Which Peer to Peer Lending Platform Offers The Quickest Loan Approvals

Peer to peer lending offers a type of loan that allows you to borrow from individuals instead of banks. P2P loans offer faster approval because its eligibility criteria is less strict. The following are the top 3 P2P lending platforms that offer the fastest loan approvals.

1. Prosper
Prosper offers fast loan approval within 1 – 3 business days. With Prosper, you can borrow a loan amount from $2,000 – $35,000 and the repayment of the loan can be spread out over 3 – 5 years. Most of the customers who get approved have good to excellent credit scores in the range of 640 – 710. It does not set any minimum income requirement but most borrowers have an average income of $89,000. The minimum interest rate is 5.99% but it can get as high as 35.99%. Prosper loans charge an origination fee of 1% – 5% depending on what grade the borrower falls into. Besides the origination fee, it also charges late and unsuccessful payment fees. Soft credit check is available with Prosper.

2. Upstart
Upstart typically takes 1 day to approve the loan but they can take up to 3 days to approve loans used for the purpose of funding education. Upstart allows you to take out a loan of up to $50,000. They have different minimum loan amount for various states, for example, $3,000 in Georgia and $6,000 in Ohio. The typical APR rate of Upstart P2P loan is from 9.48% – 29.99%. To get approved, you need to meet the minimum credit score criteria of 620 and the minimum income requirement is $12,000 per year. Your debt to income ratio must not be more than 45%. Upstart loans charge fees such as origination fee (up to 8%), late fee (5% or due amount) and $15 fee if your check gets rejected. Upstart loans feature soft credit check.

3. Sofi
Sofi loans typically take 7 days to fund it. Sofi loans come with either fixed or variable interest rate in the range of 5% – 15%. If you are hoping to get approved for a Sofi loan, you must make sure that your credit score is 660 or higher. Sofi’s borrowers have a median income of $101,000. You can take out a loan of at least $5,000 and up to a maximum of $100,000 from Sofi. Several loan repayment periods are available starting from 3 – 7 years. It does not charge origination and prepayment fees but it does charge a late fee which is 4% of the due amount. Sofi offers a 15 days grace period for you to repay the loan. Sofi is different from other lenders in that it allows you to participate in a forbearance program that can postpone the payment for 3 months at a time. You can postpone your payment for up to 12 months.