For many years, LendingClub was synonymous with peer-to-peer lending, helping borrowers consolidate credit card debt, refinance with personal loans, or fund medical expenses through its lending marketplace powered by individual and institutional investors.

But as LendingClub evolved from a fintech disruptor to LendingClub Bank, the experience began to resemble that of traditional financial institutions: minimum credit score requirements, higher APR, and added origination fees. Patients facing urgent care decisions — whether dental, aesthetic, or veterinary — often can’t wait for lengthy loan applications or risk steep costs from additional fees.

That shift has created demand for LendingClub alternatives: online lenders that offer clearer loan options, lower interest rates, faster approvals, and higher eligibility across different credit profiles. Here are a few of the best to consider for medical financing.

1. Cherry Financing

Cherry is a healthcare-first financing platform built for both patients and providers. Borrowers can apply in less than a minute with just a soft credit check that doesn’t hurt credit score —  and more than 80% are approved — not just those with excellent credit. Cherry approves more borrowers across credit profiles than any other lender in the industry.

Patients can finance up to $50,000, choosing between short-term flexibility with an interest-free Pay-in-4 plan — paid off in just six weeks — or extended terms up to 60 months with true 0% APR available for qualified applicants (no deferred interest).

For practices, Cherry delivers guaranteed upfront payment within 2-3 business days, the lowest merchant fees in the industry, and exclusive approvals that help improve patient loyalty and increase provider revenue.

Takeaways — Cherry

• 60-second application with soft credit check and instant decision
  
• 80%+ applicants approved across credit profiles, including borrowers with limited credit history
  
• Larger loans up to $50,000 with fixed rates and true 0% APR for qualified applicants
  
• No deferred interest traps, prepayment penalties, or origination fees
  
• Lowest merchant fees in the industry
  
• Approvals are exclusive to the practice where the patient applies

2. PatientFi

PatientFi specializes in elective healthcare financing, offering patients predictable monthly payments with loan amounts up to $50,000. Like Cherry, borrowers can get approval decisions quickly with just a soft credit check. Unlike Cherry, however, PatientFi tends to favor borrowers with excellent credit. Only 5–50% of applicants with lower credit scores are approved, limiting treatment access to borrowers across credit profiles.

APRs start at 6.99% for those with great credit, though some promotions rely on deferred interest. During these promotional periods, if one payment is missed, or the balance isn’t cleared by the end, retroactive interest will be charged from the purchase date.

Practices appreciate PatientFi’s high loan amounts and range of covered healthcare areas, though deferred interest, higher merchant fees, and a model that sells patient information to credit unions can put both patients and practices at a disadvantage.

Takeaways — PatientFi

• Loan amounts up to $50,000 with repayment terms of 2–5 years
  
• Fast approval decisions with no hard credit inquiry
  
• Loan offers designed primarily for elective healthcare loan purposes
  
• Some plans rely on deferred interest
  
• Higher merchant fees than other providers
  
• Sells patient data to credit unions

3. Prosper

Unlike more traditional lending sites, Prosper brings a P2P lending approach to medical financing. Patients can borrow money from individual investors — up to $50,000 depending on creditworthiness, with terms from 2-5 years. Rates vary widely: APRs range from 8.99-35.99%, with an origination fee of 1–9.99%.

While borrowers appreciate the flexibility and lack of prepayment penalties, they’ll have to undergo a slower, traditional credit approval process including a hard credit check (which will harm their credit score). Additionally, approvals are limited to individuals with good credit, they’re not exclusive to the provider, and funds go directly into their bank account rather than to the practice.

Takeaways — Prosper

• Peer-to-peer loans up to $50,000 with repayment terms from 2–5 years
  
• Loan rates from 9.99% to 35.99%
  
• Traditional loan approval process with hard credit check
  
• Offers a wider range of loans to meet various personal finance goals: from home equity loans for real estate to personal loans for debt consolidation
  
• Origination fees: 1–9.99%
  
• Upfront payment to the practice not guaranteed — funds deposited in borrower’s savings or checking account
  
• Slower approval timeline can delay treatment

4. Alphaeon Credit

Alphaeon Credit offers a revolving healthcare line of credit up to $25,000 that many practices accept across specialties including dentistry, plastic surgery, and dermatology. Patients are drawn to its promotional financing, but these offers hinge on deferred interest.

