SoFi vs Prosper
TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.
SoFi vs Prosper
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
Defaulting on your loans can lead to some pretty serious consequences, from poor credit to wage garnishment. So if you feel like your student loan payments are becoming unmanageable, it's a good idea ...
Published: Fri, 17 Aug 2018 10:08:20 GMT
HL Financial Services LLC trimmed its position in First Trust Senior Loan ETF (NASDAQ:FTSL) by 4.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 28,3...
Published: Fri, 17 Aug 2018 18:30:00 GMT
Why an instant approval personal loan might be the ideal choice for you In this article, we'll discuss how instant personal loans are always an option if you find yourself in need of some quick cash. ...
Published: Sat, 21 Jul 2018 13:47:00 GMT
There was a time when your paycheque made you eligible for marriage. Now it makes you eligible for credit, including unsecured personal loans and credit cards. Personal loan disbursements have grown a...
Published: Mon, 28 May 2018 17:23:00 GMT
Heather Turner and her husband needed a few thousand dollars to jump-start the adoption of a teenager from Ukraine, and their timing was good: Lenders led by online firms have opened the spigot for pe...
Published: Tue, 03 Jul 2018 21:30:00 GMT
We have all been in situations where we have found ourselves in need of money. In school or colleges we could probably borrow it from our friends or family, but there are bound to be instances where o...
Published: Fri, 13 Jul 2018 05:33:00 GMT
Hoboken, NJ, July 03, 2018 (GLOBE NEWSWIRE) -- LendEDU, an information site and marketplace for financial products, announced the top lenders for the third quarter of 2018 for student loan refinancing ...
Published: Tue, 03 Jul 2018 01:22:00 GMT
The personal loan industry is having a record year, with the value of outstanding balances going up 18 percent in the first quarter of 2018. The growth in these personal loans isn't due just to big tr...
Published: Wed, 04 Jul 2018 07:44:00 GMT
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 si...
Published: Wed, 13 Jun 2018 05:06:00 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.