In this Comparison
If you are someone who is looking to get a personal loan, then you will have a long list of options to choose between. There are loads of online lenders that have a high-quality offering.
This review is focused on what Prosper, Payoff, and Peerform bring to the table in this regard.
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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.
| 7.99% – 35.99%
| 8.99%-29.99%
| 5.99%- 29.99%
|
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.
| 36-60 Months
| 24 – 60 months
| 36 – 60 months
|
Loan Amount | 2,000 – $40,000
| $5,000 – $40,000
| $4,000 -$25,000
|
Min Score | 640 | 600 | 600 |
When Payoff Shines?
Payoff is a company that focuses on financial awareness and works closely with clients when it comes to striving towards meeting their personal finance goals.
Payoff personal loan can be a better choice than Prosper and Peerform if you:
- Need fast funds
- Want to avoid fees
- Looking for payment flexibility
When Prosper Shines?
Prosper is a leading platform that acts in a peer-to-peer format and has been around since 2005, catering to the needs of over one million customers.
Prosper personal loan can be a better choice than Payoff and Peerform if you:
- Have a fair credit score
- Looking to get a joint loan
- Likes to have a range of loan size options
When Peerform Shines?
Peerform is another peer-to-peer lender that caters to a wide range of needs, including personal loans and debt consolidation.
Peerform personal loan can be a better choice than Payoff and Prosper if you:
- Need to consolidate debt
- Looking to get a loan with fair credit
Requirements
Payoff has quite a high minimum loan size of $5,000 and a max loan of $40,000. Prosper will give you a loan ranging from $2,000 to $40,000. Finally, Peerform offers loans starting at $4,000 and rising to $25,000.
Payoff, Peerform, and Prosper all accept applications from people who have a credit score of as little as 600. You will need to showcase three years of credit history when getting a Payoff personal loan.
Prosper requires its applicants to have a debt-to-income (DTI) ratio that is not greater than 50%. The max DTI for a Peerform personal loan is 40% and you also need to show a credit history of at least a year and have a minimum annual income of $10,000. For these three lenders, applicants need to be at least 18 years old, as well as being a US resident or a citizen or you are a visa holder.
Payoff - Pros & Cons
- Limited Fees
Payoff does not charge any prepayment penalty or late fees if you miss a payment.
- Payment Flexibility
There is the ability to change your payment due dates with Payoff, as well as utilize payment deferrals in certain situations
- Financial Help
You will get access to extensive forms of financial help with Payoff.
- Soft Credit Pull
If you want to see what Payoff can offer you, there will only be a soft credit check completed initially so you won’t hurt your credit.
- Sometimes Origination Fee
There are certain times when you will be charged an origination fee by Payoff.
- Limited Loan Types
With Payoff, you will not be able to get a secured loan, joint loan, or a co-signed loan.
Prosper- Pros & Cons
- Low Barrier to Entry
You only need a credit score of 600 to apply for a Prosper personal loan.
- Offers Joint Loans
Prosper offers you the ability to get a joint loan, something which is not offered by many competitors.
- Nice Range of Loan Sizes
Prosper offers loans from $2,000 and all of the way up to $40,000.
- Due Date Change
You are able to change your personal loan repayment date with Prosper.
- Fees
You will need to pay late fees and an origination fee if you get a Prosper personal loan.
- No Mobile Support
You will not be able to manage your Prosper personal loan through the lender’s mobile app.
Peerform - Pros & Cons
- Fast Application Process
The entire application process for a Peerform personal loan takes just a few minutes and can be fully done online.
- Soft Credit Check
If you are inquiring as to how much you can expect from getting a Peerform personal loan, you do not need to get a hard credit check.
- Range of Loan Options
You are able to get personal loans of many different types at Peerform and you can also consolidate your existing debt.
- Lack of Prepayment Penalty
There is no prepayment penalty in place if you want to pay off your Peerform earlier than you are supposed to.
- Not Available in All States
You will not be able to get a Peerform personal loan if you are located in certain states.
- Origination Fee
There is usually an origination fee in place of 1%-5% on a Peerform personal loan.
