V best personal loans we offer competitive rates, flexible loan amounts and a wide range of conditions. Here’s how LendingClub personal loans stack up with other popular lenders:
LendingClub Vs. SoFi
SoFi offers higher loan amounts ($ 5,000 to $ 100,000) than are available through LendingClub, and the annual interest rate starts at 6% with auto payment, which is lower than the most competitive rate available through LendingClub. Likewise, SoFi’s maximum annual interest rate is only around 20%, while LendingClub’s maximum rate is almost 36%. What’s more, SoFi does not charge any processing or late payment fees. The SoFi loan term (two to seven years) is also more extensive.
LendingClub Vs. LightStream
Individual LightStream loans are available from $ 5,000 to $ 100,000 and the annual interest rate starts below 3% (for some loan purposes) for borrowers who sign up for auto payment; rates are capped at just over 20%. This means that LightStream borrowers with the highest credit ratings can access rates much lower than the best offered by LendingClub. However, LightStream’s qualifications make selection difficult, while LendingClub requires a relatively low minimum score.
The terms of the LightStream loan are also more extensive than those available at LendingClub, with terms ranging from two to 12 years, depending on the purpose of the loan. Like other competitors, LightStream does not charge initiation fees or prepayment penalties.
LendingClub Vs. Marcus
Markus offers smaller individual loans than some competitors, with options ranging from $ 3,500 to $ 40,000 – similar to the loans offered by LendingClub. Rates start at 7% but don’t go over 20%, which is still significantly lower than LendingClub’s highest annual rates. Markus does not charge any loan disbursement, prepayment or late payment fees, and borrowers can save 0.25% per annum if they register with the auto payment system.