In this Comparison
There is an abundance of online lenders to choose from if you are looking to take out a personal loan. This particular review will be assessing exactly what Prosper and SoFi have to offer you when it comes to their personal loan options.
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APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 29.99%
| 6.99% – 35.99%
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Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-84 months
| 36-60 Months
|
Loan Amount | $5,000 – $100,000
| 2,000 – $40,000
|
Minimum Score | 680 | 600 |
When SoFi Shines?
SoFi is an online lender that has been serving personal loans to customers for more than a decade. It is a high-quality option and have a good range of loan options and no fees.
SoFi is an ideal fit for people who have good credit and are looking for larger loan sizes. SoFi also offers a low-cost way for you to borrow funds, as well as having great flexibility when it comes to making repayments.
When to Choose Prosper?
Prosper is an online peer-to-peer lending platform that was started in 2005. It has given personal loans to over one million individuals since then and is a good choice for people who might struggle to get favourable terms with one of the more established lenders.
Prosper can be a good option if you have a lower credit score, as you can qualify with a score of just 600. It also offers flexibility with payment date changes and allows you to apply for a joint loan if needed.
Requirements
You can get a personal loan from Prosper starting at just $2,000 and this will go up to a max loan size of $40,000. While it has a lower minimum loan size when compared to Prosper at $5,000, SoFi allows you to get a loan of as much as $100,000.
Prosper has a much lower threshold for credit scores than the likes SoFi, accepting people who’s credit score is as low as 600. For a SoFi personal loan, you need to have a credit score of 680 or more.
Prosper will accept a debt-to-income (DTI) ratio of 50% and it will require people to showcase at least two years’ worth of credit history in order to be considered. SoFi is not transparent when it comes to its required DTI or minimum income requirements.
SoFi - Pros & Cons
- Allows Co-borrowers
Adding a co-borrower can improve your chances of approval and may lead to lower interest rates, providing more options for qualification.
- Flexible Repayments
SoFi allows you to easily change the due date of your repayments, as well as not charging any late fees.
- No Fees
SoFi does not charge any sort of origination fee or late fees. You also will not have to pay any prepayment penalties.
- Large Loan Size
Unlike a lot of online lenders, SoFi offers large personal loans of up to $100,000.
- Doesn’t Have Small Loans
The smallest personal loan that you can get from SoFi is $5,000, which is a higher minimum than most other lenders.
- Credit Score Requirement
While not specified, SoFi generally looks for borrowers with good to excellent credit scores, potentially excluding those with lower credit.
Prosper - Pros & Cons
- Low Barrier to Entry
You are able to get a loan for Prosper even if your credit score is as low as 600 once you have two years or more of credit history.
- Joint Applications:
Prosper allows borrowers to apply with a co-borrower, potentially improving approval chances or securing better terms.
- Wide Range of Loan Sizes
You can get a personal loan from Prosper that is just $2,000 in size and goes up to $40,000.
- Repayment Due Dates
You are given the ability to change its due dates for your Prosper personal loan repayments if you want.
- Origination Fees
You will be charged an origination fee for a Prosper personal a loan, with other lenders not having this type of fee in place.
- Verification Process Time
The verification and approval process may take several days, potentially delaying access to funds.
- Two Term Lengths
You are only able to get a three-year or a five-year term length if obtaining a Prosper personal loan.
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Repayment Options
With Prosper, there’s no autopay discount, and you’ll incur a late fee if your payment is missed. However, there are no prepayment penalties, so you can pay off your debt early without extra charges. Additionally, you can change your payment due date if needed.
SoFi is very flexible when it comes to its repayment terms. Due dates for loans can be changed as you need and there is three months’ worth of forbearance open to you in case you lose your job. Late fees and early prepayment charges are also not a thing with SoFi.
Customer Experience
SoFi | Prosper | |
|---|---|---|
iOS App Score | 4.8 | 4.7 |
Android App Score | 4.2 | 3.9 |
BBB Rating | A+ | A+ |
Contact Options | phone/social | phone |
Availability | 5 am – 7 pm (PT) | 9 am – 8 pm (ET) |
Prosper offers customer support over the phone Monday to Friday during regular working hours. The help centre can provide you with a lot of help over the weekend if you cannot get in touch with the team during the week and there are also helpful resources that will improve your education when it comes to different financial matters.
One of the drawbacks with Prosper is that the mobile app is not optimized to allow you to manage your personal loan. Finally, there is an A+ rating for Prosper from the Better Business Bureau.
SoFi has a wide-ranging resource center and also offers one-on-one financial advice to people who take out a personal loan. The customer support team is reachable every day of the week during the outlined hours. It has a top-tier mobile app which can be used to carry out a wide range of personal loan-related functions. SoFi also has an A+ Better Business Bureau rating.
Which Personal Loan Lender Wins?
SoFi is generally seen as being the best option for people who have great credit and need larger loan sizes while also having to pay minimal fees. Prosper is the ideal fit for people who have poor credit scores.