Repayment Options
Payoff allows you to alter your repayment date and also has a payment deferral option if an issue arises. You also will not have to pay any late fees or prepayment penalties. Finally, debt consolidators are able to pay creditors directly.
Payoff, Peerform, nor Prosper offer any sort of autopay discount. Like Payoff, you can change your due date for repayments with Prosper. However, there are late fees in place and no way for you to directly send payment to creditors when you have a Prosper personal loan.
With Peerform, your payments will only be sent to a single credit bureau. You also will not be able to change your payment due date and there is only one term length available.
Customer Experience
Payoff | Prosper | Peerform | |
|---|---|---|---|
iOS App Score | N/A | 4.7 | N/A |
Android App Score | N/A | 3.9 | N/A |
BBB Rating | A+ | A+ | A+ |
WalletHub Rating | 4 | 2.6 | 3.6 |
Contact Options | phone/mail | phone | phone/mail |
Availability | 6am – 6pm (PST) | 9 am – 8 pm (ET) | 9 am – 6 pm (EST) |
The Payoff customer service team can be reached seven days per week and there is also a wide-ranging FAQ section. It makes sure that its customers will be able to get access to expert advice about their personal finance. Payoff does not have a mobile app available for people who are looking to manage their personal loans. Finally, the lender has an A- Better Business Bureau rating.
Prosper will not have any sort of weekend customer support available. During the week, you can communicate via email or by phone. The help center can be useful if you have an issue, while there is also a decent financial education offering in place. You cannot manage any aspects of your personal loan through the Prosper mobile app, but the lender does have an A+ Better Business Bureau rating.
The Peerform customer support team only works during regular business hours midweek. It does not really have a help center in place in order to answer the questions of potential personal loan applicants. It also does not have a mobile app. Finally, Peerform has an A+ Better Business Bureau rating.
Which Personal Loan is The Winner?
All of these lenders have similarities, such as all having similar credit score requirements. However, there are loans some key differences that you will notice.
Prosper is a great option for people who want a small loan, while Payoff is going to be well-suited to applicants who are looking to minimize fees. Finally, Peerform is a good option if you are looking to get very competitive rates.
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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.
| 7.99% – 35.99%
| 8.99%-29.99%
| 5.20% – 35.99%, Best Rate Guarantee * |
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.
| 36-60 Months
| 24 – 60 months
| Compare Various Lenders
|
Loan Amount | 2,000 – $40,000
| $5,000 – $40,000
| Up to $100,000
|
on Prosper website |
on Payoff website |
on Credible website |
FAQ
Prosper does provide low-interest personal loans, but there is one caveat that may influence whether it is a good option for debt consolidation. Loan terms on Prosper are only up to five years. As a result, if you require a longer-term loan to pay off your debt, this may not be the best option for you.
Prosper does provide loans to people with less-than-perfect credit. The website has a rate estimate tool that allows you to enter a 580 credit score, which confirms that you can get a loan with this score. You should be aware, however, that you will not be able to obtain the best rates.
Yes, there are no prepayment penalties with Payoff, so you can make additional payments or pay off your loan balance in full before the end of your loan term without incurring any fees. If you want to switch lenders, keep in mind that you may have already paid an origination fee, which should be factored into your calculations.
Peerform is a marketplace for peer-to-peer lending. Peer-to-peer lending is a marketplace that connects borrowers and lenders. Peer-to-peer typically refers to average Joes borrowing from and lending to other average Joes.
Accredited, personal investors or financial institutions are among those who invest in Peerform loans. According to Peerform, they look beyond the FICO score and use special algorithms to determine a borrower's creditworthiness.
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Payoff 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
Payoff vs SoFi 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
Payoff 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?
Payoff 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?
Prosper vs Best Egg vs Marcus
When it comes to these various lenders, Marcus is clearly the leader. It has the best reputation, no fees, and a lot of flexibility when it comes to repayments. However, the funding process can be a little slow. Prosper offers a wide range of repayment options and accepts lower credit scores, whereas Best Egg provides secured loans and preferable debt consolidation options.
Read Full Comparison: Best Egg Vs Prosper Vs Marcus: Choose The Right Personal Loan For You
Prosper vs FIGURE vs SoFi
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?
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 Upstart vs Rocketloans
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?
