In this Comparison
There is an abundance of different online lenders that cater to the needs of US borrowers in this day and age.
This review will focus on what OneMain, Payoff, and SoFi have to offer prospective borrowers.
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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%
| 11.52% – 24.81%
| 18.00% – 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
| 24 – 60 months
| 24-60 months
|
Loan Amount | $5,000 – $100,000
| $5,000 – $40,000
| $1,500 -$20,000
|
Min Score | 680 | 600 | No Minimum |
When to Consider OneMain Financial Loan?
OneMain Financial has over 1,500 physical branches and an online platform, offering a range of loan types with quick funding. They provide secured, unsecured, and joint loans, making it a good option for smaller loan amounts, with funds typically processed within a day.
However, keep in mind that origination fees can be significant, availability varies by state, and there's no autopay discount.
That said, OneMain is a solid choice for fast funding, secured loans, and joint loan options, with no late fees and a seven-day cancellation policy.
When to Consider Happy Money Personal Loan?
Happy Money takes a holistic approach to lending, offering no prepayment or late fees, flexible repayment options, and a wealth of financial education resources.
However, it doesn't offer secured, joint, or co-signed loans, nor does it provide autopay discounts. It’s a great choice for borrowers with lower credit scores and those looking to improve their financial knowledge, though it may not be the best fit for everyone due to its limited loan options.
When to Consider SoFi Personal Loan?
Requirements
OneMain, SoFi, and Payoff are companies where you can borrow money, but they have different rules.
- OneMain lets you borrow from $1,500 to $20,000. They don't have a strict minimum credit score requirement.
- SoFi's smallest loan is $5,000, but they can lend up to $100,000. They usually work with people who have good credit scores, typically 680 or higher.
- Happy Money‘s loans start at $5,000 and go up to $40,000. They are more open to people with lower credit scores, starting from 600.
None of these companies have specific rules about how much money you need to make or how much debt you can have compared to your income. However, Payoff wants you to have at least three years of credit history.
Repayment Options
OneMain and Payoff allow you to choose the payment date for your personal loan and make changes to this date as needed. OneMain and Payoff do not offer any sort of autopay discount, but they also will not charge any late fees. Happy Money allows people consolidating debt to directly pay their creditors.
SoFi offers a 0.25% autopay discount and there are no late fees in place. Like OneMain, SoFi allows you to change the due date of repayments. You can also get as much as three months’ worth of forbearance for those people who have a SoFi personal loan and they end up losing their job. Finally, you will not have to pay any form of prepayment penalty.
Customer Service
Happy Money | OneMain | SoFi | |
|---|---|---|---|
iOS App Score | N/A | 2.8 | 4.8 |
Android App Score | N/A | 2.8 | 4.2 |
BBB Rating | A+ | A+ | A+ |
WalletHub Rating | 4 | 3.8 | 3.1 |
Contact Options | phone/mail | phone | phone/social |
Availability | 6am – 6pm (PST) | 7 am – 7 pm (CT) | 5 am – 7 pm (PT) |
OneMain gives you the flexibility of applying for a personal loan in person or online. Both options are very fast and efficient, with OneMain aiming to have your funds sent to you within one business day. You can only contact the OneMain support team during the week. You can utilize the OneMain mobile app for managing any loan functions. It is also a reputable lender, holding an A+ rating for the Better Business Bureau.
SoFi has one of the best help centers around, providing the answer to the majority of questions that you might have. There is support reachable seven days per week through numerous options. The Better Business Bureau has given an A+ rank to SoFi and it also has a high-quality mobile app for your loan management needs.
Happy Money has seven-day support for its customers, providing numerous contact methods. It also is very good when it comes to educating its clients about all aspects of their personal finances. There is no way to manage your loan through the Happy Money mobile app, while it has been granted an A+ rating from the Better Business Bureau.
Which Personal Loan Lender Wins?
Each of these three lenders will be suitable for different types of people. Happy Money is generally good for accepting applications from people who might not have the best credit.
