What are the new p2p lending platforms in the US?

Understand the new p2p lending platforms in the US

Peer to peer (P2P) lending has been growing steadily in the United States. Once dominated by pioneers like LendingClub and Prosper, the P2P lending segment has expanded to include a new generation of platforms.

These new players are leveraging technology, AI, and user centric models to simplify the lending process, reduce costs, and create new opportunities for investors.

If you’re considering P2P lending, whether as a borrower or a lender, here’s what you need to know about the emerging platforms that are shaking up the U.S. market.

Why P2P Lending Still Matters

P2P lending connects borrowers directly with individual or institutional investors through an online platform, bypassing banks as intermediaries.

The appeal is twofold: borrowers often get lower interest rates and more flexibility, while lenders gain access to alternative investment opportunities with potentially attractive returns.

In an era where fintech is rewriting financial rules, new P2P platforms are emerging with fresh perspectives, often focused on underserved niches.

1. Upstart

Although not entirely new, Upstart is gaining significant momentum and visibility as a next-gen lending platform. What makes Upstart stand out is its use of AI and non-traditional data, such as education, employment history, and area of study, to assess borrower creditworthiness.

This approach allows more people with limited credit history to access loans. Upstart originated over $4 billion in loans in recent quarters and continues to expand its product offerings, including auto refinancing.

2. Peerform

Peerform is a platform geared toward borrowers with fair credit, offering personal loans of up to $25,000. It appeals to investors seeking higher returns through slightly higher risk lending.

What’s notable about Peerform is its streamlined application process and transparent loan marketplace, which lets investors browse loans by risk grade and borrower profile.

The platform is gaining traction for serving the “credit invisible” population who are often left behind by big banks.

3. Percent

Designed primarily for institutional investors, Percent offers a P2P-like model focused on private credit markets. It specializes in short term asset backed loans and securitized offerings.

Although it’s more B2B-oriented than traditional retail P2P platforms, Percent introduces a unique twist by using blockchain technology for transparency and operational efficiency.

This makes it attractive for sophisticated investors seeking diversified, short-duration opportunities in the alternative lending space.

4. Zirtue

Zirtue is one of the most innovative entrants in the social lending space. It turns informal “friends and family” loans into structured, interest-bearing agreements.

The platform automates repayments and provides tracking features, helping to formalize a traditionally awkward type of lending.

Zirtue partners with corporations to allow employees to borrow funds for emergencies and repay directly from their paychecks. This model is growing, especially among younger borrowers and underbanked communities.

5. Kiva US

Though not new globally, Kiva’s U.S. operations have expanded and gained attention in recent years. Kiva is a nonprofit that facilitates zero-interest microloans through a crowdfunded model.

It’s particularly geared toward small business owners and entrepreneurs who may not qualify for traditional financing.

Kiva leverages community support and offers exposure to a network of socially responsible lenders. Its impact-based model makes it a standout for borrowers seeking ethical and supportive financing.

6. SoLo Funds

SoLo Funds takes a community-first approach to lending. It allows users to request and fund small, short-term loans (usually under $1,000) without interest.

Instead of interest, borrowers offer a voluntary “tip” to lenders. The platform is especially focused on financial inclusion and empowering users who need fast cash but want to avoid payday lenders.

SoLo’s mobile-first design and social reputation scoring make it appealing to a younger, tech-savvy demographic.

Emerging Trends in the P2P Lending Space

Credit assessments are becoming more nuanced and personalized, thanks to advanced data analysis. Platforms are focusing on specific markets, such as underserved borrowers, freelancers, or gig workers.

Some platforms are experimenting with blockchain for smart contracts and real-time tracking of loan performance.

Social-driven models like SoLo Funds and Zirtue aim to democratize lending and reduce reliance on traditional banks.

The U.S. P2P lending landscape is more dynamic than ever. While earlier platforms like LendingClub have shifted focus or exited the P2P model, a new wave is redefining what peer to peer finance can look like.

Whether through social lending, AI-based underwriting, or blockchain-backed transparency, these new platforms aim to make lending more inclusive, efficient, and responsive to modern financial needs.

As this space continues to mature, borrowers and investors alike have more tools than ever to participate in the evolving world of alternative finance.

Written by

Juliana Raquel