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      November 15, 2018

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SoFi vs Life Loans

Best Installment Loans

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

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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

2018

Installment Loan Reviews

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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2 stars
Life Loans

LIFE LOANS Visit Site

Loan:

From $100 to $35,000

LifeLoans offers installment loans ranging from $100 to $35,000. As a service that matches borrowers with a lending network, they do not fund any loans themselves.

The LifeLoans site is disappointingly short on details. How many lenders are in their network? What are the average interest rates on installment loans? How likely is it that an individual will qualify for a loan? Those are all excellent questions that go unanswered by the site. We did see in the very small print at the bottom of the site that residents of Connecticut, New Hampshire, Washington, and Vermont are not eligible to apply for any type of loan through LifeLoans.

To use the LifeLoans site, you start by entering your desired loan amount, monthly income, credit score range, and your zip code. From there, we would have liked to see a list of potential partners and sample loan terms. Instead, we were taken to another page asking for more detailed information, including our Social Security Number. Many people will be reluctant to provide that kind of ID without assurances that LifeLoans is a reputable source of installment loans.

However, we were unable to find anything solid to establish that reputation. We did see that they are members of the Online Lenders Alliance, which establishes policies of integrity and honesty in lending. On the other hand, LifeLoans had no listing with the Better Business Bureau and seemingly no history at all with previous customers - positive or negative.

In the end, LifeLoans could do a more effective job of establishing themselves as a reputable borrower-to-lender service with more transparency and with reviews from customers who have been satisfied with the process of getting an installment loan through their service.

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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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Goeasy: Impending Regulatory Changes Could Jeopardize Entire Business Model

My analysis of an Ontario Ministry of Government and Consumer Services consultation paper released in mid-2017 indicates that potential widespread regulatory changes to the consumer installment loan i...

Published:  Thu, 13 Sep 2018 08:03:00 GMT



Carbondale reduces the number of installment loan companies within city limits

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Published:  Thu, 16 Aug 2018 15:43:00 GMT



U.S. Bank unveils payday lending-type loans for cash-strapped consumers

U.S. Bank unveiled its Simple Loan after the OCC issued guidance in May for short-term installment loans. It encouraged banks to make such loans provided that they're reasonably priced and affordable, ...

Published:  Thu, 27 Sep 2018 04:36:00 GMT



Advocates push for continued oversight of loans to veterans, service members

vehicle title loans, bank deposit advances, pawnshops and/or installment loans with interest rates over 36 percent [annually]." DoD financial counselors and lawyers who answered the survey said high-i...

Published:  Sat, 15 Sep 2018 12:03:00 GMT



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