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Personal Loans

LendingClub vs Prosper – 7 Answers for Borrowers

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

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LendingClub and Prosper are growing as online personal loan providers, with more and more people shopping for loans with lower rates than their high interest debt, or some spare cash to cover an unexpected situation.

While both are reputable companies backed by management and investors with good credentials, it pains us to see people who shop for a loan and simply chose the very first one that qualifies them. You’re going to want to check rates with LendingClub, Prosper and more.

But before you do, you can read up below on some of the differences between LendingClub and Prosper. While they look the same on the surface, there are actually some big differences to be aware of.

1. Which is more likely to approve you?

The good news is there’s no downside to finding out if both will approve you.

That’s because with an online personal loan you can check the rate you qualify for without a mark on your credit report.

So it’s actually important to check both LendingClub* and Prosper to see who offers the best rate.

And don’t stop there, because several online lenders are fighting for your business and might give you an even lower rate.

We keep a list you can check here. There’s no harm in trying.

2. Which is better for people with less than perfect credit?

Prosper is a stricter lender by a hair, so if they don’t approve you or give you the rate you want, trying Prosper may get you a different answer.

Here’s a comparison of the bare minimum requirements Prosper and LendingClub have for you to be considered for one of their loans:

Minimum credit score

Prosper: 640

LendingClub: 600

LendingClub is a little more lenient here, so if you’re borderline and get rejected by Prosper initially, give them a try.

Even if both accept you, it’s best to check some other online lenders like Sofi.com, Upstart, or Lighstream to see if you can get a better rate. You can check our list of lenders here.

Debt to Income

Prosper: less than 50%

LendingClub: less than 40%

This means Prosper is sometimes willing to take people who have more debt overall than LendingClub, which is something to consider.

Debt to income includes your monthly payments, including mortgage, credit cards, rent, child support, student loans, car payments, divided by your monthly salary.

For example, if you pay $300 a month on your car loan, $550 a month in credit card payments, and $1,100 in house payments, while your monthly salary is $4,000, your debt to income is $1,950 / $4,000 = 48.8%. That would be acceptable to Prosper, but not LendingClub.

Maximum Number of Inquiries

Prosper: 6

LendingClub: 5

Inquiries are the number of times you’ve attempted to borrow money in the past six months, and are reflected on your credit report. Prosper is a little more lenient here.

Minimum Number of Open Accounts

Prosper: 2

LendingClub: 2

Lenders want to see you’ve handled some credit responsibly, so they will want you to have at least two credit accounts open. An account can include a mortgage, auto loan, credit card, student loan, or any other type of credit account on your credit report. Chances are unless you’re very young, you meet this requirement.

3. What information will I need to provide when I apply?

You’ll need to provide basic information like your income, amount of the loan you’re requesting, and employer.

About 80% of the time LendingClub will check with your employer to verify whether you work there or ask for your paystubs to check your income.

When checking your income, they’ll want to see that it’s within 10% of what you stated on your application. So if you said you earn $50,000 a year, and they ask for your last two paychecks they’ll want to see it works out to $45,000 – $55,000 a year in income.

So when you apply don’t put in bonuses, tips, or other income that don’t show on your paystubs if they are more than 10% of your annual income to avoid getting denied by a check.

4. Will I need to tell my life story?

Both Prosper and LendingClub will share your credit profile and loan request with potential people who will fund your loan. But it’s all anonymous and tied to a user ID, rather than your real name.

LendingClub will ask you whether you want to put in some summary information about your loan and yourself, but a lot of people who get approved and funded don’t bother filling it in.

Prosper used to ask you to complete a pretty in-depth profile with a story and picture of yourself, but they’ve moved away from that. So you can stay pretty anonymous when borrowing there as well.

5. How do the rates compare?

Both advertise similar APRs…

LendingClub: 6.95% – 35.89%

Prosper: 6.95% – 35.99%

And the rate you get depends on which of the ‘rating’ bands they assign you.