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APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 29.99%
| 6.99% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-84 months
| 36-60 Months
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Loan Amount | $5,000 – $100,000
| 2,000 – $40,000
|
on SoFi website |
on Prosper website |
FAQs
How's SoFi debt consolidation loans work?
SoFi is a good option for debt consolidation. SoFi offers direct payment to your creditors if you obtain a debt consolidation loan, in addition to loans of up to $100,000 at competitive rates.
This eliminates the need for funds to arrive in your bank account before being redirected to your creditor's account. This not only saves you stress, but it may also save you several days' worth of interest payments.
Can I get a SoFi loan with a credit score of 620?
For those with good or excellent credit, SoFi has the best rates. You may still be able to qualify for a SoFi loan with a 620 or fair credit score, but you won't be able to get the best rates.
This means you might be able to get a better deal from another provider.
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Prosper vs Happy Money
All of these lenders have some things in common, such as similar credit score requirements. There are, however, some significant differences that you will notice.
Prosper is a great option for people looking for a small loan, whereas Happy Money is better suited to applicants looking to minimize fees. Finally, if you want to get very competitive rates, Peerform is a good option.
Read Full Comparison: Peerform vs Happy Money vs Prosper: Which Personal Loan Is Better?
Prosper vs LendingClub
In many ways, Prosper and LendingClub are very similar. They are both peer-to-peer lending marketplaces that require a minimum credit score of 600 and offer the same term lengths. They also have flexible repayment options and a fee structure that is similar to ours. Even the APR rates and fee structures are very similar, so there isn't much to differentiate these two products.
Read Full Comparison: Prosper vs LendingClub: Which Personal Loan Is Better?
Prosper vs Rocketloans vs Upstart
Each of these three lenders shares and differs in some ways. In general, Upstart is the best option for people who need a small loan or who may not be able to obtain a FICO score. Rocket Loans is a viable option if you need quick access to borrowed funds, whereas Prosper allows you to get a joint loan and caters to people with fair credit.
Read Full Comparison: Rocketloans Vs Prosper Vs Upstart: Which Personal Loan Is Best?
Universal Credit vs PenFED
Universal Credit is a lender that works with people who have bad or fair credit, and it is a subsidiary of Upgrade, another online lender. Figure is a major online lender that focuses on people with good credit and larger loan amounts. PenFED credit union is a well-known credit union in the United States, offering personal loans online. It is best suited for people looking for a small loan.
Read Full Comparison: Universal Credit Vs FIGURE Vs PenFED: Compare Personal Loan Providers
SoFi vs Rocketloans
SoFi has been around for a long time and is regarded as one of the best options. It has no fees, a flexible repayment system, and a wide range of loan options. Marcus, a Goldman Sachs subsidiary, is yet another high-quality online lender. It is an excellent choice for anyone with good credit who wants to avoid fees and customize their repayment terms.
Finally, while Rocket Loans does not have a competitive offering in many ways compared to the other two options, it does have an extremely fast funding speed.
Read Full Comparison: Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?
SoFi vs Happy Money vs OneMain
Each of these three lenders will be appropriate for a different type of person. OneMain is generally beneficial for accepting applications from people with less-than-perfect credit.
SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. Happy Money is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Happy Money Vs SoFi Vs OneMain: Compare Personal Loan Providers
SoFi vs Best Egg
SoFi is regarded as one of the best lenders in the industry, with zero fees, a diverse range of loan options, and favorable repayment terms. It was founded in 2011 and began as a student loan lender before expanding into other areas.
Best Egg was founded in 2014 and has since funded over 788,000 loans totaling more than $14 billion. It has a wide range of loan amounts to choose from, as well as a secured loan option, and accepts lower credit scores than many other lenders.
Read Full Comparison: SoFi Vs Best Egg: Which Personal Loan Suits You Best?
SoFi vs Discover
SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.
Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.
Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?
SoFi vs LendingClub
Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.
LendingClub is better suited to people with low credit scores, whereas SoFi has better rates and more repayment flexibility. Both of these options are centered on their online operations and offer a simple way for you to obtain a personal loan without having to jump through a lot of hoops.
Read Full Comparison: SoFi Vs LendingClub: Which Personal Loan Is Better?
SoFi vs PenFED vs Axos
Each of these lenders prefers to work with borrowers who have good credit. Because there is no origination fee, SoFi is an excellent choice for people looking for low-cost personal loans.
When it comes to repayments, Axos is flexible, whereas PenFED offers some of the smallest loans in the online lending space.
Read Full Comparison: SoFi Vs PenFED Vs Axos: Which Personal Loan Is Best?
SoFi vs Upstart
Upstart is a one-of-a-kind proposition because it employs an artificial intelligence (AI)-based system rather than relying solely on FICO scores. The Consumer Financial Protection Bureau has determined that it is a reputable lender. Upstart is a good option for people who do not have a long credit history and who need funds quickly.
SoFi has been in business since 2011, and in that time it has served over 2.5 million people and funded loans totaling more than $50 million. It is regarded as one of the best in the industry and an excellent choice for those with excellent credit.
Read Full Comparison: Upstart Vs SoFi: Which Personal Loan Is Best?
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