8 oct 2026 ·
Advertiser: Every figure below comes from the lender’s own website or a named independent source, and we explain our method at the end of the article.
LendingClub and Prosper are two of the oldest names in online personal loans, and both are popular for consolidating credit card debt. If you’ve been searching for LendingClub lately, you may have noticed a new name: on June 22, 2026, LendingClub officially became Happen Bank, with a new website at happen.com.
The loans work the same way. Existing borrowers keep their accounts, logins and loan terms. So this comparison applies whether you know the lender as LendingClub or Happen Bank.
Below we compare Happen Bank and Prosper side by side, using terms each published as of October 8, 2026.
Quick verdict
- Choose Happen Bank if you want a larger loan (up to $75,000), a longer term (up to seven years), a chance at a 0% origination fee, or a rate discount for sending the money straight to your creditors.
- Choose Prosper if you want a clearly published credit requirement or a six-year term, and if its offer comes in lower than Happen Bank’s.
- Either way: both let you check your rate without affecting your credit score, and both accept joint applications. Prequalify with both and compare APRs.
Happen Bank vs Prosper at a glance
Happen Bank wins on loan size, term length and fees. Prosper wins on a clearly published credit requirement. Figures were checked October 8, 2026.
| Feature | Happen Bank (formerly LendingClub) | Prosper |
|---|---|---|
| APR range (fixed) | 5.96% – 35.99% (rates as of July 6, 2026) | 8.99% – 35.99% |
| Origination fee | 0% – 8% | 1% – 9.99% |
| Loan amounts | $1,000 – $75,000 | $2,000 – $50,000 |
| Repayment terms | 24 – 84 months | 2 – 6 years |
| Minimum credit score | Not published (NerdWallet reports about 600) | 640 to accept an offer, per Prosper |
| Rate check | Won’t affect your credit score | Won’t affect your credit score |
| Joint applications | Yes | Yes (co-applicant) |
| Direct pay to creditors | Yes; NerdWallet reports a 0.5-point APR discount | No rate discount, per NerdWallet |
| Funding speed | Money in as little as 24 hours after approval | As soon as 1 business day after acceptance and verification |
| Late fee | Not published on the pages we reviewed | Greater of 5% of the amount due or $15 (NerdWallet) |
| Who makes the loan | Happen Bank, N.A., Member FDIC | WebBank |
Sources: Happen Bank personal loan, Happen Bank loan FAQ, Prosper personal loans, NerdWallet Happen Bank review, NerdWallet Prosper review.
Rates and fees: what a loan really costs
Both lenders top out at 35.99% APR, but Happen Bank starts lower (5.96% vs 8.99%) and its origination fee can be 0%. Prosper always charges a fee of at least 1%. The fee comes out of your loan before you receive it, and it’s included in the APR.
Each lender’s own example
Both lenders publish a representative loan. They use different amounts, so treat them as illustrations rather than a price test.
| Example loan | Happen Bank | Prosper |
|---|---|---|
| Loan amount | $15,262 | $10,000 |
| Term | 36 months | 36 months |
| Interest rate | 13.99% | 17.29% |
| Origination fee | 6% ($916) | 8.99% |
| APR | 18.40% | 24.19% |
| Cash you receive | $14,346 | $9,101 |
| Monthly payment | $522 | $357.97 |
| Total repaid (our calculation) | about $18,792 | about $12,887 |
Prosper says 24.19% was the average APR on its three-year loans funded between January 1 and March 31, 2026. That’s a useful real-world benchmark, not just a best-case rate.
Plan for the fee
Because the fee is subtracted upfront, you’ll need to borrow a little more than you need. To end up with $10,000 in hand:
- With a 6% fee (Happen Bank’s example), you’d borrow about $10,638.
- With an 8.99% fee (Prosper’s example), you’d borrow about $10,988.
Ways to lower your rate
- Happen Bank: NerdWallet reports a 0.5-point APR discount when you have the bank pay your creditors directly. A co-borrower with stronger credit may also help.
- Prosper: it doesn’t offer a direct-pay discount, according to NerdWallet. Adding a co-applicant «might lower your rate,» Prosper says.
Neither lender charges a fee for paying off your loan early.
Eligibility and credit score
Both lenders work best for borrowers with fair to good credit. Prosper is more upfront about its bar.
Happen Bank doesn’t publish a minimum score. NerdWallet reports about 600. The bank reviews your application and credit report to set an amount it considers affordable, and says most members are approved within a few hours.
Prosper says borrowers who accept an offer must have a credit score of 640 or higher. It also warns that a score under 600 may make you ineligible. That makes Prosper a better fit for the upper half of the fair range (580–669) and above.
Joint applications
Both lenders let you apply with another person, which can help you qualify or get a better rate.
- Happen Bank says applying with another person can help you qualify for a better rate or a larger loan. NerdWallet notes the co-borrower should have good credit, verifiable income and a debt-to-income ratio of 40% or less.
