Consolidating debt buying house
Like we mentioned earlier, both the platforms generally take 5% of the loan as a fee (called an on Prosper).
Finally, if approved, both open your application up for investment from lenders.
For the Lending Club loan, I would pay 6 in interest over three years. This is a savings of for the exact same loan, a difference that would be even more dramatic if the loan were larger (eg: for a ,000 loan I would save 0! It is important to point out how my experience between the two platforms may be different than yours (see Peer Lender; he also got consistently better rates @ Lending Club). When I applied for a Lending Club loan, I received my money in two days.
I applied on Monday and had money in my bank account on Wednesday.
In this way, Lending Club and Prosper are the same, helping organize this funding as it moves from their bank accounts to yours.
When you pay your loan back over time, your payments then return to these lenders in whatever state they live.