Top P2P (Peer-To-Peer) Lending Platforms

The P2P (Peer-To-Peer) industry is gaining momentum fast. It has already become a viable and popular alternative to standard bank loans. It is on its way to becoming a noted competitor to the traditional banks. The P2P lending platforms connect the borrowers with the lenders. You can apply for a loan online, and the money will be in your bank account within a few hours once it is approved. The interest rates are low, and there is only minimal documentation required. Following are some of the popular P2P platforms.

Lending Club

Lending Club is the largest P2P lender in the United States. It is also the largest P2P lender in the whole world. (This is based upon the revenue and the issued loan volume). The site was started in 2007. It funded around $16 billion worth of loans last year only. As of now, Lending Club has a market capitalization of 5.14 billion. Personal finance (short term loans to pay off credit cards, for home improvement, and so on), investment, patient financing, and business loans are some of the areas that Lending Club cater to. $1000 is the minimum loan (personal) amount offered, and $35,000, the maximum. For businesses, the minimum is $15,000, and the maximum, $300,000.


Prosper is the 2nd-largest P2P lending site in the United States. It was founded in 2005. Till date, the loans issued by the site amounts to $5 billion. Prosper has more than two million member. Credit Suisse NEXT Fund, Institutional Venture Partners, and Sequoia Capital are some of the 'giant' investors in Prosper. You can get a personal loan amounting between $2,000 and $35,000 from Prosper. The term ranges from 36 months to 60 months. The interest rates are between 5.99% APR and 36.00% APR (the rates depend on your Prosper Rating, which is based on your credit score). Small business loans, military loans, adoption loans, auto/vehicle loans, and short-term loans are some of the loans offered by Prosper.


Upstart was started in 2012 by a few ex-Google employees. This is one site where you can get a loan even if your credit score is not ideal. Factors such as your academic performance, the area of your study, your work history, your graduation school, and so on are considered by Upstart while processing your loan application. Upstart believes that a person is more than his/her credit score. The platform is extremely popular with the younger generation. Loans starting from a minimum amount of $3,000 to a maximum of $35,000 are offered by Upstart, at an APR starting 4.7%.


Another popular P2P lending platform, SoFi, was founded in 2011. So far, it has issued $4 billion in loan. SoFi issues funding for student loan refinancing, mortgage and mortgage refinancing, personal loans, MBA loans, and so on. The factors for eligibility include your job experience, current/prospective employability, graduation school accreditation, financial history, and so on. The minimum loan amount offered is $5,000 and the maximum offered is $100,000.

CircleBack Lending, Peerform, The Bottom Line, and Funding Circle are some of the other popular P2P lending platforms.