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      July 12, 2020

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SoFi vs LendingClub

Best Personal Loans

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

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

2020

Personal Loan Reviews

5 stars
SoFi

SOFI

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Loan:

From $1,000 to $100,000

TopConsumerReviews.com Best-In-Class Blue Ribbon Award 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.

Easy to apply

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're not able to confirm your data, you will be asked to enter your Social Security Number.

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Competitive loan rates

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". Their loan rates are consistently very competitive with other loan companies.

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.

Unemployment protection

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!

Upfront eligibility criteria

There is an easy-to-miss link at the bottom of the site called "Eligibility Criteria". There are state-specific details that you may be interested in, and some states are excluded from their personal loan program. 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.

Highest rating

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. They earn our highest rating.

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4 stars
LendingClub

LENDINGCLUB

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Loan:

From $1,000 to $40,000

LendingClub is a recognized leader in the social lending market. They do an excellent job of bringing together lenders and those wanting a loan between $1,000 to $40,000. The benefit of choosing LendingClub is that without a bank in the mix, borrowers are able to get a lower rate on their personal loans. LendingClub currently holds a strong Better Business Bureau rating of A and helps facilitate thousands of loans for happy customers each month.

Low lending rates

The loan rates at LendingClub are among the lowest we've found. Of course, the best APR is available to borrowers with excellent credit. Applying for a loan is simple:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Next you'll be asked to input your name, address, income, and date of birth
  • LendingClub will verify your identity and creditworthiness
  • After verification occurs, your loan and loan terms will be available for you to select from
  • Select your loan
  • LendingClub authenticates your bank account
  • You receive your funds

Turnaround time varies

The size of your loan and your credit worthiness impacts the turnaround time of the process. At any point you can speak to a LendingClub customer service representative to assist. Your loan request will be listed on the LendingClub website for up to two weeks, or until lenders are willing to fully fund your request.

Processing fee

Like any peer-to-peer lending company, a fee is assessed in order to cover costs. At LendingClub you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan and loan terms. For a $1,000 loan that equates to a fee starting around $11.

If you're looking for a personal loan, LendingClub offers an excellent lending process and affordable rates, from a reputable company that you can feel confident with.

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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!

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