Best Peer-to-Peer Lenders

Traditional loans from banks like Wells Fargo are funded with institutional capital and target prime borrowers with strong credit profiles — but corporate underwriting imposes strict qualifying criteria and inflexible rates.  

In the mid-2000s, the peer-to-peer (p2p) lending revolution changed the game by cutting out the Wall Street middleman and pairing prospective borrowers directly with individual or small-group investors who loaned their own money, often at better rates and with more favorable terms, to borrowers with shakier credit histories. 

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

In the ensuing years, AI, DeFi and cryptocurrency have disrupted the p2p marketplace, and the following five platforms have emerged as the best p2p lenders in 2026. 

5 Peer-to-Peer Lenders 

The following p2p lenders target different borrowers with varying needs. When choosing, look beyond just rates and consider factors such as terms, conditions, repayment structures and fees, to determine which one is right for you.

Lending Club

With $90 billion loaned to more than 5 million borrowers since 2007, Lending Club is an industry heavyweight that has spent nearly 20 years among the biggest, earliest and best-known brands in the p2p business.

Although Lending Club’s business model has evolved to include commercial banking options such as checking and savings accounts and auto loan refinancing, the personal loan application process remains relatively unchanged. 

Input your required information, verify your income, choose your loan type and check your rates with a soft credit check. Upon approval, which takes only a few minutes online, you’ll select your rate and preferred term and receive your funds in as little as 24 hours. 

Upstart

Upstart is a hybrid p2p platform that uses a proprietary, patented AI model to analyze millions of monthly repayment events and evaluate delinquency risk using a much broader data set than traditional credit scoring models.

There are no prepayment penalties or hidden fees, and the application process takes about five minutes, with funds available in as little as one business day. Checking your rates won’t affect your credit score and Upstart earns an excellent 4.9 rating on TrustPilot.

Prosper

Prosper is an industry pioneer that has loaned $28 billion to more than 2 million borrowers since it launched as the first p2p lending site in the U.S. in 2005. In 2008, it became the country’s largest p2p marketplace.

There are three steps to the fully online application process

• Fill out the application and get your rates in minutes with a soft pull

• Choose your loan term and monthly payment, and officially apply

• Receive direct deposit of funds in as little as one business day

Peerform

Peerform focuses on lending to near-prime borrowers with damaged credit or those seeking short-term loans for emergencies without resorting to traditional payday lenders. Even those with poor or no credit can be approved if they meet the basic requirements:

• At least 18 years old

• Legally work and live in the United States

• Have a working telephone number, email address and bank account in your name

• Employed for at least 90 consecutive days with the same employer

• Meet minimum income guidelines

The online application takes roughly two minutes to complete and, once submitted, lenders provide no-obligation offers with funds available as soon as the next business day upon acceptance and signature.

SoLo Funds

The SoLo Funds community-based model is unique in the p2p lending space, especially in its openness to subprime borrowers. Designed for short-term loans for any purpose, no questions asked, members borrow from other members, with loan costs consisting of voluntary tips and donations that are 100% optional and negotiable.

Eligibility is based on banking deposit activity and transaction data. There are no credit checks, and the platform is available to the self-employed, W-2 wage earners and gig workers.

The lender fronts the loan amount, donation and tip, all chosen by the borrower. SoLo Funds keeps the donation, which the borrower repays along with the principal (loan amount) and tip.

• Example: A borrower seeks a $100 loan and offers a $10 tip and a $7 donation. The borrower repays $117, with the lender keeping $110 (principal plus tip) and SoLo keeping the $7 donation.

All potential tips, donations and late fees are capped at 36%.

Picking the Best Lender 

The best lender depends on your credit rating, the loan amount, your preferred repayment schedule and, of course, the rate you’ll pay. Choose the right one by selecting a few that match your needs and examining their terms, costs, schedules, fees and penalties. When you find a few solid picks, make sure you can check your rates through a soft pull that doesn’t impact your credit, then apply for the cheapest loan with the most favorable terms. 

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