Lending club vs Prosper: As there are a lot of peer to peer lenders so we have discussed the advantages as well as disadvantages of the two best lenders offering Personal Loan in this blog. These both are offering the loans to individuals at very low interest rates. Also, they have the quick funding procedure.
The borrower can apply in the year 2016 for the loan easily as well as get the amount quickly after the approval of the application form. These both are the big names in the peer to peer lending and also have the great services for their customers. So, it is not so much easy to decide that who is better. The investors also receive good interest rates on their investments in the Lending club and also in Prosper.
Who is larger and better when comparing Lending club and Prosper
Basically, Lending club is the larger and bigger peer to peer lender as comparing to the Prosper. The total loan issued by the Lending Club to their customers is greater than the total loan issued by the Prosper. Lending club is growing with the rapid pace and becoming the bigger lender.
The mishap for the Prosper is that it was closed by the U.S. Securities and Exchange Commission and then reopened after the 2009. This is the main reason for which the Lending club has got much popularity and big market share.
Now, both of these lenders have improved their services and become equal to each other. Now it is up to you to make a decision that which one is comfortable for you.
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Process of Approval via Lending Club and Prosper
Prosper approves the application of the borrowers early and even offers loan to them who have the credit score of the 640. The lending club does not approve the application form easily. This is the review of the customers about these two lenders.
The lending club as well as Prosper both has the unique features that attract the borrowers. If you are the borrower then you must look to apply for a loan and get the loan in less time. But if you are an investor then must care about the risk of investing money.
States in Which loan is Offered by Lending Club and Prosper
It is also important to know that in which states loan is offered by the Lending Club and Prosper. Lending club offers loans to the borrowers in all states as well as in Lowa. Prosper is offering the loan in the 29 states. The list of states in which the investors directly invest their money in both lending club or prosper is given below.
The investor can invest in a Lending Club in the following states. Maine, Florida, Hawaii, Nevada, New York, Wyoming, Washington, South Carolina, Delware, Georgia, Idaho, South Dakota, Virgina, New Hampshire, Montana, Utah, Colorado, Rhode Island and Kentucky are the major one.
The states in which investors invest their amount directly in Prosper are Alaska, California, Maine, Oregon, Louisiana, New York, Utah, District of Columbia, Virgina, Wisconsin, Wyoming, Rohde Island, Nevada,Minnesota, Montana, Illinois, Missouri, Georgia, Florida.
Landing Club Official Website Link
Prosper Official Website Link