Top 6 Peer to Peer Lending Sites
1. Lending Club
Lending Club was founded in 2007 and is the largest peer to peer (p2p) lending platform in the US. “Fueled by the value we deliver, Lending Club has consistently grown at more than 100% per year each of the last few years. Since inception, we have facilitated more than $5 billion in loans, while paying more than $300 million in interest to investors. ” Venture Funding: $392.2M (source)
Prosper is another US-Based peer-to-peer (p2p) lending platform in the US that was founded in 2006. “Prosper is America’s first peer-to-peer lending marketplace, with more than 2 million members and over $1,000,000,000 in funded loans.” Venture Funding: $189.9M (source)
Funding Circle was first launched in the UK, but recently expanded into the U.S. and also recently raised an extra $65 million. “We’re now serving the millions of American small businesses who the banks have left behind. Since we were founded in 2010, we have lent $500 million globally to small business owners to help them grow their businesses.”Venture Funding: $123M (source)
I’m mentioning Upstart because they recently pivoted to being a peer-to-peer lending platform. Founded in 2012, they were originally in the business of allowing achievers to borrow money based on their estimated future income. “Upstart is a platform that allows you to obtain unsecured funding through fixed rate loans. Upstart believes that you are more than your credit score. Our statistical model considers the school you attended, your area of study, academic performance, and employment history to offer you the loan you’ve earned.” Funding: $7.7M (source)
Kiva was founded in 2005 and is a non-profit organization that helps encourage the flow of capital from well-off nations to low-income entrepreneurs and students in developing nations via peer-to-peer lending. The organization has attracted 1,209,782 Kiva Lenders and $591,226,225 in loans with a 98.87% repayment rate.
Zopa is the oldest and largest UK peer-to-peer lending platform that was founded in 2005. “We have lent £581 million and helped both borrowers and lenders get great rates. We’ve repeatedly been voted the most trusted and best loan provider by our customers.” Funding: $56.6M (source)
Who did I leave out? Let me know in a comment below or if you think they should be in a different order. I’d also be interested to hear if you have used any of these websites as a borrow or lender.