How Many Peer to Peer Lenders Operate in the United States

Peer to peer lending marketplace is an online platform where individual lenders lend money to loan seekers. P2P lending system allows people to conveniently borrow the money they need in just a few clicks without having to wait for several months for the bank to approve their loans. Hundreds of peer to peer lending companies have launched in the USA but there are only a couple of leading P2P lending networks. The following are 6 leading P2P lending sites.
1. Lending Club
Lending Club is a popular P2P lending site established by Renaud Laplanche in the year of 2007. Up to date, it has offered more than $11 billion dollars worth of loan in 2007. The personal loans can be used for debt consolidation purposes or repaying the credit card debts. The funds from the P2P personal loans can also be used to repay temporary expenses for example start a business, investment, and hospital expenses. The loan amount that borrowers can apply for ranges from $1,000 -$35,000 and the interest range starts from 6.6%. people who want to borrow money for their business can apply for a loan of up to $300,000. Lending Club is the first publicly traded company with a capitalization that worth $5.14 billions.
2. PeerForm
PeerForm is a P2P lending platform founded by the executives in WallStreet in 2010. It offers P2P loans of between $1,000 – $25,000 in a loan term that lasts for 3 years. The interest rate that is assigned to the borrowers range from 7.12% – 29.99%. The advantage of PeerForm is that it can offer loan for people with credit score as low as 600.
3. CircleBack Lending

CircleBack Lending offers P2P loans starting from $3,000 -$35,000 that is to be repaid back in 3 – 5 years. The lowest interest rate at CircleBack starts from 6.63% and the interest rate can increase up to as high as 36%. CircleBack offers small loans on a variety of purposes including wedding, engagement ring, car, motorcycle and boat.

4. Prosper Marketplace

Prosper Marketplace is the first P2P network to be established in the USA. Up to date, it has issued more than $4 billions loans to at least 250,000 people. The loan amount ranges from $2,000 – $35,000. the interest rate starts from as low as 5.99% and can reach up to 36%.

5. Sofi

Sofi is a P2P network that focuses on offering student loans and mortgage loans. The loan amount starts from $5,000 and you can borrow up to $100,000. they take into account the accreditation of your school for student loan application. Other factors that are taken into account are financial history, experience in the job, and employability.

6. Funding Circle

Funding Circle is another leading P2P network that has issued more than $1 billions in loans to 8,000 businesses around the world. Most of the investors in Funding Circle are retail companies, banks and financial institutions. The minimum amount of loan you can apply is $25,000 and the highest loan you can apply for is $500,000.