Peer-to-peer lenders are online marketplace connecting borrowers and investors.   We make a list of the best peer-to-peer lenders because they provide a convenient and borrower-friendly place where consumers and small businesses can access capital.  Peer-to-peer lenders started showing up online shortly after the 2007-09 financial crisis. Traditional lenders tightened up their lending standards; peer-to-peer platform stepped in to feel the void.

Peer-to-peer lenders are now a valuable part of the lending ecosystem, especially for middle and lower-income borrowers.    Here’s the list of the best peer-to-peer lenders in 2019:

Prosper Marketplace

You can borrow money or become a lender.  On average, you get your funds within 5 days of accepting your loan offering.  You can use your funds on anything you want, and there is no prepayment penalty.  You can borrow today and pay off the loan tomorrow with no headaches.

Upstart

If your credit score is challenged, you might welcome Upstart’s “you are more than your credit score” motto.  They use education, area of study, and job security as part of their underwriting process. It offers fixed-rate personal loans and their loans range from $1,000 to $50,000.

Marcus by Goldman Sachs

Marcus is the online banking business arm of the New York-based giant bank Goldman Sachs.  It offers no-fee and fixed-rate personal loans, and their loans range from $3,500 to $40,000.  With the backup of one of world biggest banks, Marcus is already established business and its platform is user-friendly and neat.

Funding Circle

 Funding Circle, headquartered in London, UK, allows investors to lend funds directly to small and medium-sized businesses.  Corporate debt is at bubble-level now, but small and medium businesses are still struggling to get loans from big banks.  Funding Circle feels that gap.   It operates in the UK, US, Germany, and the Netherlands.  The starting rate is from 4.99%. Businesses can borrow between $25,000 to $500,000.  They can repay the loan in 6 months to 5 years, and there is no prepayment penalty.

Lending Club

Lending Club’s process is easy and straightforward- you apply online in minutes, select a loan offer, and get your money automatically deposited into your bank account.  You can borrow up to $40,000.

CircleBack Lending

CircleBack Lending prides itself on welcoming all credit types.  They offer personal, installment, and payday loans up to $35,000, $3,000, and $1,000