LendingClub vs Earnest

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

LendingClub is a Business & Commerce solution with tags like peertopeer-lending, loans, investing.

It boasts features such as Peer-to-peer lending, Automated loan approvals, Credit risk modeling, Loan servicing, Investor tools and pros including Access to new asset class, Potentially higher returns than savings accounts, Automated investing, Fractional loans allow diversification.

On the other hand, Earnest is a Ai Tools & Services product tagged with ai, machine-learning, lending, loans, fintech.

Its standout features include AI/machine learning-based credit evaluation, Personal loans, Student loan refinancing, Medical loan refinancing, and it shines with pros like 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.

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

Product Overview

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.

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.

Key Features Comparison

LendingClub Features

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

Earnest Features

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

Pros & Cons Analysis

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

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

Pricing Comparison

LendingClub

• Subscription-Based

Earnest

• Subscription-Based