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.
| 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 9.99% 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 |
| Pros |
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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.
SoFi is best for people who want:
Prosper is best for people who:
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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The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
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