Whether you are thinking about starting a business, improving your home, fixing your credit situation, going on that dream vacation there is always going to be a company that fits your needs. I strongly recommend that you choose an online lender. With online lenders you will be able to get lower interest rates and more loan features than with a traditional bank. I encourage you to get rates today, which can be done in 2 minutes.

What is an unsecured personal loan?

An unsecured loan has no collateral behind it, but only the creditworthiness of the borrower to verify capacity to repay. Because there is not property behind the loan, borrowers will usually have to have higher credit scores to be approved for the loan. Another thing to take into consideration is that interest rates are also dependent on the creditworthiness as well as the income of the borrower. Some personal loan companies look at other factors like education, employment history, etc. An unsecured loan may be taken out for household, medical expenses, vacation, debt consolidation, etc.

Secured vs unsecured loan

Since unsecured loans are a greater risk to the lender they often have higher interest rates than secured loans, but they also don’t leave the borrower at risk of losing their house or car. Unsecured loans will help you to sleep better at night knowing that your major items are safe. You will need a higher credit score and annual income than with a secured loan. Sometimes borrowers with insufficient credit can provide a cosigner to take on legal obligation to pay the debt if the borrower cannot.

Personal loan companies

SoFi

SoFi is the face of online lending. SoFi offers exceptional rates and perks to those with high credit and income. A credit score of 680 is required to get a loan through SoFi, but most SoFi borrowers have credit scores that are over 700. You don’t have to make a specific amount to borrow with SoFi. With that said, SoFi wants you to be able to pay off your loan each month and have money to spare.

Most people who borrow on the SoFi platform make around $100,000. For those who can qualify, SoFi offers perks like not charging late fees, letting you change payment due dates, and giving you protection if you lose income through no fault of your own. Their forbearance unemployment protection is one of SoFi’s best features. If you were to ever lose your job SoFi would temporarily pause payments and even go out there way to help you find a job.

SoFi offers highly varied loan amounts from $5000 to $100,000. The rate is usually fixed between 7.08% and 15.37% and variable rates are between 5.81% and 14.11%. Loans can be repaid in 3 to 7 years which is rare. Funding typically takes about a week. Another plus of SoFi is that loans can be transferred from parent to child.

With SoFi you can earn $100. All that you have to do is click this link and you will receive $100 when you apply.

Laurel Road

Laurel Road specializes in student loans, especially for healthcare professionals. They offer student loan refinancing to make bouncing back from college loans more feasible for graduating students. They also offer excellent personal loans, however. Laurel Road offers loans from $1000 to $45,000, with fixed rates between 5.5% and 11.74%. This is one of the lower top rates in the industry, so even if you are hit with Laurel Road’s highest rates you won’t be paying too much. Loan terms are offered in three or five year periods. Laurel Road has high expectations for their personal loan borrowers. You must have a credit score of 680 or above and an annual income of 60,000 or more in order to receive a loan from this company. What I love about Laurel Road is that they have a great reputation. The company received an “A+” BBB grade, which means that they are trustworthy and they run their business with integrity. Laurel Road is great at handling the complains and concerns of their borrowers. By clicking this link you will receive $80 with Laurel Road.

Earnest

Earnest is a big player in the online lending industry. Earnest is for borrowers who want to quickly pay off refinanced college debt, but it is great for personal loans as well. This company isn’t about fees. There is no late fee, origination fee, or prepayment fee. This means that you will receive the full extent of your loan. You can expect to receive funding within a week of being approved. To qualify for a loan with Earnest, you will need a minimum credit score of 680 and proof of consistent income. If you have had a bankruptcy in the past three years or live in Delaware, Alabama, Kentucky, Rhode Island, or Nevada, you cannot get a loan through Earnest. You can get a personal loan rate with Earnest for as low as 6.99%. Borrowers will be able to get a loan anywhere from $5K-$75K.

Upstart

Upstart all started by students exchanging a percentage of their income over the course of a decade in exchange for mentorship and capital from investors. In 2014 Upstart began offering fixed term lending. Upstart offers loans for individuals of all ages. However, they are a big hit for young adults. Upstart considers various factors like education and job history, and may offer better rates for those without much of a credit history, using an innovative algorithm. You can pay off your loan early with no fee with Upstart, but there is usually an origination fee. Upstart offers rates from 8.36% to 29.99%, which are higher than other lenders. With a minimum credit score of only 640 and other aspects taken into account as well, this may be one of the only options for many borrowers.

LightStream

LightStream is a fantastic lender that offers high loans at low rates, with no fees, to those with good credit or a co-signer. To use LightStream you should have a credit score of at least 660. Also, you should have several years of good credit history and a reputation of making payments on time.

With LighStream you will not have to prove your minimum income. What LightStream cares about is, are you able to pay your loan off or not?