This structure makes Alphaeon most effective for borrowers with excellent credit who are confident they can make all on-time payments. Practices gain from offering a widely recognized credit card, but high APRs and potential fees for late payments can leave patients with heavier debt.

Takeaways — Alphaeon Credit

• Revolving healthcare line of credit up to $25,000
  
• Promotional financing depends on deferred interest
  
• Widely accepted across medical and aesthetic providers
  
• Approvals not exclusive to practice

5. Affirm

Best known as a buy now, pay later (BNPL) option at major retailers and e-commerce sites, Affirm has also made inroads into elective healthcare. Its brand recognition can help patients feel more comfortable with financing, since many already encounter Affirm at checkout in other contexts.

Patients can borrow up to $17,500 with repayment terms ranging from 3 to 36 months. APRs vary widely — some borrowers may qualify for 0% financing, while others see rates climb into the 30% range depending on credit.

For providers, Affirm offers a consumer-friendly product that patients may already know and trust. The tradeoff is cost: transaction fees hover around 5.99% plus $0.30 per transaction, which can significantly erode margins on higher-ticket procedures.

Takeaways — Affirm

• Strong brand presence with over 320,000 merchant partners
  
• Borrowing limit: up to $17,500
  
• Transparent fees, no deferred interest
  
• Shorter term limits compared to other providers
  
• High merchant fee: ~5.99% + $0.30 per transaction

6. CareCredit

CareCredit is a healthcare credit card designed to help patients manage out-of-pocket expenses for medical, dental, elective, and veterinary care. With a network of more than 270,000 enrolled providers, it is one of the most widely accepted financing solutions in the industry.

Patients can use CareCredit like a traditional credit card, with access to special financing offers. The most common promotions are “no interest if paid in full” plans that last 6 to 24 months. While appealing, these offers are structured with deferred interest and carry a steep retroactive APR of about 32.99%. Applications require a hard credit check, and approval is based largely on FICO score and credit history.

For healthcare practices, CareCredit’s strong name recognition can make it easier to present financing options to patients. However, merchant fees typically start around 5.9%, which can reduce profitability compared to newer alternatives.

Takeaways — CareCredit

• Accepted at 270,000+ providers
  
• Strong brand recognition among patients
  
• Revolving credit line — no need for individual loans
  
• $25,000 maximum line of credit
  
• Hard credit inquiry required
  
• Deferred interest promotions can result in unexpected debt and harm patient/practice relationship
  
• Merchant fees from 5.9%

7. Sunbit

Access to financing can be a major barrier for patients with weaker credit histories. To address this challenge, Sunbit focuses specifically on applicants with bad credit, offering approval decisions with just a soft credit check to those who might otherwise be denied by traditional lenders.

Loan sizes reach up to $20,000, which is often enough for routine dental, vision, or veterinary care, though may fall short for more costly procedures. While accessibility is Sunbit’s strength, not all terms are straightforward — some plans use deferred interest, exposing borrowers to unexpected charges if balances aren’t paid consistently on-time and in full throughout the promo period.

For providers, Sunbit offers a way to capture cases that might otherwise be lost due to credit denials. The tradeoff, however, is higher merchant fees, starting around 4.7%, which can reduce margins compared to lower-cost alternatives.

Takeaways — Sunbit

• Fast application with soft credit check
  
• Loan amounts up to $20,000
  
• Focuses on borrowers with low credit scores
  
• Uses deferred interest
  
• Originally built for auto repair financing, not focused on healthcare

8. Klarna

Klarna has built its brand on easy installment payments in retail, and its healthcare offerings follow the same pattern. Patients can split smaller balances into short-term, interest-free installments, or choose longer plans that come with variable APRs depending on creditworthiness.

The tradeoff is scale: borrowing amounts are lower than those of medical-specific lenders, and terms max out at 24 months, making Klarna best for small procedures or follow-up visits. For practices, higher provider fees limit profitability, even if patient adoption is strong thanks to Klarna’s consumer recognition.

Takeaways — Klarna

• Interest-free pay-in-4 plan for smaller balances
  
• Widely recognized BNPL brand with over 600,000 merchant partners
  
• Lower borrowing limits than healthcare-focused lenders
  
• Shorter terms than other healthcare-focused financing companies
  
• Higher merchant fees impact practice revenue

9. SoFi

SoFi (short for Social Finance) is a fintech company offering a wide range of financial products, from personal loans to student loan refinancing. In healthcare, SoFi is best known for medical financing loans and refinancing options for doctors, dentists, and other professionals.

Borrowers can take out unsecured personal loans for medical procedures, home improvements, debt consolidation, and more — with amounts up to $100,000 for highly qualified applicants.

SoFi offers both fixed and variable rates, with APRs starting around 8% and repayment terms ranging from 2 to 7 years for personal loans, and longer terms for student loan refinancing (up to 20 years).

Unlike some competitors, SoFi does not charge origination fees, prepayment penalties, or late fees on most loan products. Applications begin with a soft credit inquiry so borrowers can compare loan offers without hurting their credit report.

For patients, SoFi provides larger loans and flexible financing for a number of personal finance goals. However, it’s more restrictive of applicants with lower credit scores and not tailored specifically to cover medical expenses.

For practices, SoFi’s broad brand recognition and wide range of loan products make it an appealing option, though — as with Upstart — funds are deposited into the borrower’s account, not sent directly to the provider.

Takeaways — SoFi

• Personal loan amounts up to $100,000 with fixed or variable rates available
  
• APRs start around 8%, with more competitive rates for applicants with good credit
  
• Repayment terms: 2–7 years (longer for student loans)
  
• No origination fees, prepayment penalties, or late fees
  
• Loan offers include medical loans, debt consolidation loans, student loans, small business loans, and more to meet a range of financial needs
  
• Traditional application process; involves a hard inquiry
  
• Strong fit for borrowers with excellent credit seeking larger loans

10. Upstart

Upstart is an online lending platform that uses AI-driven underwriting to evaluate more than just a borrower’s credit score. By factoring in education, employment history, and income, Upstart makes personal loans accessible to borrowers who might not qualify with traditional banks.

Personal loan amounts range from $1,000 to $50,000, with repayment terms of 3 or 5 years. APRs start around 6.7% and can reach up to 35.99% depending on credit history and loan purpose.

For consumers, prequalification will trigger a soft credit inquiry, but submitting an official application involves a hard credit inquiry. Upstart charges an origination fee (0–12%) but has no prepayment penalties.

For practices, Upstart can broaden access for patients with fair or limited credit profiles, but since funds are deposited directly into a borrower’s bank account, providers don’t get the guaranteed upfront payment that healthcare-specific lenders offer.

Takeaways — Upstart

• Loan amounts from up to $50,000 and fixed loan terms of 3 or 5 years
  
• Origination fees of 0–12%
  
• Involves a hard credit inquiry
  
• Fast funding
  
• Funds deposited in borrower’s checking or savings account; no guarantee of upfront payment to practice
  
• AI-driven underwriting expands eligibility beyond minimum credit score requirements

Final Thoughts: LendingClub Competitors for Healthcare Financing

LendingClub played an important role in expanding access to personal loans for medical and household expenses. But as it transitioned from a peer-to-peer lending platform to a bank, getting a Lending Club loan began to feel more like working with a traditional financial institution, and borrowers began facing challenges that can delay or prevent them from moving forward with care.

Fortunately, today’s patients have access to a new generation of financing partners. Lending platforms like Cherry, Klarna, and Affirm streamline the process with instant approval decisions, flexible repayment options, and broader eligibility across credit profiles, helping practices serve more patients.

Among these, Cherry stands out as a balanced option for both sides of the equation. Practices benefit from the industry’s lowest merchant fees, an 80%+ approval rate across credit profiles, and exclusive approvals and upfront payments that reduce financial risk and strengthen cash flow. Patients, meanwhile, enjoy a 60-second application that doesn’t affect their credit score, high loan limits, and true 0% APR financing without hidden fees or deferred interest traps.

Find out why over 40,000 practices use Cherry to boost treatment acceptance and practice growth. Claim your complimentary demo here.