Which One Is More Suitable Lending Club vs. Prosper?
While the Lending Club vs. Prosper might make you think we have launched these two companies into the battle field, the situation is not that intense. Instead, the Lending Club vs. Prosper analysis includes ways in which we think these two companies are similar to each other. While we acknowledge their differences, you should know that nevertheless, which ever company from these two that you will choose, your decision will lead you to a better life where you do not have to worry about losing your assets, insecurity and more. So, let’s get into the Lending Club vs. Prosper analysis.
Lending Club vs. Prosper
The first thing that is similar between Lending Club vs. Prosper is that both these companies will offer you very low interest rates. The service is basically very similar. You have the option of applying of loans online and you can get approval of any amount between the range of $2,000 to $35,000. The application process for both these companies is also similar. They will ask you about your credit score, check if you pay your dues on time, employment information and more. With similar processes then, the APR that these companies charge are similar at basic levels as well. Your loan time period for both companies lasts between three to five years.
The Lending Club vs. Prosper battle also reveals to us that the applications for both these companies are very similar as well. If you are applying for a loan with any of these two companies, you can apply the same trick anywhere here. You should have a good credit score in order to fulfil the criteria. This means you will get lower interest rates as well when you apply for bigger loans. You should also not shop around for loans too much otherwise it will show up in your inquiry as marks on your credit. Then, you should not ask for too much money because the bigger the amount, the more time you will take to pay back and the more interest you will have to pay.
With that, both these companies will offer you loans that are funded through a circle of real people. These companies practice what is called, peer to peer loans. This means your loans do not come from banks. Instead they come from lenders from across United States of America.
With that, we will end our Lending Club vs. Prosper battle!