Best Reviews TopConsumerReviews.com Best Personal Loans Best Reviews
Best Reviews
      December 12, 2019

Home  >  Personal Loans  >  SoFi vs LifeLoans

Best

Personal Loans

  1. LendingClub
  2. SoFi
  3. Avant
  4. 100 Lenders
  5. Prosper
  6. NetCredit
  7. Upstart
  8. Personal Loans
  9. OneMain Financial
  10. LifeLoans
  11. 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

Copyright Registration

Dog Treat Clubs

Gift Boxes

Home Security Systems

Maternity Clothes

Painting Lessons

Tinnitus

Wedding Planning Software

 

Individual Reviews

LendingTree

LendingClub

SoFi

Avant

100 Lenders

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

SoFi vs LifeLoans

Best Personal Loans

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

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
SoFi

SOFI

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". 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.

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
2 stars
LifeLoans

LIFELOANS

Visit Site

Loan:

From $100 to $35,000

Offering personal loans ranging from $100 to $35,000, LifeLoans says they can "get the cash you need fast". To get started, the site asks you to enter your desired loan amount, your monthly income, your credit score, and your zip code. From there, you are taken to a page that asks for much more specific personal information, including your address and zip code. From there, the site says they will pass along your details to up to 6 lending partners in their network, who will contact you directly. And, if you don't qualify for a traditional personal loan, the disclaimer also explains that you may be referred to lenders offering "payday loans", which typically have much higher interest rates than personal loans.

Of course, in this age of identity theft, it's important to confirm that your information will be safe before entrusting it to a website. Is LifeLoans a trustworthy source of personal loans?

LifeLoans is a member of the Online Lenders Alliance, which expects its members to uphold standards of integrity and honesty in the lending process. But, unlike most of the other personal loan services in our review, LifeLoans maintains no reputation with the Better Business Bureau.

In fact, we were unable to find a single review from a LifeLoans customer - positive or negative. We also couldn't find a phone number to call with questions, or an email address to contact them with. Residents of Connecticut, New Hampshire, Washington, and Vermont are not eligible to submit a request for a loan through this site.

Overall, we weren't impressed with what LifeLoans offers with respect to personal loans. If you're looking for transparency and an established track record of helping customers get the money they need, we suggest you consider one of the higher-ranked lenders in our review first.

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!

Personal Loan: 4 Things to Know When Taking a Personal Loan

It is likely that you get atleast one message every week from a lender offering a personal loan at an attractive rate. The text must also consist of lucrative terms like 'instant approval' or 'no-cost ...

Published:  Thu, 05 Dec 2019 06:10:00 GMT



Federal Reserve and others agencies have a plan to make it easier to approve personal loans

Five federal agencies are weighing in on the use of "alternative data,' like cash flow, in credit underwriting. It could become easier for some personal-loan applicants to secure a loan after federal ...

Published:  Thu, 05 Dec 2019 07:17:00 GMT



What is a personal loan?

Personal loans can come in handy in all sorts of scenarios. Whether you are using it to buy a car or pay for some home improvements, a loan can be a well-needed injection of money. But what exactly is ...

Published:  Wed, 11 Dec 2019 01:28:00 GMT



Is a Home Equity Loan Better Than a Personal Loan?

But if you don't have an emergency fund, you may have no choice but to borrow that money instead. That could mean you find yourself in a position where you have to decide between a home equity loan ...

Published:  Thu, 05 Dec 2019 05:05:00 GMT



4 Things SMEs Should Know When Taking a Loan

A fixed rate loan tells you the installment amount upfront that will remain same throughout the loan tenure. This helps to manage personal finances better as the EMI outgo will not change. However, it ...

Published:  Wed, 11 Dec 2019 01:48:00 GMT



The Recently Leaked Secrets to Online Loans Ukraine Disclosed

Both are popular and may be used for virtually any use. A tiny unsecured loan online needs to be in a position to fit your own personal requirements and take into consideration your personal ...

Published:  Wed, 11 Dec 2019 02:50:00 GMT



After torrential spring rains on the Coast, low-interest loans are available in 8 counties

Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property," said Kem Fleming, center director of SBA Field Operations Center East in ...

Published:  Wed, 11 Dec 2019 02:00:00 GMT



Xiaomi launches Mi Credit personal loan service in India

To no one's surprise, Xiaomi Mi Credit's target audience is Indian Millennials. The company is working with several lending partners to make the service possible, offering loans between Rs. 5,000 ...

Published:  Tue, 03 Dec 2019 18:09:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure