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      January 16, 2019

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LendingClub vs SoFi

Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingClub and SoFi.

To see ALL of our reviews for the Best Installment Loans, please Click Here

Medical bills, unexpected car repairs, layoffs and more - does any of this ring a bell? There are lots of reasons why many people find themselves strapped for cash. What can you do if your income just isnít enough to make ends meet and you need money?

If you have a financially-comfortable friend or relative, you could put yourself through the embarrassment of asking them for a loan - which would be better than paying the extremely high interest rates associated with most credit cards or payday loans. Another option is to consider an installment loan.

Continue reading below reviews

Best Reviews

2019

Installment Loan Reviews

5 stars
LendingClub

LENDINGCLUB Visit Site

Loan:

From $1,000 to $40,000

TopConsumerReviews.com Best-In-Class Blue Ribbon Award For people looking to borrow anywhere between $1,000 and $40,000, LendingClub should be at the top of their list for an installment loan. The application process is incredibly easy and can be completed online in just a few minutes.

You start by entering the amount you'd like to borrow and for what purpose (for example, paying medical bills, car repairs, and so on), and enter details like your name, address, income, and birthdate. As with any lender, LendingClub will process your information to confirm your identity and check out your credit history. Once your identity has been verified, you'll be given several loan options to choose from. After you've chosen the loan you prefer, and LendingClub verifies your banking information, you'll receive your funds. It really is that simple.

How long will it take to get your funds when receiving an installment loan from LendingClub? That depends on your credit history, as well as the size of the loan you're requesting. For larger loans, or if your creditworthiness is less-than-perfect, it may take longer for LendingClub's partner lenders to consider your request.

Be aware that, as with many peer-to-peer lending companies, LendingClub does charge a one-time fee to cover the costs of processing your loan. You can expect to pay a fee between 1-6% of your total loan amount - $50 to $300 on an installment loan of $5,000, for example.

One major advantage of working with LendingClub is their strong track record for customer satisfaction. At the time of our review, they maintained an "A" rating with the BBB, strong evidence for their attention to quality in the thousands of loans they facilitate every month.

Another plus is their competitive interest rates, currently ranging from 6.95% to 35.89% APR. The rates offered during your application process will naturally depend on your credit history.

Within the social lending market, few businesses can compete with LendingClub's reputation as an established leader. We give LendingClub our highest rating for a simple application process, reasonable interest rates, and overall trustworthiness as a peer-to-peer lending company.

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4.5 stars
SoFi

SOFI Visit Site

Loan:

From $1,000 to $100,000

Although their name may sound strange, SoFi is making a splash in the personal finance market. You may have already guessed that their name comes from the words "social finance", not just helping connect borrowers with lenders but also using all of the technological tools at their disposal to help their "members" get on solid financial footing.

While most sources of installment loans may feel cold and impersonal, SoFi strives to partner with their borrowers. Check out some of the perks that SoFi offers that their competitors generally do not:

  • Referral bonuses - when a new loan is made based on a current member's referral, both the new member and the person referring them get a cash reward
  • Unemployment protection - if a member loses their job through no fault of their own, payments can be suspended for a combined total of 12 months throughout the repayment term
  • Job-hunting assistance - SoFi's Career Strategy experts even help members to find a new job if they become unemployed during the course of their loan

SoFi is equally borrower-friendly when it comes to transparency. Unlike some lenders that seems to purposely hide their rates and fees, SoFi publishes its installment loan rates very clearly - and, better yet, they're extremely competitive: at the time of our review, variable interest rate products had an APR ranging from 5.05% to 10.85%, and fixed-rate interest products ranged from 6.20% to 12.49%. Available loan terms were 3, 5, and 7 years for both fixed and variable interest rate loans. You won't pay any fees for prepaying your loan payments, and SoFi will also save you cash by not charging any origination fees.

As you begin the application process, expect to provide your name and address, any post-secondary education details, as well as your current wages/salary and employer name. You will only need to provide your SSN if SoFi isn't able to confirm the other information you provided. You'll also need to meet their eligibility criteria; because states aren't eligible for SoFi loans, we encourage you to click on the link "Eligibility Criteria" at the bottom of the page, to make sure your state is included and to read up on any other information specific to where you live.

Across a wide range of products - not just installment loans, but also student loan refinancing, mortgage loans and refinancing, and more - SoFi does not disappoint. We highly recommend SoFi for their lack of fees, extremely low interest rates, and member-friendly perks.

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Continued from above

Repaid over time with a predetermined number of set payments, these loans can help bridge the gap between what you have and what you need while allowing you to comfortably accommodate the repayment schedule. Many installment loans today are funded using a system known as a social lending network, matching borrowers with lenders through a peer-to-peer structure. Compared with other loans available, these installment loans usually have lower interest rates, mostly because of the lower overhead costs associated with this type of borrowing.

While you may feel a little apprehensive when trying to choose a lender for your installment loan, there are several factors you can use to make sure your loan is on solid footing. When looking at any potential lender, here are three things to check out:

  • Loan application process. What do you need to provide in terms of documentation to complete the application? Can all or most of the process be done online?
  • Loan rates, terms, and amounts. Will the lender provide an installment loan that covers the amount you need? Do the available repayment terms Ė such as the interest rate, and length of the loan - seem reasonable?
  • Reputation. Does the lender have a good track record for providing quality customer service? Is the lending company accredited with the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best Installment Loans available today. We hope this information helps you find the loan you need with the best possible rate and terms!

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