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Payoff Vs SoFi Vs OneMain: Compare Personal Loan Providers

There is an abundance of personal loan lenders. This review will focus on what OneMain, Payoff, and SoFi have to offer prospective borrowers.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. Transparency is a core value for us, see how we make money.

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.

sofi logo
payoff logo svg
one main financial logo
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.
7.99% – 23.43% (with discounts)
8.99%-29.99%
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 dotted around the country, as well as being an online lender. It looks after borrowers with a wide range of loan types, as well as the provision of fast access to funds.

OneMain has a good range of loan types available, such as secured loans, unsecured loans, and joint loans. It caters to people who only need a small loan and it aims to have the funds processed within a single business day. There is also a cancellation policy that allows you to avoid paying any fees or charges if you cancel within seven days of taking out the loan.

However, there can be significant origination fees charged by OneMain depending on your situation and your state. This can be between 1% and 10%. OneMain also is not going to provide loans to people in every state and there is no autopay discount on offer.

OneMain personal loan can be a good option if you need to get quick access to funds or you are looking for a secure loan or joint loan options. It also does not charge any late fees and has a seven-day cancellation policy.

one main financial logo
one main financial logo

When to Consider Payoff Personal Loan?

Payoff is a financial awareness firm that takes a more holistic approach when dealing with borrowers. It has a low-cost structure in many ways, never charging a prepayment penalty or late fees. There is good flexibility when making repayments and it has a lot of different personal financial educational tools to help you boost your knowledge in this subject matter.

However, Payoff is a bit limited in terms of the range of loan types it offers. For example, you will not be able to get a secured loan, joint loan, or co-signed loan. You will also not receive any sort of autopay discount.

Overall, Payoff personal loan can be considered as a good option if you have a relatively low credit score. It also is a good fit for people who want to burh up on their personal finance knowledge due to the extensive educational resources.

payoff logo svg
payoff logo svg

When to Consider SoFi Personal Loan?

SoFi is a long-running lender that operates with a low-cost approach and mainly deals with people who have stronger credit.

You can get many different types of personal loans from SoFi, including co-signed loans. You also have access to a bigger max loan size than most other lenders at $100,000. It has an autopay discount, as well as offering free financial advice to its customers. On the other hand, SoFi only deals with people who have credit scores of at least 680, so that blocks a lot of people from using this offering. SoFi can also be quite slow in processing funds, with this sometimes taking as long as a week.

On the bottom line, SoFi can be a good fir in case you have good credit and need a large loan. It also offers a low-cost personal loan product.

sofi logo
sofi logo

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Requirements

OneMain allows you to borrow funds of as little as $1,500 and up to $20,000. SoFi has a high minimum loan of $5,000 and this rises to a significant $100,000 loan size. Payoff is like SoFi as it also has a minimum loan size of $5,000, with its biggest loan being $40,000.

OneMain looks at each application in an independent manner and it does not have an out and out minimum required credit score for applicants. SoFi mainly deals with people who have good credit, accepting applications from people who have a credit score of 680 or greater. Payoff deals with lower credit scores, accepting anything beginning at 600.

OneMain and SoFi do not outline any specific income or debt-to-income (DTI) ratio requirements for applicants. For Payoff personal loans, applicants need to showcase at least three years of credit history. All of these different lenders will only provide loans to people who are at least 18 years old. Applicants also need to either be a US visa holder, permanent resident, or citizen.

Repayment Options

OneMain and Payoff give you the ability to choose the payment date for your personal loan, as well as make changes to this date as needed. OneMain and Payoff do not offer any sort of autopay discount, but it also will not charge any late fees. Payoff does allow people who are 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

Payoff
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.

Payoff 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 Payoff 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. Payoff 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.

sofi logo
payoff logo svg
one main financial logo
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.
7.99% – 23.43% (with discounts)
8.99%-29.99%
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
Apply Now
on SoFi website
Apply Now
on Payoff website
Apply Now
on Credible website

FAQ

No, Payoff only 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.

Payoff 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

Compare Alternative Lenders

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 Payoff 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 Payoff vs Prosper: Which Personal Loan Is Better?

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, Payoff is a financial wellness company that wants its customers to have a positive relationship with money.

Read Full Comparison: Upgrade Vs Payoff Vs Discover: Which Personal Loan Suits You Best?

Upstart and Payoff 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, payoff is the way to go.

Read Full Comparison: Upstart Vs Payoff: Which Personal Loan Is Better?

Payoff is a lender that 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: Payoff Vs LendingClub Vs Upgrade: Choose The Right Personal Loan

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, whereas FIGURE is best suited to people who want quick and easy access to funds.

Read Full Comparison: FIGURE Vs SoFi Vs Prosper: Which Personal Loan Is Better?

Figure and SoFi primarily serve people with good credit, whereas Upstart will serve people with poor or no credit. When it comes to providing quick access to funds, Upstart will be faster, while Figure and SoFi will offer autopay discounts.

Read Full Comparison: FIGURE vs Upstart Vs SoFi: Which Personal Loan Is Best?

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 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 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?

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?

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?

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?

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?

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?

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

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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