TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.
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, 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.
Prosper launched in 2006 and, as of late, has had over $300 million loans funded from private investors. This California based company currently holds a decent Better Business Bureau rating of B+.
Prosper is also a social lending network that brings together those that need a loan and those willing to lend money. The loan size must be between $2,000 and $25,000.
The current loan rates at Prosper range from 5.99 to 36%. The website is easy to navigate through the application process. The loan application process consists of the following steps:
Most loans are funded within an average of 8 business days. Prosper does charge a fee to facilitate the lending process. A fee between .5 and 4.95% is taken from the loan upfront before you receive payment.
Prosper provides a simple lending process and a website that's easy to navigate. Loan rates can range a little higher at Prosper but the associated loan fees, to cover credit checks and administrative costs, are slightly lower. If you are in the market for a loan from $2,000 to $25,000, Prosper is worth your consideration.
To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of SoFi and Prosper.
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
Americans are again splurging on subprime debt. The spigots are forecast to open even wider next year for personal loans, thanks to financing provided by fintech startups as well as the Trump administ...
Published: Wed, 12 Dec 2018 03:01:19 GMT
If you're planning to start a business, you'll obviously have to face a lot of hurdles. One of the biggest hurdles you'll have to clear is to get funding for your business. According to a survey condu...
Published: Tue, 11 Dec 2018 00:03:00 GMT
student loans and personal loans, among others. The business prospects of these companies are sensitive to the nation's overall economic health. In addition to offering the above-mentioned services th...
Published: Wed, 12 Dec 2018 10:39:00 GMT
You'll be eligible for this if you pay down your loan/HELOC using the automatic payment deduction service from a TD Bank personal checking or savings account. For a HELOC, you can apply online ...
Published: Mon, 10 Dec 2018 04:45:00 GMT
Guggenheim Partners LLC launched its first ever fund to invest in loans to midsized company targeted at retail investors. The debt-focused money manager, which manages $265 billion and owns several in...
Published: Wed, 12 Dec 2018 15:09:00 GMT
There was a time when people would save patiently for years before taking going on a holiday. The situation today has changed significantly. People with a conventional approach to personal finance ...
Published: Tue, 11 Dec 2018 08:22:00 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
Tasmanians have significantly increased their use of personal loans, with volumes climbing considerably faster than in other states. Australians took out $4.0 billion of personal loans in October 2018 ...
Published: Wed, 12 Dec 2018 07:03:04 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.