Earnest vs LendingClub

Struggling to choose between Earnest and LendingClub? Both products offer unique advantages, making it a tough decision.

Earnest is a Ai Tools & Services solution with tags like ai, machine-learning, lending, loans, fintech.

It boasts features such as AI/machine learning-based credit evaluation, Personal loans, Student loan refinancing, Medical loan refinancing and pros including Potentially get approved for a loan with a low credit score, Lower interest rates than traditional lenders for some borrowers, Fast online application process, No origination fees, No prepayment penalties.

On the other hand, LendingClub is a Business & Commerce product tagged with peertopeer-lending, loans, investing.

Its standout features include Peer-to-peer lending, Automated loan approvals, Credit risk modeling, Loan servicing, Investor tools, and it shines with pros like Access to new asset class, Potentially higher returns than savings accounts, Automated investing, Fractional loans allow diversification.

Feature	Earnest	LendingClub
Overall Score	N/A	N/A
Primary Category	Ai Tools & Services	Business & Commerce

Product Overview

Earnest

Description: Earnest is a lending platform that uses artificial intelligence and machine learning to evaluate loan applications. It provides personal loans and refinancing for student loans and medical loans. Earnest aims to provide affordable loan rates based on the applicant's credit profile and earning potential rather than credit score alone.

LendingClub

Description: LendingClub is a peer-to-peer lending platform that allows investors to lend money to individual borrowers. It provides an alternative to traditional lending by connecting borrowers directly with investors online.

Key Features Comparison

Earnest Features

• AI/machine learning-based credit evaluation
• Personal loans
• Student loan refinancing
• Medical loan refinancing

LendingClub Features

• Peer-to-peer lending
• Automated loan approvals
• Credit risk modeling
• Loan servicing
• Investor tools

Pros & Cons Analysis

Earnest

Pros

• Potentially get approved for a loan with a low credit score
• Lower interest rates than traditional lenders for some borrowers
• Fast online application process
• No origination fees
• No prepayment penalties

Cons

• High minimum credit score requirement (680)
• High debt-to-income ratio requirement (50%)
• No cosigners allowed
• Limited loan amounts
• Only available in certain states

LendingClub

Pros

• Access to new asset class
• Potentially higher returns than savings accounts
• Automated investing
• Fractional loans allow diversification

Cons

• No guarantee of returns
• Higher risk than savings accounts
• Illiquidity of loans

Pricing Comparison

Earnest

• Subscription-Based

LendingClub

• Subscription-Based