Lending Club






Lending Club is the nation’s largest peer-to-peer lender. Personal loans via Lending Club range from $1,000 to $40,000 at APRs from 5.99% to 35.89%* APR. Best APR is available to borrowers with excellent credit. The website is clean and transparent, with easy-to-find rates and fees, a clear description of the lending process, and a streamlined rate-quote tool.

Lending Club also requires a minimum credit score of 640 and has slightly stricter criteria for making a loan than other leading debt consolidation loan companies, including a stricter debt-to-income ratio and more reliance on credit history. Lending Club also charges a $15 check-processing fee every time you pay with a check.

Pros

Available in all states except Iowa and West Virginia
Funds loans up to $40,000
Competitive interest rates
Thorough, transparent website with easy-to-find rates and fees
BBB accredited with A+ rating

Cons

Will only allow 36- or 60-month terms
You might have to wait a week or more for your loan to be funded
Slightly pickier about borrowers
Charges a check-processing fee

PersonalLoans.com

PersonalLoans.com can help connect you with lenders in all 50 states. APRs range from 5% to 36% for loans up to $35,000. Several types of loans are on offer (though eligibility will vary by state): peer-to-peer loans, bank loans, and installment loans.

The site is informative and well designed, but this is only a referral site. That makes it difficult to know in advance what kind of APR you will be offered, what fees might come attached to your loan, and other crucial information that can be easier to discern with a direct lender.

Pros

Available in 50 states
Funds loans up to $35,000
Competitive interest rates
Well designed, informative website

Cons

Website is only a referral site
You might have to wait to learn full details about APR or fees attached to loan

Avant

Avant focuses on loans for borrowers with slightly lower credit scores than Lending Club. Avant is not a peer-to-peer lender and instead directly funds each loan itself. That can be an advantage for borrowers who need cash more quickly because Avant can get you your funds in as little as a day.

I received answers to my questions through a helpful online chat service, which was a nice bonus with Avant. However, you’re subject to higher APRs with Avant, which means this probably won’t be the best choice for those with good or excellent credit.

Pros

Available in 47 states and the District of Columbia
More flexible payment terms, ranging from 24 to 60 months
Borrowing limit of $35,000
Funds available in as little as a day
No unsuccessful payment fees
BBB accredited with A rating

Cons

Higher advertised APRs (9.95% to 36%)
Shorter grace period (10 days) and heftier fee ($25) for late payments in most states



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