To make getting approved with LightStream easier, you should have a variety of credit accounts. If you have a co-signer with good credit, you can have a credit score below the minimum, opening up lending options. LightStream is a great option for those who are consolidating debt or making home improvements, since it has low rates and long repayment terms. Loan amounts are offered between $5000 and $100,000. The rates are between 3.09% and 14.24%. If you need money fast, this can be a great option for you, since they often fund the same day as you apply. Repayment can be from two to seven years, or up to 12 years for home improvements.

Avant

Do you have poor or low credit? If so, then you will love that Avant reaches out to those with low credit scores who need to consolidate debt or make essential expenses. This is a lending company geared towards the middle class, requiring only an annual income of $20,000. They offer flexibility in loan payments as well. You can borrow from $2000 to $35,000 at rates between 9.95% and 35.99%. While these are some of the higher rates in the industry, these are the only loans some borrowers can get, since they require a credit score of only 580. The average credit score for Avant borrowers is between 600 and 700. Avant doesn’t hold back from fees. Borrowers can expect fees for opening the account, making late payments, and making unsuccessful payments. There is not, however, a fee for prepayment. This means that you will feel say when you pay off your loan before your loan term ends. Avant can get you your money as soon as the next business day, and repayments plans are monthly, from two to five years.

Rocket Mortgage

Rocket Mortgage is a product of Quicken Loans that was created to give borrows a better online experience. Rocket Mortgage offers loans fast to those with a good credit score and history. The minimum credit score to apply for a loan with Rocket Mortgage is 640, but most borrowers have higher credit scores. Borrowers must have at least two years of good credit history to qualify. You must earn at least $24,000 to get a loan through Rocket Loans, although most recipients have annual incomes closer to $78,000. This company will get you money fast, usually the next business day or the same day for loans under $25,000. Personal loan amounts are offered between $2000 and $35,000, with rates between 5.98% and 28.99%. Rocket Mortgage charges a fee to open your loan, late fees, and unsuccessful payment fees. You can choose a repayment plan of three or five years.

LendingTree

Lending Tree is a rare company on this list. How you ask? LendingTree is not in itself a loan company. Nor is LendingTree a P2P lender such as Lending Club. Rather, they connect borrowers with lenders from their network that offer the best loans for each borrower. Citi Bank, Wells Fargo, and more all offer loans to Lending Tree customers. When you apply for your loan through Lending Tree, they gather competitive loan offers from all of their lenders so that they can offer you the best possible loan for your needs. Lending Tree has access to lenders that the borrower may not be able to directly contact. These lenders may accept lower credit scores or offer lower rates than other companies. LendingTree rates are dependent on a number of different factors. Your rates can be anywhere from 6 to 36%.

OneMain Financial

OneMain Financial is another loan provider that focuses on those who don’t have good credit and may not qualify for a traditional loan. If your credit score isn’t your best feature, you need money fast, and you don’t mind a brick and mortar experience, OneMain may be right for you. With OneMain you can kiss a credit score requirement goodbye, so you can feel hopeful applying no matter what your credit score is. There is no minimum credit history or annual income either, although most recipients have an annual income of $49,000. Most recipients of loans have scores between 600 and 650, lower than what is acceptable for most loans. Funds are typically released the same day as approval, so you can get money fast, but you will need to visit one of the OneMain branches to complete your loan application. OneMain offers loans between $1,500 and $30,000. The thing that you might dread with OneMain is that they have some of the highest rates in the industry, between 16.05% and 35.99%. Repayment plans are two or five years.

Bottom line

If you are shopping for an unsecured personal loan there are a lot of options available to you. In general, the higher your credit score and annual income, the better your rates will be. This said, some of these companies take into account your education and expected earnings or allow a cosigner, increasing your options even if your credit score isn’t superb. If you have a less than stellar credit score, low annual earnings, and no cosigner, there are still options for you, although your rate is likely to be higher than other borrowers. If you really need the loan to consolidate debt or pay necessary medical expenses or home maintenance, even a high rate is worth it to get the money you need fast. Whatever company you choose, make sure you choose a plan that is realistic for you.

The post Best Unsecured Personal Loans first appeared on Quote Raters.

In the comparison, we will be comparing multiple factors between these two lenders such as their credit score requirements, their APR, their loan amounts, and more.

What is Upstart?

Upstart is an online lender that was founded in 2012 by ex-Googlers. Today the company has over 85 employees and has funded over $2 billion in loans. The goal of Upstart is to use data to offer better access to capital on fair and flexible terms. Upstart allows you to refinance student loans, credit cards, and debt consolidation loans. Upstart also allows you to get personal loans for taxes, weddings, home improvement, bills, large purchases, business, and more.

What is SoFi?

SoFi is online personal finance company that was founded in 2011. Today this online lender has funded well over $30 billion and they currently have over 500,000 members. SoFi allows you to get personal loans, mortgage loans, Parent PLUS refinancing, medical resident refinancing, and more.

Comparing the reputation of both lenders

BBB

Having a good Better Business Bureau score means that a company honestly represent products and services, protects the data of their customers well, honors their promises, and they maintained a positive track record.

Upstart has been a BBB accredited company since 11/30/2015. They currently have an “A+” BBB rating.

