Best Reviews TopConsumerReviews.com Best Personal Loans Best Reviews
Best Reviews
      February 24, 2020

Home  >  Personal Loans  >  SoFi vs Personal Loans

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

Your Information Is Secure
Personal Loan Tips Newsletter

Compare Products

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

Latest Reviews

Catholic Dating Sites

Cheesecake Clubs

Credit Monitoring

Custom T Shirts

Handbags

Patent Applications

Piano Lessons

Popcorn Clubs

Tea Clubs

Transcription Services

 

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 Personal Loans

Best Personal Loans

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

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

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
3.5 stars
Personal Loans

PERSONAL LOANS

Visit Site

Loan:

From $1,000 to $35,000

Personal Loans works to connect their customers with a reputable, qualified lender that can help with their personal loan needs. Personal Loans provides access to peer to peer loans, personal installment loans, and personal bank loans for customers located in all U.S. States except North Dakota and Maine. For those seeking a loan between $1,000 and $35,000 this company provides a lot of flexibility to suit the needs of many. Unfortunately we were unable to verify the current Better Business Bureau score of Personal Loans.

Personal Loans does require all customers be at least 18 years old, have a social security number, and be a legal U.S. citizen or permanent resident. Additional requirements include full time employment, self-employment or the receipt of Social Security benefits and/or disability. Customers are more likely to be accepted for a personal loan if they have a credit score of at least 580 or greater and a decent payment history.

The current loan rates through Personal Loans are not publicized due to the varying types of loans and number of lenders that are utilized. Requesting a loan at Personal Loans is rather straightforward:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Input your name, address, income, date of birth, driver's license number and bank account information
  • Personal Loans will verify your identity and creditworthiness and pass on your information to lender partners
  • If a lender is interested in working with you, you'll be immediately directed online to their loan terms which you may choose to accept or deny.
  • The personal loan will be paid directly to your bank account within 1 to 5 business days.

Personal Loans does not charge you, the customer, for the lender connecting process. Any related fees are accessed directly to their lender partners. The website is informative and easy to navigate with the option to email or call if questions occur.

The benefits of working with Personal Loans is the variety of loan options, the quick approval process and the payment turnaround. Despite finding several positive customer reviews online we would have liked to have validated their BBB rating and found more history on the company to feel more confident. However, if you're looking for a personal loan, Personal Loans may be worth looking into when flexibility and speed are important.

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!

Should You Use a Personal Loan to Pay Your Taxes?

If your taxes are due and you owe money to the IRS that you can't pay, you're probably wondering what your options are. One possible solution would be to take out a personal loan and use the proceeds ...

Published:  Thu, 20 Feb 2020 03:00:00 GMT



How to get a personal loan with good credit

Lower interest rates equal lower monthly payments and a lower loan cost overall. Continue Reading Below Those with a good credit score have many options when it comes to choosing a personal loan. A ...

Published:  Fri, 21 Feb 2020 09:57:00 GMT



What is a personal loan? It's flexible financing you can use for anything from consolidating debt to starting a business

A personal loan is money that you receive from a bank, credit union, or online lender and pay back with interest over time.

Published:  Thu, 20 Feb 2020 08:53:00 GMT



Personal loan vs. line of credit: Which is better for you?

Maybe you're financing a major home renovation, covering medical costs or sending someone to college. Whatever the case, a personal loan and line of credit are two options that can give you the money ...

Published:  Thu, 20 Feb 2020 09:03:00 GMT



How falling behind on a payday loan can lead to an arrest warrant

People who fall behind on payday loans can find themselves arrested, according to a new report by the Consumer Federation of America.

Published:  Sat, 22 Feb 2020 13:47:00 GMT



3 smart reasons to use a personal loan to pay off your credit cards

When you consolidate to a lower interest rate with a personal loan, you will likely save money while paying off the debt.

Published:  Thu, 13 Feb 2020 10:19:00 GMT



Personal Loans Made Easy

That transparency to you is core to our editorial integrity, which isn't influenced by compensation. Personal loans are a popular way to get money to consolidate credit card debt, start a side ...

Published:  Fri, 21 Feb 2020 14:02:00 GMT



Bloomberg's plan to tackle the $1.7 trillion student loan crisis

Michael Bloomberg, a former mayor of New York, is the latest Democratic presidential candidate to turn his attention to the country's $1.7 trillion outstanding student loan balance. The candidate says ...

Published:  Fri, 21 Feb 2020 17:17:00 GMT



Personal loans among the fastest-growing forms of consumer debt

Consumers owe less for personal loans than for credit card debt, but they're piling up debt on personal loans at a much faster rate. In an analysis of borrowing trends from 2009 to 2019, LendingTree ...

Published:  Thu, 20 Feb 2020 08:45:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure