LendingClub 2021 Personal Loan Review – Forbes Advisor
The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how LendingClub’s personal loans compare to other popular lenders:
LendingClub vs. SoFi
SoFi offers higher loan amounts ($ 5,000 to $ 100,000) than what is available through LendingClub, and APRs start at around 6% with automatic payment, which is less than the most competitive rate available through LendingClub. Likewise, maximum APRs at SoFi are only around 20%, while LendingClub rates peak at almost 36%. In addition, SoFi does not charge any origination or delay fees. SoFi’s loan terms (two to seven years) are also longer.
LendingClub vs. LightStream
LightStream personal loans are available from $ 5,000 to $ 100,000 and APRs start below 3% (for some loans) for borrowers who sign up for automatic payment; rates cap at just over 20%. This means that LightStream borrowers with the highest credit scores can access rates far lower than the best offered by LendingClub. However, LightStream’s eligibility requirements make it more difficult to qualify, while LendingClub imposes a relatively low minimum score requirement.
LightStream’s loan terms are also more extensive than those available through LendingClub, with terms available between two and 12 years, depending on the purpose of the loan. Like other competitors, LightStream does not charge origination fees or prepayment penalties.
LendingClub vs. Marcus
Marcus offers smaller personal loans than some competitors, with options ranging from $ 3,500 to $ 40,000, similar to loans offered by LendingClub. Rates start at around 7%, but peak at around 20%, which is still significantly lower than LendingClub’s highest APRs. Marcus doesn’t charge any setup, prepayment, or late fees, and borrowers can save 0.25% on their APR if they sign up for automatic payment.