Written by: Mike Senecal
Edited by: Lillian Guevara-Castro
An online lending network is like an Amazon for lenders. Lending networks connect consumers and businesses that need loans with lenders that compete for their business. Some lending networks even connect those seeking loans with each other in peer-to-peer arrangements.
Either way, lending networks use modern digital technology to put consumers and businesses in the driver’s seat to find the best low-cost loan to meet their needs. Lending networks earn revenue from successful connections. Many provide banking services, tools, and resources to help consumers and businesses do more and understand their options.
Technology makes lending more efficient but also leads to the paradox of choice. That’s why we put this list of the 10 best lending networks together — to help you decide which platform can produce the best outcome for you. Good luck in your search for a lending partner.
LendingClub
#1 Lending Network for Banking Services
LendingClub is the Swiss Army knife of lending networks, offering borrowing, banking, and investing solutions for consumers and businesses.
Personal and business loans, auto refinancing options, and patient solutions for healthcare ensure customers have plenty of lending options.
Why We Love LendingClub
LendingClub believes everyone deserves a better financial future. It calls itself a “full-spectrum fintech marketplace bank” on its website, meaning that banking and investing go hand in hand with lending.
We love that LendingClub meets various consumer and business customers where they are on their financial journey with products and services to meet their needs.
Key Info
- Founded in: 2007
- About Lending Club
- Support
Prosper
#1 Lending Network for Financial Education
Prosper is an online peer-to-peer lending marketplace that has helped more than 1.7 million customers improve their finances. Its product suite includes personal loans, home equity loans, business loans, credit cards, and investment options.
Personal loan products help consumers tackle debt consolidation, home improvement, healthcare, and even financing memorable moments and milestone events.
Why We Love Prosper
Prosper is also a friendly company dedicated to customer service and financial education. It offers many tools and resources to help customers calculate and learn about lending options.
We love that Prosper goes the extra mile to ensure consumers and businesses are comfortable with their choices and confident of the outcome.
Key Info
- Founded in: 2005
- About Prosper
- Support
Funding Circle
#1 Lending Network for Small Businesses
Small businesses are the backbone of America. Funding Circle exists to help small businesses find financing to launch, grow, and innovate.
Its machine learning and technology platform enables business owners to complete an application and receive a decision in minutes so they can move on to greater success.
Why We Love Funding Circle
Funding Circle is a global provider of small business loans that has helped more than 135,000 firms leverage more than $20.2 billion in financing.
We love its focus on helping small businesses meet their challenges, thrive amid the competition, and provide jobs, opportunity, and prosperity.
Key Info
- Founded in: 2010
- About Funding Circle
- Support
MoneyMutual
#1 Lending Network for Short-Term Lending
With many Americans struggling to make ends meet in an economy characterized by inflation and other challenges, MoneyMutual provides consumers with short-term financing to tide them over when times are tough.
MoneyMutual’s easy online marketplace can put up to $5,000 in a customer’s account in as little as 24 hours.
Why We Love MoneyMutual
Cash flow is a constant challenge for many struggling in today’s economy. A sudden financial setback can send a family into a counterproductive debt spiral.
We love that MoneyMutual’s team of hard-working experts helps working Americans deal with economic stress productively so they can continue to contribute.
Key Info
- Founded in: 2010
- About MoneyMutual
- Support
Avant
#1 Lending Network for Consolidation Loans
Avant is a full-service lending network that offers various value-added financial services for convenient consumer access.
Products include credit cards and loans. Flexible choices, simple solutions, and friendly support help customers from all walks of life on their unique financial journeys.
Why We Love Avant
Debt consolidation and emergency loans from Avant become available the next business day after applying. A straightforward payment and steadfast support ensure customers have a positive experience.
We love that Avant understands the value of simplicity in lending to financially struggling consumers.
Key Info
- Founded in: 2012
- About Avant
- Support
Upstart
#1 Lending Network for Inclusive Lending
Upstart knows the value of technology in lending. Its platform leverages artificial intelligence to find new ways to connect consumers to lenders.
Many consumers don’t have adequate credit scores to qualify for the best loans. Upstart’s AI innovations give them a better chance.
Why We Love Upstart
Affordable credit is the key to financial flexibility and reaching your potential. Yet most Americans don’t qualify for the best loan rates.
We love that Upstart uses an innovative business model to increase credit access.
Key Info
- Founded in: 2012
- About Upstart
- Support
LendingTree
#1 Lending Network for Multiple Loan Options
LendingTree is all about options. It provides access to personal loans, home equity loans, mortgages, credit cards, insurance, business loans, and a free credit score check.
Millions of Americans trust LendingTree to provide security, savings, and support to find lending and financial products that are right for them.
Why We Love LendingTree
Putting multiple lending and financial services options under one umbrella gives consumers and businesses a single touchpoint for service.
We love that LendingTree puts customers first by innovating in the lending network space.
Key Info
- Founded in: 1996
- About LendingTree
- Support
Upgrade
#1 Lending Network for Rewards
Upgrade is aptly named because it emphasizes rewards and high interest to offer financial consumers more choices.
In addition to personal loans, it offers Rewards Checking with 2% cash back, up to 3% cash back on credit cards, and a savings account with a 5.21% APY on balances of $1,000 or more.
Why We Love Upgrade
Upgrade’s mantra is to give consumers responsible options, keep them on track, and reward them along the way.
We love Upgrade’s commitment to consumer financial success.
Key Info
- Founded in: 2016
- About Upgrade
- Support
LendingPoint
#1 Lending Network for Simple Applications
LendingPoint strives to find more reasons to say yes. It serves hundreds of thousands of consumers and small businesses and provides merchant point-of-sale lending solutions.
Personal loans from $2,000 to $36,500 are available to help most consumers meet sudden financial challenges, finance home improvements, or cover other personal expenses. Marketplace seller financing provides working capital to manage and grow businesses.
Why We Love LendingPoint
LendingPoint makes applying for personal loans distinctively simple. Applicants can check payment options with no credit score impact and receive funds as soon as the next business day.
We love that LendingPoint keeps customers in mind in offering flexible and accessible loan options.
Key Info
- Founded in: 2014
- About LendingPoint
- Support links on homepage
Happy Money
#1 Lending Network for Payoff Loans
It’s wise to consolidate debt to tackle it more efficiently. Happy Money offers what it calls The Payoff Loan, a personal loan of between $5,000 and $40,000 with rates as low as 12.45% APR, to consolidate and pay off debt.
Understanding financial challenges is crucial to success. Happy Money helps consumers simplify debt payments to help them reach their goals.
Why We Love Happy Money
It’s in the name: Happy Money delivers affordable, accessible financial tools and services to help people use money to achieve happiness.
We love Happy Money’s emphasis on the purpose of financial well-being.
Key Info
- Founded in: 2009
- About Happy Money
- Support
Lending networks provide excellent options for consumers and businesses seeking loans. They gather providers under one roof to enable users to choose the best loan product. They also offer value-added services, tools, and resources to make financial services more transparent and convenient.
Every lending network strives to serve customers well. But each offers a unique product and service blend. Choosing is like shopping for any service. Finding the network that best matches your needs is worth it.
That’s where this list of the 10 best lending networks comes in. It’s a deep dive into the market for consumers and businesses. We hope it helps you in your search.
