TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.
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.
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.
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:
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.
To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingTree and SoFi.
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.
No matter where you borrow money from, before you get your next personal loan you should consider the following:
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 Loans In The News
Meta Description: The personal loan process is rather quick and painless these days. Here's what you need to know. Promo: If you're in the market for a personal loan, here's the best ...
Published: Mon, 17 Dec 2018 05:00:00 GMT
Well, guess what: There is a way to use Social Security as a loan of sorts. You just need to go about it ... be a lifetime of higher benefits in retirement. Maurie Backman is personal finance writer w...
Published: Tue, 18 Dec 2018 02:36:00 GMT
Other types of loans also have significantly lower interest rates-whether a personal loan or an online loan. Read how payday loans compare to personal loans. Payday loans are also often limited ...
Published: Tue, 18 Dec 2018 09:34:00 GMT
Personal loans from friends, family and employers fall under common categories of debt that can be discharged in the case of bankruptcy. A discharge releases individual borrowers from the legal obliga...
Published: Fri, 14 Dec 2018 19:28:00 GMT
Most credit analyses use five categories, known as the five Cs, to evaluate loan risk: character, capital, conditions, collateral and cash flow. Documents such as personal tax returns, personal financ...
Published: Mon, 17 Dec 2018 13:29:00 GMT
Ahead of the holiday season, some shoppers may be tempted to take out a personal loan to pay off some of their debt. However a recent report spells out the risks with these types of loans. The report ...
Published: Fri, 30 Nov 2018 13:09:00 GMT
You benefit from gaining access to cash, and the interest rate on both types of loans tends to be lower than the rates on personal loans or credit cards because the loan is secured. In both cases ...
Published: Mon, 17 Dec 2018 05:28:00 GMT
But there are ways you can get tax exemptions on personal loans that depend on the purpose that you avail the loan for. 1) For investing in business If the personal loan taken out is invested into a b...
Published: Mon, 26 Nov 2018 12:38:00 GMT
- View Full Site -
Reproduction in whole or in part in any form without the express written consent of TopConsumerReviews.com, LLC is strictly prohibited.