Best Peer to Peer Lending Services in 2021

Best Peer to Peer Lending Services in 2021

Updated March 10, 2021
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Best Peer to Peer Lending Services in 2021

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Peer-to-peer loans are funded by individuals instead of banks, and can often have fewer hurdles than getting a personal loan.

The Internet always has a way of challenging old ideologies and creating new opportunities. A great example of this is the emergence of peer-to-peer lending services. These services allow individuals to bypass the banks which normally act as gatekeepers, and get the personal loans they need. This can come in handy if your credit score isn't exactly perfect. Below is a list of the best peer-to-peer lending services currently available, along with a few pros and cons to help you make your decision.


For individuals whose credit histories have a few rough spots, Peerform provides an excellent method of getting the funds you need. This revolutionary platform leverages other metrics besides your credit score, making it the best peer-to-peer lending solution if your score falls on the lower end of the spectrum. There are some trade-offs that go hand-in-hand with providing loans for individuals whose risk is a little higher.


  • Peerform allows individuals with low credit scores to get loans at reasonable rates.
  • In addition to being a great option for those with poor credit histories, if you have excellent credit, the rates on the loans are extremely low.
  • Peerform also does not have an application fee, and you will not get hit with any penalties for paying early.


  • Loan terms are only available for a maximum of three years.
  • There are quite a bit of fees if you don't make timely payments every single month.


Another of the best peer-to-peer lending platforms is Prosper. This platform is most suitable for those with decent credit history, and it's an excellent choice for anyone looking for debt consolidation loans.


  • Prosper offers competitive rates for those seeking loans.
  • Prosper features a very fast loan application process.
  • You can check the rate you would get on your loan without any negative effects on your credit score.


  • Prosper is generally not suitable for anyone with a bumpy credit history.
  • It is almost mandatory to set up auto-pay because you don't want to miss a payment and get hit with a $15 fee.

Lending Club

Lending Club is one of the most well-known peer-to-peer lending companies, and it has been around for a while. Because of their excellent track record—and rock-solid reputation—they are right at home on any list of the best peer-to-peer lending services, regardless of year.


  • Lending Club offers fast decisions and delivers funding in less than 10 days for most loans.
  • They also provide unambiguous guidelines and have excellent transparency when offering a loan.
  • Lending Club is one of the most accessible peer-to-peer loan options in the United States.

  • If you miss a payment or fall behind Lending Club will aggressively pursue the payment, or quickly turn the account over to collections.
  • To protect their investors, it can be hard to get a personal loan with Lending Club if you have any default history.

These are just three of the many peer-to-peer lending services that you'll find on the internet. If these aren't the best peer-to-peer lending services for your specific case, there are still a variety of different options that you can find so you can get the funding that you need without having to deal with the headache of banks.