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SoFi vs Personal Loans

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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.

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PERSONAL LOANS

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.

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Personal Loans

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

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

Bank of Little Rock Mortgage-They give personal service & have a loan that is right for you(061118)

After years of collective experience working in mortgage banks throughout the region, the future founders of Bank of Little Rock Mortgage knew there had to be a better way. And in 1998, they created one with the launch of Bank of Little Rock Mortgage.

Published:  Mon, 18 Jun 2018 13:55:00 GMT



Centreville fire victims eligible for disaster loans

Homeowners and renters are eligible for loans of up to $40,000 to repair or replace damaged or destroyed personal property. Interest rates are as low as 1.938 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by ...

Published:  Mon, 18 Jun 2018 14:00:00 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



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



Conway's husband shares link to FEC rules on personal loans after Giuliani admits Trump paid back Cohen

The husband of White House counselor Kellyanne Conway Kellyanne Elizabeth Conway ICE director supports Trump's 'animals' remark: 'MS-13 kills for sport' Conway pushes CNN's Stelter to say who he voted for in tense exchange Tina Fey returns to "˜Saturday ...

Published:  Thu, 03 May 2018 13:44:00 GMT



Five reasons to avoid personal loans

When you're strapped for cash, a personal loan may seem like an obvious solution. If personal or consumer lending companies or banks are calling you, unpaid bills are stacking up, and the refrigerator is as empty as your bank account, you might decide to ...

Published:  Sat, 24 Mar 2018 00:49:00 GMT




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