Best Reviews TopConsumerReviews.com Best Personal Loans Best Reviews
Best Reviews
      September 16, 2019

Home  >  Personal Loans  >  LendingTree vs SoFi

Best

Personal Loans

  1. LendingTree
  2. SoFi
  3. 100 Lenders
  4. Avant
  5. Money Lion
  6. Prosper
  7. NetCredit
  8. Upstart
  9. Personal Loans
  10. OneMain Financial
  11. LifeLoans
  12. Better Loans Mutual

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Keto Diets

Luggage Stores

Olive Oil Clubs

Online Fitness

Personal Trainers

Pet Meds

Popular Diets

Printer Ink

Rapid Weight Loss

Sunglasses

 

Individual Reviews

LendingClub

LendingTree

SoFi

100 Lenders

Avant

Money Lion

Prosper

NetCredit

Upstart

Personal Loans

OneMain Financial

LifeLoans

Better Loans Mutual

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

LendingTree vs SoFi

Best Personal Loans

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

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

Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

Continue reading below reviews

Best Reviews

2019

Personal Loan Reviews

4.5 stars
LendingTree

LENDINGTREE Visit Site

Loan:

From $1,000 to $35,000

LendingTree is one of the most recognized names in the personal loan market, connecting borrowers with a wide assortment of potential lenders that can meet their financial needs on loans from $1,000 to $35,000.

As a connection service rather than a lender, the loan products LendingTree has to offer and their terms and conditions naturally vary with each individual lender. One advantage of using LendingTree is the ability to survey multiple lenders' offerings without having to disclose one's identifying information to those lenders, only doing so when the customer has made the decision to apply for the lender that best fits their requirements. Borrowers can also use offers obtained on LendingTree to negotiate directly with lenders; LendingTree provides customers with lenders' direct contact information for that very purpose.

If you choose to research loans using LendingTree, be aware that you will need to provide your credit score, which is used by lenders to determine if they would like to compete for your business. Even if you have a low credit score, you may still receive offers as LendingTree has several providers who work with borrowers just like you.

One thing to note is that LendingTree's main website takes you to the page for entering your information to get started in the quote process, and there is very little other information on that page. We were able to determine that entering your personal information to begin the process will not impact your credit report or your credit score, though we would have liked to see that fact clearly spelled out on LendingTree's landing page.

With a solid A+ rating with the Better Business Bureau, accredited since 1998, and its ability to connect borrowers with a wide range of potential lenders, we give LendingTree high marks.

Visit Site

4.5 stars
SoFi

SO FI Visit Site

Loan:

From $1,000 to $100,000

SoFi, short for "Social Finance", bills itself as a modern personal finance company, and its clean, crisp, easy-to-use website definitely matches that description. And, with more than $11 billion in loans funded to date and 165,000 borrowers (described as "members"), they're clearly making an impact in the lending industry. SoFi currently has a variety of products, including personal loans, mortgage loans and refinancing, student loan refinancing, and more.

SoFi's application process is straightforward: enter your personal information, such as your name and address, current employer and annual wages/salary, and post-secondary education information, and if SoFi is able to confirm your information you'll be able to see the loan and terms for which you qualify. (If they are not able to confirm your data, you will be asked to enter your Social Security Number.)

There is an easy-to-miss link at the bottom of the site called "Eligibility Criteria". We encourage potential borrowers to look through the information there, as several states are excluded from their personal loan program, and there are other state-specific details to be aware of. Also, it states that personal loan recipients must be US citizens or permanent resident aliens, be of the age of majority in their state of residence, and must be currently employed.

We love that SoFi publishes its personal loan rates and that there are no prepayment penalties or origination fees: "what you see is what you get". At the time of our review, their interest rates on personal loans were as follows:

  • From 5.05% to 10.85% APR for variable interest rate products
  • From 6.20% to 12.49% APR for fixed interest rate products

Loan terms of 3, 5, and 7 years were available for both fixed and variable interest rate loans, in amounts ranging from $5,000 to $100,000.

SoFi also has several unique perks that we like, from referral bonuses for new members referred by current borrowers (both parties get a cash benefit), to unemployment protection that suspends payments required from borrowers - for up to 12 months over the course of the repayment term - who lose their job through no fault of their own. SoFi even provides help through its Career Strategy department to assist borrowers in their search for a new job!

If you're in the market for a personal loan, you'll definitely want to take a look at what SoFi has to offer. We give them a strong recommendation because of their low interest rates, transparency, and lack of loan fees.

Visit Site

Continued from above

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

Study: Personal Loans Can Help Solve Past Debt Problems

Could a new loan really help you deal with existing debt? A recent study suggests that it could. If you are already in trouble with debt and behind on payments, it may seem as though borrowing more ...

Published:  Thu, 12 Sep 2019 14:08:00 GMT



Here's why you should make paying off your student loans a priority over saving for retirement

Finally, with the loans gone, they could save for retirement at a higher ... "Your Retirement" on Mondays and "Personal Finance" on Thursdays. Read and share Michelle Singletary's Color of Money ...

Published:  Mon, 16 Sep 2019 05:46:00 GMT



Why Should You Check Personal Loan Interest Rates Before Signing Up With Banks?

There are times when you need to borrow credit: for a long-pending vacation, a child's higher education, a marriage, buying a new car, medical contingencies, or to meet household expenses. Credit can ...

Published:  Tue, 10 Sep 2019 23:16:00 GMT



Kiplinger's Personal Finance: Now is a good time to refinance your mortgage

Rates will be higher if you take cash out, take out a super-conforming mortgage (with a loan balance of $484,351 to $726,525), or are refinancing a multi-unit or investment property. Well before you ...

Published:  Sat, 14 Sep 2019 19:30:00 GMT



What Is a Benefit of Obtaining a Personal Loan?

Are you cash strapped, living paycheck to paycheck, in need of financial relief, and wondering what is a benefit of obtaining a personal loan? Read on! The median American household has just shy of $5 ...

Published:  Sun, 15 Sep 2019 07:05:00 GMT



How to get a personal loan to cover business expenses

New and small businesses often need financial help to grow their companies. Borrowing funds can help pay for business costs. These include things like producing goods and services, payroll ...

Published:  Wed, 11 Sep 2019 03:20:00 GMT



5 things to consider before applying for a personal loan

The ease of availing funds often leads borrowers to overlook some of the crucial aspects of availing a personal loan. Quick disbursal of funds, zero restriction on end-use, minimum documentation and ...

Published:  Sun, 25 Aug 2019 04:14:00 GMT



How to use a personal loan to pay off your credit cards

An image of a chain link. It symobilizes a website link url. An envelope. It indicates the ability to send an email. A stylized bird with an open mouth, tweeting. The word "in". A stylized letter F.

Published:  Sat, 17 Aug 2019 07:47:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure