Current APR Rate Averages
Peer to peer lending providers Prosper Marketplace and Lending Club closed out October with borrowing rates at only 2.63% apart, the closest margin since July. Lending Club saw a slight uptick in its average APR to 11.2%, while Prosper showed a significant drop. Rates on Prosper loans have been consistently higher than Lending Club. In general, APRs on Prosper loans are likely to fluctuate more because of its far smaller loan pool size. Lending Club typically lends over 3-5 times as many loans per month as Prosper.
Lending Club issued 6,263 loans in October for $82 million, while Prosper issued 1,823 loans for $15.3 million.
The Peer Lending Rate Index compares average APRs from a pool of loans on Prosper and Lending Club. The loan pool includes all borrowers with 36-month term lengths, debt-to-income ratios of 10-20%, and credit scores in the top 20% of the range.
Apply for a loan at LendingClub.
Apply for a loan at Prosper.