SoFi stands out for its attractive interest rates and larger loan offerings for those with higher credit scores and incomes. It also offers a suite of personal finance education tools. Prosper, on the other hand, is more inclusive of those with lower credit scores who need smaller loan amounts.
SoFi vs. Prosper: A quick comparison
Details | SoFi | Prosper |
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Loan products offered | Personal loans for credit card consolidation, home improvements, family planning, travel, IVF, weddings and more. | Personal loans for debt consolidation, home improvement, healthcare financing, vehicles and more. |
Interest rates | 8.99% to 29.99% fixed APR | 8.99% to 35.99% |
Fees | No origination fee | 1% to 7.99% origination fee |
Loan amounts | $5,000 to $100,000 | $2,000 to $50,000 |
Turnaround time | Same day as approval | Minimum 1 business day after approval |
Eligibility requirements |
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Ratings |
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State availability | Available in all states | Not available in: Iowa, North Dakota, West Virginia |
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SoFi vs. Prosper: Which one’s better?
SoFi, known for lower interest rates and membership perks, wins due to its optional fees, lower maximum interest rates and flexible terms. However, both SoFi and Prosper can be compatible options for borrowers, depending on your needs. SoFi is best for borrowers who need larger loan amounts, while Prosper is better for borrowers with a lower credit score who only need up to $50,000 in funding.
When to consider SoFi
SoFi is best for people who want:
- Larger loan amounts. SoFi allows you to borrow up to $100,000 if you meet its eligibility criteria.
- No additional fees. SoFi does not add any origination, prepayment or even late fees if you’ve missed your payment.
- Discounts. SoFi offers a 0.25% discount on your loan monthly payments if you choose an automatic payment via your bank account.
When to consider Prosper
Prosper is best for people who:
- Want smaller loan amounts. Prosper allows a minimum loan amount of $2,000 for borrowers who need less than the $5,000 minimum set by SoFi.
- Have lower credit profiles. Prosper states it lends out loans to borrowers with a minimum credit score of 640 as long as they meet other criteria.
- Seek a peer-to-peer lending experience. A peer-to-peer lending experience allows a borrower to customize their repayment options from 2 to 7 years.
The similarities
Both companies offer competitive rates and flexible eligibility requirements with minimum credit scores in the 600 range. They are both highly rated lenders by customers on Trustpilot and have a straightforward online application process that offers applicants a range of loan amounts to choose from.
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Alternatives to SoFi and Prosper
Here is a list of other lenders that could align with what you’re looking for.
- Upgrade: Upgrade offers fixed-interest loan products up to $50,000. Depending on the lender’s set terms, you may have up to seven years to repay your loan. A hardship program is also available to help with repayments.
- Best Egg: Best Egg offers personal loans with APRs starting from 8.99% and offers loan amounts up to $50,000 with a variety of repayment methods. It was ranked the number one company in 2021 by Best Company, a consumer review site.
- Avant: Avant is more lenient than most lenders since it does not require a credit score and welcomes self-employment income.
See how other lenders stack up
Looking for more side-by-side comparisons of similar lenders? Here are a few that you might find helpful:
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