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      July 12, 2020

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SoFi vs LendingTree

Best Personal Loans

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

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.

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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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4.5 stars
LendingTree

LENDING TREE

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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.

Loan connection service

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.

All credit score ranges

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.

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No credit report impact

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.

High marks

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, LendingTree earns high marks.

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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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