Those ratings depend on your credit score, total debt amount, the type of debt you have, your payment history, income, and other factors.

In fact, your credit score doesn’t really tell you if you’ll get a decent rate or not.

For example, on LendingClub, of over 700 pending loans on the day we wrote this, here are the interest rates they are charging on loans based on several credit score ranges. (Note this is a little lower than the APR, but it gives you a sense).

Score range: 660-664

Highest: 24.99%

Lowest: 10.15%

Score range: 665-669

Highest: 26.06%

Lowest: 10.99%

Score Range: 670 – 679

Highest: 25.98%

Lowest: 7.69%

Score Range: 680 – 699

Highest: 25.98%

Lowest: 7.12%

Score Range: 700 – 710

Highest: 25.98%

Lowest: 6.49%

As you can see there is a really big range in what they will charge you even with good credit scores.

From 2012 through March 2014, the average LendingClub loan rate was about 14% and the average loan size was around $14,000.

So the short story is – go to both, give them some basic information, and find out where you stand. You might be surprised.

6. What fees do they charge?

While neither charges you anything to check your rate, both charge a fee to complete your loan, and it’s removed from the loan at the beginning.

It works out to 2.41% - 5.00% at Prosper, with the lower fee for people with better credit quality.

APR

6.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.41% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

And at LendingClub it works out to about 1.00% - 6.00%, also depending on the rating or grade they assign your loan. You’ll know this when you get an upfront rate quote.

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

Make sure you ask for a big enough loan to cover this. For example if you ask for a $5,000 loan and there is a 5% origination fee, you’ll get $4,750 sent your way, rather than the full $5,000.

Once you get quotes from both, you can put the upfront fee and the ongoing interest rate into our balance transfer vs. personal loan comparison tool to see which will cost you more or less over the long term. No need to do the math yourself.

7. What if neither of them approve me?

You’re not out of luck.

The good news is: your credit score isn’t penalized by checking rates with LendingClub or Prosper, so you can try another personal loan lender like SoFi to see if you’re approved or can get a better rate.

SoFi
APR

5.74%
To
16.24%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.74% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.43% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

If your credit isn’t great, OneMain Financial* is a lender that will often approve people with scores below 640, though you’ll need to go in person to one of their own branches to complete a loan application.

And if you apply with OneMain Financial you’ll need to do a full credit pull.

APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More


Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

But if your credit is good, check out these other online lenders to see if you have better luck. Some, like Upstart, will take into consideration where you went to school, your Linkedin profile, or even your grades as a way to make you eligible for a lower rate.

APR

7.46%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

*We receive a referral fee if you click on offers with this symbol. This does not impact our rankings or recommendations. You can learn more about how our site is financed here.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brian Karimzad
Brian Karimzad |

Brian Karimzad is a writer at MagnifyMoney. You can email Brian at [email protected]

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Get A Pre-Approved Personal Loan

$

Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Best Egg Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

APR

Up to 29.99%

Credit Req.

700

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

0.99% - 5.99%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

People looking for a process that is fast and straightforward can’t go wrong when applying through Best Egg for a personal loan. ... Read More


*The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99%-29.99%, which may include an origination fee from 0.99% - 5.99%. Any origination fee on a 5-year loan will be at least 4.99% and is deducted from loan proceeds. The APR offered will depend on your credit score, income, debt payment obligations, loan amount, loan term, credit usage history and other factors, and therefore may be higher than our lowest advertised rate. Requests for the highest loan amount may resulting an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,000; in NM, OH must exceed $5,000; in GA must exceed $3,000.

