Amounts | $2,000 - $50,000 | $1,000 - $60,000 |
| APR Range | 8.99% - 35.99% | 6.53% - 35.99% |
| Loan Terms | 24 months - 60 months | 24 months - 72 months |
| Minimum Credit Score | 600 - 850 | 600 - 850 |
| Origination Fees | 1% - 9.99% | 0% - 8% |
| Late Payment Fee | $15 | $15 |
| Prepayment Fee | No | No |
| Checking Account Required | Yes | Yes |
| Pre-Qualified Soft Credit Inquiry | Yes | Yes |
| SuperMoney User Score | mostly recommended | mostly recommended |
About Prosper
Prosper was the first peer-to-peer lender in the U.S. It connects borrowers with investors to provide loans for debt consolidation, major purchases, and more.
Key Features:
- Peer-to-peer lending platform
- Competitive rates for good-credit borrowers
- Simple online application
About LendingClub
LendingClub is another major peer-to-peer lender, now one of the most recognized names in the industry. It offers larger loan amounts and longer terms than Prosper, but also charges origination fees.
Key Features:
- Marketplace (P2P) lending model
- Loan amounts up to $1,000 - $60,000
- Flexible loan terms up to 24 months - 72 months
Key Differences Between Prosper and LendingClub
- Loan Amounts: Prosper offers $2,000 - $50,000, while LendingClub provides $1,000 - $60,000.
- APR Ranges: Prosper APRs are 8.99% - 35.99%; LendingClub APRs are 6.53% - 35.99%.
- Loan Terms: Prosper terms span 24 months - 60 months, while LendingClub’s range is 24 months - 72 months.
- User Scores: mostly recommended vs mostly recommended on SuperMoney reviews.
Eligibility & Application Process
Here’s how their borrower requirements compare:
| Requirement | Prosper | LendingClub |
|---|---|---|
| Minimum Age | 18 | 18 |
| Credit Score Range | 600 - 850 | 600 - 850 |
| Checking Account Required | Yes | Yes |
| Soft Credit Inquiry for Prequalification | Yes | Yes |
Customer Reviews & Reputation
- Prosper: Rated mostly recommended. Borrowers like its simple online application but note origination fees and rate variability.
- LendingClub: Rated mostly recommended. Praised for higher loan limits but criticized for fees and long processing times for some applicants.
Which Lender Is Best for You?
Choose Prosper if you want flexible access to personal loans and have fair-to-good credit.
Choose LendingClub if you need larger loan amounts and longer repayment terms, and are comfortable with origination fees.
Choose LendingClub if you need larger loan amounts and longer repayment terms, and are comfortable with origination fees.
What’s Next
For more details, review each lender’s SuperMoney profile to see current rates, borrower feedback, and up-to-date eligibility requirements:
Or explore more comparisons:
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Prosper vs LightStream – Peer-to-peer loans vs low-rate bank options.
Prosper vs Upstart – Marketplace vs AI-powered lending.
LendingClub vs SoFi – Peer-to-peer platform vs fintech giant.
LendingClub vs Best Egg – Marketplace vs debt-consolidation specialist.
Prosper vs SoFi – Marketplace vs fintech perks.
Prosper vs LightStream – Peer-to-peer loans vs low-rate bank options.
Prosper vs Upstart – Marketplace vs AI-powered lending.
LendingClub vs SoFi – Peer-to-peer platform vs fintech giant.
LendingClub vs Best Egg – Marketplace vs debt-consolidation specialist.
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Key Takeaways
- Both Prosper and LendingClub use peer-to-peer lending models.
- LendingClub offers larger loan amounts and longer repayment terms.
- Prosper may be more accessible to fair-credit borrowers.
- Both charge origination fees and have similar online processes.
FAQs
Does Prosper charge origination fees?
Yes, Prosper charges origination fees.
Does LendingClub charge origination fees?
Yes, LendingClub also charges origination fees.
Which lender offers larger loan amounts?
LendingClub, with $1,000 - $60,000.
Which lender is better for fair-credit borrowers?
Prosper may be more flexible, while LendingClub often requires stronger credit.
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