TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.

 

SoFi vs 100 Lenders

We recommend

 

Disclosure: We are not compensated by companies for their reviews, but we may be compensated for links and advertisements on our website. Click here for details.

 

SOFI

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:

  • From 5.05% to 10.85% APR for variable interest rate products
  • From 6.20% to 12.49% APR for fixed interest rate products

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 >

100 LENDERS

In the last 10 years, 100 Lenders has helped more than 300,000 people apply for a loan. Although they do not fund personal loans directly, 100 Lenders connects applicants with a network of financial partners who do, in amounts ranging from $100 to $35,000.

100 Lenders carries an impressive 4.6/5 average rating across hundreds of customer reviews, and they are part of the Online Lenders Alliance, which requires its members to uphold ethical standards in their lending practices. Despite not having a rating with the Better Business Bureau, 100 Lenders does seem to be helping connect borrowers with personal loans in ways that are reputable and effective.

To apply for a loan using 100 Lenders' network, you will need to enter your basic information, such as your name, address, Social Security number, and how often you are paid by your employer. According to their site and many customer comments, this process can be accomplished in about two minutes, taking you to a list of loans offered by 100 Lenders' partners.

That is the extent of the detail that 100 Lenders provides with respect to loan fees and interest rates, because those depend entirely on the lenders themselves. We were unable to find even a range of possible APRs or sample processing fees, to determine if their partners' rates are competitive with other lenders in our review.

Looking at the fine print, we did find that residents of several states (Arkansas, Georgia, New York, Oregon, Washington, West Virginia, and Vermont) are not eligible to apply for personal loans using 100 Lenders. This information led us to discover that, while 100 Lenders accepts applications from people regardless of their credit score, their lending partners may offer a payday loan rather than a personal loan for those customers whose credit scores fall below a certain threshold. This may not make a difference, however, to some customers looking to meet short term cash needs.

For all these reasons, we give 100 Lenders a high rating, This could improve with a little more transparency on their partner's interest rates and application fees, which would allowing potential customers to get a better idea of their borrowing power without having to enter their personal information first.

Visit Site >


Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of SoFi and 100 Lenders.

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:

  • 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 Loans In The News

Tanzania: Personal Loans Up - BoT

Dar es Salaam - Personal loans grew by 56 per cent during the third quarter of this year ended in March from a contraction of 4.9 per cent during the first quarter of last year ended in March. This situation shows how commercial banks are currently ...

Published:  Wed, 13 Jun 2018 05:06:00 GMT



Worldpay Announces Loan Repricing and Interest Rate Hedging Agreements

While Worldpay's total borrowings did not change as a result of these activities, the amendment further diversifies the Company's currency mix within its debt structure by establishing a new class of Term A Loans (A-6) of approximately £488 million ...

Published:  Fri, 22 Jun 2018 06:53:00 GMT



Personal Loans for Financing a Startup Business in the Philippines

Currently unemployed and thinking of starting your own business Once in a while, a business opportunity that's too attractive to pass up comes along, like a profitable food cart franchise or a ride sharing business. The problem is, you don't have ...

Published:  Sat, 09 Jun 2018 17:00:00 GMT



Avoiding dangers of personal loans

Personal loans can be a quick fix for people who need cash in a flash. But with the promises of a nearly instantaneous money infusion, people can be biting off more than they can chew and not even realize it until it is too late. According to www ...

Published:  Fri, 20 Apr 2018 06:17:00 GMT



Ujjivan to offer personal loans, two-wheeler loans

"Last year, we were pre-occupied in addressing the challenges posed by demonetisation. There is no baggage this year and we would now like to take off," Ghosh told ET. Ujjivan Small Finance Bank is all set to begin two-wheeler financing and personal loans ...

Published:  Fri, 11 May 2018 01:03:00 GMT



Tanzania: Why Tanzanian Banks Now Banking On Personal Loans for Profit

Dar es Salaam - The share of personal loans to commercial banks' total credit to various economic activities is on the rise as lenders shift to salaried workers to increase their profits amid declining yields on government securities. The Bank of ...

Published:  Tue, 29 May 2018 02:41:00 GMT




We recommend

 

- View Full Site -