Borrowers should refer to their loan agreement for specific terms and conditions. A loan example: a 5–year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3–year $5,000 loan with 5.99% APR has 36 scheduled monthly payments of $150.57. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

Best Egg personal loan details
 

Fees and penalties

  • Terms: 36 or 60 months
  • APR Range: 5.99%-29.99%
  • Loan amounts: $2,000-$35,000 (Some consumers may qualify for $50,000).
  • Time to funding: Can be funded as soon as the next business day.
  • Hard pull/soft pull: When you first apply, Best Egg will do a soft pull on your credit in order to generate a loan offer. If you accept this offer and move forward with the loan process, they will do a hard pull.
  • Origination fee: 0.99% - 5.99%. This fee will be subtracted from your total loan amount, so be sure you factor that into your calculation when you decide how much to borrow.
  • Prepayment fee: None.
  • Late payment fee: If you are 3 or more days late, there is a $15 fee.
  • Other fees: If you aren’t enrolled in automatic payments, there is a $7 payment processing fee. If your payment is returned for any reason, there is a $15 fee.

Some lenders will only allow you to take out one loan at a time — Best Egg is not one of them. You can have two loans from Best Egg at a time, though if you’re thinking of taking out a second, make sure your first loan is at least six months old and that you haven’t missed payments. The total amount of your combined loans must be $50,000 or less.

Eligibility requirements

  • Minimum credit score: 700
  • Minimum credit history: In order to qualify, you must have at least three years of credit history with at least three open credit accounts — none of which may have open delinquent payments. You will be disqualified if you have a tax lien or bankruptcy on your credit report, or if you are currently working with a credit counselor or debt management company.
  • Maximum debt-to-income ratio: 40%

Best Egg gives qualified U.S. residents its best rates when they have a credit score of 700 or higher and an income of $100,000 or more. However, in order to qualify for a $50,000 loan, you will have to have an income of at least $130,000 per year.

Applying for a personal loan from Best Egg

When you fill out Best Egg’s online application — providing information on your housing, income and employment — you’re actually applying for pre-approval. Filling out this application generally takes only a few minutes.

After you’ve filled it out, you’ll be given a loan offer if you qualify. If you’re happy with the rate and terms, you can accept and provide any additional paperwork Best Egg may request or require. Depending on your bank, you’ll be able to get your loan funded in about one to three business days.

Pros and cons of a Best Egg personal loan

Pros:

Cons:

  • Fast funding. Best Egg funds about half of their loans in one business day, with other applicants only waiting about three business days.
  • Borrow twice. Even if you already have a Best Egg loan, you are still eligible to take another out as long as you’ve had the first one for 6 months or longer, and that you do not borrow more than $50,000 total.
  • Lower minimum loan amounts. You shouldn’t borrow more money than you need. With loans starting at $2,000 depending on your state of residence, many will be able to avoid overborrowing. If you need even less than $2,000, keep in mind that some credit unions will issue personal loans for as little as $500.
  • Various loan options. Borrow funds for everything from debt consolidation and moving expenses to vacation and adoption expenses.
  • Excellent credit applicants may find better deals elsewhere. While there are certainly lenders who charge much higher interest rates, Best Egg does not have the best rates for their target clientele. For example, to qualify for their lowest rates, you must make $100,000 per year and have a credit score of 700 or higher. You may find other marketplace lenders who offer lower rates for this demographic, so definitely shop around and compare.
  • Origination fees. Not all lenders charge origination fees on personal loans, which makes Best Egg’s fee of 0.99% - 5.99% a negative.
  • Income requirements. The best rates available from Best Egg require an income of at least $100,000.
  • No co-borrowers.They do not allow for joint applications.

Who’s the best fit for a Best Egg personal loan

If you meet the income and credit requirements, Best Egg may be a good option, especially if you need to get your hands on money quickly. Best Egg is also good for middle- to high-income earners who only need a small loan, as some of their competitors have minimum loan amounts of $5,000 or more, while Best Egg’s minimum is only $2,000.

If you do meet these requirements, be sure to shop around. There are lenders in the marketplace who offer prime borrowers better rates and don’t charge origination fees. Depending on your personal situation, that doesn’t mean Best Egg won’t make you the best offer; it just means you should do your due diligence in case they don’t.

Best Egg consumer reviews

Looking at a company’s customer reviews and rating on the Better Business Bureau (BBB) is one of the best ways to assess client satisfaction, as well as the legitimacy of the business. One major upside to Best Egg is that they have an A+ rating with the BBB and they’re accredited with the BBB. Plus, there are over 2,200 customer reviews that have an average 5-star rating.

On LendingTree’s website (Disclosure: LendingTree is the parent company of MagnifyMoney), there are over 350 reviews for Best Egg. These reviews have an average of 4.8 out of 5 stars for customer satisfaction, as well as a 96% recommendation rate.

Overall, the reviews for Best Egg on LendingTree tout great customer service, a simple and streamlined process for obtaining a loan, and fairly quick access to loan funds:

“This is exactly the experience I was hoping for — quick, easy, straightforward — no need for a ton of back and forth with anyone,” wrote Nadia from Bell, Calif. “Highly recommend!”

Kelley from Morganton, N.C., was pleased with Best Egg’s offers for a debt consolidation loan. “The application process was simple and I was able to navigate the submissions easily,” she wrote. “My rate was better than any other loan offers, which made my monthly payment well within my means to get rid of credit card debt. And the funds were in my account within 48 hours!”

Although the customer reviews for Best Egg are primarily positive, there are a handful of negative reviews, which cited high fees and confusion surrounding loan rejection despite a good credit score.

Best Egg FAQ

According to Best Egg, around half of customers will have access to their loan within one business day. Most loans get funded within one to three business days.

However you see fit! Best Egg loans can be taken out for everything from credit card consolidation to loans for home improvement and major purchases (like weddings).

For most consumers, the maximum loan amount is $35,000. Some customers, however, will be able to qualify for a maximum loan amount of $50,000. (The minimum loan amount is $2,000.)

Yes. To receive the best rates Best Egg offers, you’ll need a minimum credit score of 700.

In order to apply for a personal loan with Best Egg, you need to: be a U.S. citizen or permanent resident; be of legal age to accept the loan in the state you live in; have a personal bank account with a routing number; have a valid email address; and have a physical mailing address.

APRs for Best Egg loans range from 5.99% to 29.99%, and loans come with an origination fee between 0.99% - 5.99%. Five-year loans will have an origination fee of at least 4.99%.

Yes. Best Egg allows customers to have two loans at one time so long as the total between the two loans doesn’t exceed $50,000 and the first loan has been open for at least six months.

Best Egg loans are unsecured personal loans, which means nothing is put up as collateral.

Depending on the loan terms, you could need a minimum annual income of $100,000 to qualify for a Best Egg loan.

Yes, as there are different loan requirements for a few states. In Massachusetts, the minimum loan amount is $6,500; in New Mexico and Ohio, the minimum loan amount is $5,000; and in Georgia, the minimum loan amount is $3,000.

Alternative personal loan options

Upgrade

Upgrade
APR

7.99%
To
35.89%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.50% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More .

Upgrade offers a similar product to Best Egg, except their maximum APR is much higher and their minimum credit score requirements much lower. This means that you’re likely to have an easier time getting approved for a loan from Upgrade, but that your interest rate is likely to be higher if you have a lower credit score.

Lending Club

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

Similar to Upgrade, LendingClub extends loans to those with lower credit scores than Best Egg does, though it does so at a higher rate. If your credit score is less than 620, LendingClub is preferable to Upgrade, though their maximum interest rates are very close — within a tenth of a percentage point of each other.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

5.99%
To
28.99%

Credit Req.

Varies

Minimum Credit Score

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. For New York residents, rates range from 5.99% to 24.99% APR.

Marcus by Goldman Sachs® — unlike Best Egg — charges no origination fee. Their maximum term length also allows you to stretch out your loan, potentially lowering your monthly payments. Remember, however, that when you stretch out your loan, you usually end up paying more in interest overall even if your monthly payment is lower.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

Jamie Friedlander
Jamie Friedlander |

Jamie Friedlander is a writer at MagnifyMoney. You can email Jamie here

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Get A Pre-Approved Personal Loan

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Won’t impact your credit score

Advertiser Disclosure

Personal Loans

TD Bank Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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TD Bank Express Loan
APR

6.99%
To
18.99%

Credit Req.

660

Minimum Credit Score

Terms

12 to 60

months

Origination Fee

No origination fee

APPLY NOW Secured

on TD Bank Express Loan’s secure website

TD Bank Unsecured personal loan details
 

Fees and penalties

  • Term lengths: 12 to 60 months
  • APR range: 6.99% to 18.99% APR
  • Loan amounts: $2,000 to $50,000
  • Time to funding: Not specified
  • Credit check: Yes
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: The lesser of 5% of the minimum payment due or $10
TD Bank Express Loan details
 

Fees and penalties

  • Term lengths: 12 to 60 months
  • APR range: 6.99% to 18.99% APR
  • Loan amounts: $2,000 to $25,000
  • Time to funding: Possibly as early as 48 hours after you apply
  • Credit check: Yes
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: The lesser of 5% of the minimum payment due or $10

TD Bank product details

If you’re looking to pay off debt, TD Bank has an online calculator that can help you determine the date you can become debt-free. Simply enter your amount of outstanding debt and the tool will help you see how quickly you can pay it off by adjusting the terms to create a monthly payment you can afford. Do note, your minimum payment on both the Express loan and the unsecured loan will never be less than $125.

Existing TD Bank customers can benefit from a rate reduction on both the Express Loan and the unsecured loan. A 0.25% rate discount is offered when loan payments are automatically deducted from a TD Bank personal checking or savings account. APR is fixed and the 6.99% to 18.99% range assumes the 0.25% rate discount.

TD Bank also offers a secured personal loan. Use your TD Savings account, Money Market Savings account or TD Certificate of Deposit as collateral to receive $5,000 to $50,000 in funding. The loan is attached to a $50 origination fee and a 7.92% variable interest rate. Both the Express loan and the unsecured loan are subject to credit approval; to be approved for either loan, borrowers will need a credit score of 660 or higher. The credit score minimum for the secured loan has not been specified.

TD Bank Express Loan product details

If you need cash fast, the TD Bank Express loan offers up to $25,000 in funding that can be available in as quickly as 48 hours. Just as with the unsecured loan, you’ll incur no origination fee or prepayment penalties. Rates are fixed and range from 6.99% to 18.99%. Loans are subject to credit approval and require a 660 minimum credit score.

Eligibility requirements

  • Minimum credit score: 660
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Detailed eligibility requirements for TD bank personal loans are not listed on the company website.

Applying for a personal loan from TD Bank

A TD Bank personal loan application can be completed online in approximately 15 minutes. To fill out the application, you’ll need:

  • Your Social Security Number
  • A list of expenses (i.e., monthly mortgage or rent payments)
  • Your employment history
  • Income information

Upon completion of your application, a lending specialist will be in touch within one business day. A funding timeline for the unsecured loan is not readily available on the bank’s website. Funding for Express Loans can happen as quickly as 48 hours after you complete the application.

Pros and cons of a TD Bank personal loan

Pros:

Cons:

  • Fast funding. TD Bank Express loans can be funded as quickly as 48 hours after the application is completed.
  • Lack of fees. TD Bank doesn’t charge an origination fee or prepayment penalty for its unsecured loans.
  • Online and mobile access. Online and mobile account access is available with TD Bank loans. You can also contact customer service on a 24/7 basis.
  • Lowest APR only available to existing customers. The $2,000 to $25,000 APR ranges assumes the 0.25% rate discount, offered when loan payments are automatically deducted from a TD Bank personal checking or savings account.
  • High minimum borrowing amounts. The smallest amount of money that can be taken out with a TD personal loan is $2,000 — this might be more than you need to borrow.
  • Credit score requirement. The credit score requirement of 660 or higher means applicants with lower scores are not likely to be approved for a loan.

Who’s the best fit for a TD Bank personal loan?

Considering it can be funded as quickly as 48 hours after you complete the application, a TD Bank Express loan might be the right choice if you have an immediate need for cash. Assuming your borrowing requirements fall into the $2,000 to $25,000 range, this loan can provide funding without subjecting you to costly fees.

If you’re already a TD Bank customer, getting a loan from the company can be a savvy option, because you may receive an automatic APR discount. Offered with both the Express Loan and the unsecured loan, you’ll get a 0.25% rate deduction for opting to have your monthly payment automatically withdrawn from your TD Bank personal checking or savings account.

Since the minimum credit score is 660, TD Bank personal loans can be a good choice if your credit score falls into the “fair” FICO range, as many lenders have more stringent credit requirements. Additionally, the flexible terms, consisting of 12 to 60 months, allow you to choose a payment that fits your budget.

Before committing to a personal loan, it’s important to explore your options. Reading TD Bank reviews and learning as much as possible about personal loan products offered by other lenders will help you make an informed decision.

TD Bank consumer reviews

TD Bank currently has a BBB rating of A+. For more detailed information about past and present borrowers and their experiences with lenders, consumer reviews can be found on LendingTree, our parent company. However, TD Bank has not yet been reviewed.

TD Bank FAQ

TD Bank offers both secured and unsecured personal loans.

TD Bank offers borrowers the option to apply for personal loans online, in person at a TD Bank store and over the phone with the assistance of a lending specialist.

TD Bank does not allow borrowers to use its personal loans to cover the cost of educational expenses.

If you do not qualify for a TD Bank personal loan due to the various loan requirements, there are steps you can take to make yourself a more viable candidate should you decide to apply again, including raising your credit score and improving your debt-to-income ratio.

Cancelling your automatic payments will result in the termination of your rate discount and a 0.25% interest rate increase.

Paying your monthly bill late will result in a late payment fee that will be equal to the lesser of 5% of the minimum payment due or $10.

There is no fee charged to borrowers for loan payments that are returned due to insufficient funds.

Alternative personal loan options

Discover Bank

APR

6.99%
To
24.99%

Credit Req.

660

Minimum Credit Score

Terms

36 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Discover is a financial services firm that offers credit cards, deposit accounts and personal loans. ... Read More

Discover Bank offers personal loans up to $35,000. It only takes a few minutes to check your rate, and decisions are typically made the same day. You don’t need a Discover credit card to be eligible for a loan, and if you’re able to repay the money within 30 days, you won’t incur any interest fees. This can be a good alternative to the TD Bank Express Loan, especially if you can return the funds in full within 30 days.

LightStream

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream, a division of SunTrust Bank, grants personal loans in increments from $5,000 to $100,000. The lender’s rates are competitive, but do note, a 0.50% autopay discount — available only prior to funding — is factored in. The bank also offers to beat any qualifying rate and charges no fees, including prepayment penalties. This can be a good choice if you’re looking for a more competitive APR or longer terms than offered by TD Bank.

SoFi

SoFi
APR

5.74%
To
16.24%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.74% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.43% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi offers personal loans from $5,000 to $100,000. The lender charges no fees, and the loans come with unemployment protection. This would allow you to temporarily pause payments if you lose your job, while SoFi assists you in getting your career back on track. (Do note, however, that rates are based on a 0.25% autopay discount.) If you’re looking for a product with longer terms than a TD loan, this might be a solid choice.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

Kristina Byas
Kristina Byas |

Kristina Byas is a writer at MagnifyMoney. You can email Kristina here

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