SoFi is the opposite, as it deals with those individuals who have decent credit and who are looking for large loan sizes. OneMain is somewhere in between and it provides you with very quick access to your borrowed money.
|
| | |
|---|---|---|---|
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%
| 11.52% – 24.81%
| 18.00% – 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
| 24 – 60 months
| 24-60 months
|
Loan Amount | $5,000 – $100,000
| $5,000 – $40,000
| $1,500 -$20,000
|
on SoFi website |
on Payoff website |
on Credible website |
FAQ
No, PHappy Moneyonly offers personal loans that are specifically designed to allow consumers to consolidate credit card debt. This means that you cannot use the loan for any other purpose or consolidate any other debt.
So, if you are looking for a lender that also offers other financial products, you’ll need to look elsewhere.
Happy Money only accepts sole applications, so you cannot submit a joint application or add a cosigner to your application.
However, the lender's website has very clear borrower criteria, so you can see if you are likely to qualify without a cosigner. If you won't be able to qualify and will need a cosigner, you should look into other lenders.
OneMain provides personal loans up to $35,000 with terms of up to five years. As a result, if you want to consolidate several high-interest debts, this financial institution is a good choice. The company even has a dedicated debt consolidation page with resources for those thinking about taking out this type of loan.
If you are having difficulty making your regular payments, you may be able to negotiate your loan repayment with SoFi.
This bank does offer some temporary reduced payment options, but you must be certain that you will be able to stick to these new arrangements. SoFi is unlikely to allow you to renegotiate if you do not stick to the payment options.
More Personal Loan Reviews
Avant
Best Egg
CitiBank
Credible
Discover
Payoff
LendingPoint
LendingTree
OneMain Financial
RocketLoans
SoFi
Upgrade
Upstart
Wells Fargo
Personal Loan Reviews
Compare Alternative Lenders
Happy Money vs Prosper
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?
Happy Money vs Upgrade vs Discover
Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.
Finally, Happy Money is a financial wellness company that wants its customers to have a positive relationship with money.
Read Full Comparison: Upgrade Vs. Happy Money Vs. Discover: Which Personal Loan Suits You Best?
Happy Money vs Upstart
Upstart and Happy Money both cater to people with low credit scores and offer flexible repayment terms.
Upstart is better suited for people who want a smaller loan amount or who do not yet have a credit score. If you want to keep your fees as low as possible, Happy Money is the way to go.
Read Full Comparison: Upstart Vs Happy Money: Which Personal Loan Is Better?
Happy Money vs LendingClub vs Upgrade
Happy Money focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.
If you need quick access to funds and a variety of loan types, Upgrade is the best option of these three lenders. Finally, if you need a joint loan or have a low credit score, LendingClub is a good option.
Read Full Comparison: Happy Money Vs LendingClub Vs Upgrade: Choose The Right Personal Loan
SoFi vs Prosper
SoFi is widely regarded as the best option for people with excellent credit who require larger loan sizes while paying low fees. Prosper is best suited to people with low credit scores.
Read Full Comparison: SoFi Vs Prosper: Which Personal Loan Is Better?
SoFi vs Rocketloans vs Marcus
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 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?
OneMain vs Avant vs LendingClub
LendingClub is a peer-to-peer online lending marketplace that prefers to work with people who have poor credit. The California-based company has over three million customers in the United States.
Avant is a Chicago-based lender that provides personal loans to people with bad credit. It also gives you quick access to funds as well as flexible repayment options. While OneMain is an online lender, it also has over 1,500 physical locations throughout the United States. This lender offers quick access to funds as well as a variety of loan options.
Read Full Comparison: OneMain Vs Avant Vs LendingClub: Which Personal Loan Suits You Best?
OneMain vs Mariner Finance vs Netcredit
All three of these lenders have a lot of similarities. They each cater to people with poor credit scores and can have quite high rates of interest.
NetCredit and OneMain are very good for providing fast access to funds, while these all offer small loans. Out of all of these offerings, OneMain stands out the most when it comes to its range of options.
Read Full Comparison: OneMain vs Mariner Finance vs Netcredit: Which Personal Loan Is Better?
OneMain vs Upstart
Both of these lenders make it possible for people with bad credit to obtain a personal loan. OneMain's offering is a little more limited, with loans that are relatively smaller in size but with more flexible repayment term lengths.
Read Full Comparison: OneMain Vs Upstart: Compare Personal Loan Providers
