Lending Club Competitors and Alternatives (2024)
But, Lending Club isn’t your only option.
We’ll dive into the top Lending Club competitors and alternatives for your business.
We’ll also talk about how the Wise Business account can help you manage your business easily and cost-effectively across borders.
Wise Business
Wise Business is specially designed for small businesses that are looking to take control of their finances. The Wise account has a suite of features to make business finance management much easier. Wise Business also includes tools such as invoice management, batch payments, and more to make sending and receiving payments easier.
Wise Business also integrates with tools such as QuickBooks, Xero, Sage, and Wave for businesses seeking one solution for comprehensive financial management.
Biggest advantage: Wise Business offers tools to streamline sending and receiving international payments.
Businesss can hold up to ten currencies in their Wise account, enabling them to manage their funds more easily. For instance, customers get local account details for easy payment management across different countries.
Plus, Wise has competitive mid-market rates when converting to different currencies to make currency conversion more cost-effective.
Wise Business does not charge an account fee, but there are charges for using certain Wise Business services, such as a nominal fee for currency conversion.
Want to get started?
Grasshopper
The Grasshopper Business Checking Account has an array of features for small businesses that want to drive their business forward. The Grasshopper Business Checking Account includes 1% cashback on transactions, no monthly account maintenance fees, and unlimited transactions. With Grasshopper business banking, independent contractors can earn interest on their checking amount balances.
Pricing:
$10 /month maintenance fee
Lili Bank
Lili Bank is an innovative digital banking solution specially tailored for freelancers and online entrepreneurs. Designed with modern business needs in mind, Lili Bank combines the convenience of digital banking with tools that significantly aid your business operations. Lili Bank does not have hidden fees, overdraft fees, minimum deposits, or balance requirements. When it comes to payments, businesses can send and receive money via ACH, integrated payments, or external bank accounts. Lili Bank also offers a high-yield savings account for businesses looking to grow their income. All of these features aren't important if there aren't any integrations to your accounting software, Lili Bank includes powerful accounting software to help categorize and manage transactions.
Pricing:
Free to open ($100 minimum opening deposit)
Found Small Business Banking
Found offers simple, easy tools for independent contractors seeking a business bank account.⁴ Found business accounts do not have any associated fees, nor is there a monthly minimum balance that needs to be maintained. In addition, Found includes various financial management tools, including income and expense tracking, real-time profit and loss statements, invoicing, and more to help independent contractors manage their businesses.
Pricing:
Free to open
Oxygen
Oxygen Business Banking is designed specifically for independent contractors and entrepreneurs looking to take control of their business finances. Oxygen Business has many helpful features for independent contractors across different areas of financial management. Some features of Oxygen Business banking include 5% cashback on transactions for everyday business purchases, no monthly account maintenance fees, and additional features such as virtual cards and savings accounts.
Pricing:
No monthly balance or minimum fees.
QuickBooks
QuickBooks is a complete financial solution for financial management and bookkeeping and also includes business accounts for independent contractors. QuickBooks business accounts feature easy spending buckets to manage payments and finances, with options to earn interest on balances. QuickBooks also includes fast deposit options and automatic bookkeeping for independent contractors based on incoming payments and spending.
Pricing:
Free to open bank accounts
Try Wise Business for Overseas and Domestic Payments
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies.
You can also get 9 major currency account details for a one-off fee to receive overseas payments like a local. You can open and manage your account online, or via the app, whenever you need. No need to wait in line or book appointments.
Sources:
- https://www.grasshopper.bank/wp-content/uploads/2024/03/Commercial-Fee-Schedule_09_14_22.pdf
- https://www.lendingclub.com/legal/deposits/business-product-terms-and-conditions
- https://lili.co/terms-conditions#fees_schedule
- https://found.com/plans
- https://oxygen.us/business/
- https://quickbooks.intuit.com/business-banking/checking/#
- https://www.trustpilot.com/review/wise.com
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