- Prosper says adding a co-applicant could improve your chances of getting an offer and might lower your rate.
Neither lender offers co-signed or secured personal loans, according to NerdWallet. Both applicants on a joint loan are fully responsible for repaying it.
Loan amounts, terms and funding speed
Loan size. Happen Bank lends up to $75,000, versus $50,000 at Prosper. Happen Bank’s minimum is also lower: $1,000 vs $2,000.
Terms. Happen Bank offers 24 to 84 months. Prosper offers two to six years. A longer term lowers your payment but means more interest overall.
Funding. Both are fast:
- Happen Bank says it can send your money in as little as 24 hours once you’re approved.
- Prosper says funds can arrive as soon as one business day after you accept your offer and pass verification.
In both cases, your bank’s processing time affects when the money shows up.
Debt consolidation: which works better?
Happen Bank has the edge for paying off credit cards. It can send your loan directly to your creditors, and NerdWallet reports this can lower your APR by 0.5 points. Its higher maximum loan and seven-year term also help if you have a large balance to move.
Prosper can still be a good option if its offer is lower, but it doesn’t give a discount for direct payment to creditors. If the money lands in your own account, pay off your cards right away so the cash doesn’t get spent. For a deeper look at your options, see our guide to personal loans vs balance transfer cards.
Which one is right for you?
| Your situation | Better fit | Why |
|---|---|---|
| Consolidating credit card debt | Happen Bank | Direct pay to creditors with a reported 0.5-point discount |
| You need more than $50,000 | Happen Bank | Lends up to $75,000 |
| You need a small loan ($1,000–$2,000) | Happen Bank | $1,000 minimum vs Prosper’s $2,000 |
| You want the lowest possible fee | Happen Bank | Fee can be 0%; Prosper’s starts at 1% |
| Credit score around 600–639 | Happen Bank | Prosper requires 640 to accept an offer |
| Score 640+ and you want a clear requirement | Prosper | Publishes its minimum score |
| You want a payment spread over 7 years | Happen Bank | Terms up to 84 months; Prosper tops out at 6 years |
Happen Bank pros and cons
Pros
- Lowest starting APR of the two (5.96%)
- Origination fee can be 0%
- Loans from $1,000 to $75,000
- Terms up to seven years
- Direct pay to creditors for debt consolidation
- Joint applications accepted
Cons
- Origination fee can reach 8%
- Minimum credit score isn’t published
- New brand name may cause confusion while the transition settles
Prosper pros and cons
Pros
- Publishes its credit score requirement (640)
- Joint applications accepted
- Funding as soon as one business day
- Checking your rate won’t affect your score
Cons
- Every loan has an origination fee of at least 1%, up to 9.99%
- Lower maximum loan ($50,000)
- No direct-pay discount for debt consolidation
- Extra fees such as an insufficient-funds fee
If neither fits
If your score is below 600, look at lenders that accept lower scores or offer secured loans, such as Upgrade, Avant or OneMain. We compare them in our best personal loans for fair credit guide.
How we compared these lenders
We compared both lenders on five factors: APR range, origination and other fees, eligibility, loan amounts and terms, and funding speed. Every figure we could find comes from the lender’s official website, checked on October 8, 2026. Where a lender doesn’t publish a figure, such as a minimum credit score or a rate discount, we cite the independent reviewer that reports it.
We didn’t apply for these loans ourselves. Rates and terms change often, so we review this comparison at least once every quarter.
Frequently asked questions
Is LendingClub the same as Happen Bank?
Yes. LendingClub officially rebranded as Happen Bank on June 22, 2026, and its website moved to happen.com. Existing accounts, logins and loan terms carried over automatically, and the bank still offers personal loans.
Is Happen Bank or Prosper better for debt consolidation?
Happen Bank usually has the edge. It can pay your creditors directly, which NerdWallet reports can cut your APR by 0.5 points, and it offers larger loans and longer terms. Compare actual offers from both, since your APR matters most.
What credit score do I need for Prosper?
Prosper says you need a score of 640 or higher to accept a loan offer, and that a score under 600 may make you ineligible.
What credit score do I need for Happen Bank?
Happen Bank doesn’t publish a minimum. NerdWallet reports that applicants generally need a score of about 600.
Does checking my rate hurt my credit score?
No. Both Happen Bank and Prosper say checking your rate won’t affect your credit score. A hard inquiry happens only if you move forward with a loan.
Can I pay off my loan early?
Yes. Neither Happen Bank nor Prosper charges a prepayment penalty, according to ConsumerAffairs.
Disclaimer
This article is for general information only and is not financial advice. We are not a lender or a financial advisor. APRs, fees and requirements shown are those published by each lender, or reported by the sources cited, on the date above and may change at any time. Your actual offer depends on your credit, income, state and other factors. Always read the full loan agreement and compare several offers before you borrow.