SoFi has an “A+” Better Business Bureau rating as well.

Trustpilot 

Out of 400+ reviews Upstart has a rating score of 9.6 out of 10. This is an excellent 5 out of 5 star score from UpStart.

SoFi has an amazing Trustpilot rating score as well. SoFi has over 1900 reviews and received an excellent Trustpilot score of 9.2 out of 10 and 5 out of 5 stars.

Comparing personal loan rates 

Upstart rates 

Upstart rates are on the high side compared to other lenders that we have reviewed. Their APR ranges from 7.80% to 29.99%.

Click here to get rates with Upstart.

SoFi rates

When comparing rates SoFi easily beats out Prosper, Upstart, and many of the top lenders. SoFi has personal rates that range from 6.57% APR to 16.25% APR.

Start SoFi here and get a $100 bonus.

Comparing the loan term options 

Loan terms – The loan term is the period of time that your loan will last if you make the required payments. The shorter your loan term the more that you will be able to save on interest rates.

Upstart has loan terms that range from 3 – 5 years.

SoFi has loan terms that range from 3 – 7 years.

How much can I borrow with each lender?

Upstart is for smaller loans. With Upstart you can take out loan amounts from $1,000 – $50,000.

If you need larger loans, then SoFi is a better fit. With SoFi you will be able to take out loans from $5000 to $100,000.

Features and benefits

Upstart

• Next day funding
• You will be able to borrow a lower minimum amount compared to other lenders. For example, both LightStream and SoFi offer loan amounts for $5000 and up.
• Peer to peer lending for investors.
• No prepayment penalty
• Quick and easy
• Soft credit check

SoFi

• If you ever lose your job. SoFi will temporary stop your payments and help you to find a job.
• Free SoFi events for all members. Members will be able to bring a guest.
• Complimentary financial advising.
• Get a 0.125% rate discount on any additional loans.
• No fees
• Low rates
• Soft credit check
• Easy Experience

The personal loan process

Both lenders allow you to get a loan in a few steps. All that you have to do is answer a few basic questions, such as your name, education, and employment history. Next you will have to choose your loan options and loan terms. Choose what best fits you. Then, you will sign and wait for approval. One of the main reasons why more people are switching to online lenders is because the application process is easier and quicker. Lenders such as SoFi can verify your information without you having to send in documents like you would with a traditional lender. Both loan applications will take only a few minutes.

Minimum credit score 

SoFi wants those who desire a personal loan to have a good credit score of 680. There is no minimum annual income that you have to make with SoFi, but most of their borrowers make over $100,000.

Upstart works with those who don’t have the best credit. Those who desire a personal loan with Upstart must have a credit score of at least 620. With Upstart you must make at least 12,000 a year.

Fees comparison

Upstart 

Upstart does not have a prepayment penalty fee if you pay off your loan faster than your loan term. However, they do have an origination fee that ranges from 0% – 8% of the target amount. Upstart also has a late payment fee of 5% of the monthly past due amount or $15. Whichever is greater is the amount that you will have to pay.

SoFi 

SoFi is unlike other lenders. With SoFi you will not have to worry about origination fees. SoFi has a 15-day grace period on their payments. After this grace period ends you will have to pay a 4% late fee of the total payment or $5. The amount that is less is the amount that you will have to pay.

When will my loan be funded?

SoFi loans will be funded within 1 to 7 days after the loan is approved. Upstart loans can be funded in in as little as one business day after your personal loan is approved.

Support comparison

Upstart offers a Help Center with various articles to help you maneuver around the Upstart platform. In their Help Center you will learn how to make payments, learn if you are eligible, and more.

Upstart’s phone support is available from Monday through Sunday from 6:00 AM PST to 5:00 PM PST.

SoFi has a larger Resource Center than Upstart. They answers more common questions that might arise for a borrower. SoFi’s phone support is available from Monday to Thursday from 4:00 AM – 9:00 PM PT and Friday to Sunday 4:00 AM – 5:00 PM PT.

Which personal lender is better?

There are many things about both lenders that you will love. They both offer an easy application process and they both have fast funding times. However, each lender uniquely caters to a certain group of people. For those with fair credit, then Upstart might be the better choice because they only have a 620 credit requirement. Upstart will also be the better choice if you need a loan under $5000. Overall, SoFi is the best choice. SoFi will give you more affordable rates and less fees. Also, more benefits and features come with getting a loan with SoFi. I encourage you to get rates today to see how much you will be paying for a loan. This can be done in a few minutes.

The post Upstart Vs SoFi first appeared on Quote Raters.

In this SoFi vs Earnest comparison article, we will help you to lower your monthly loan rates by thoroughly examining two popular names to help you to get out of debt quicker.

What is SoFi?

Social Finance, Inc. is a well-known personal finance company that offers a plethora of different options for borrowers. SoFi was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. The goal of SoFi is to provide an easier option for you to reduce your student loans.

What is Earnest?

Earnest is a fintech lender that offers student loan refinancing and personal loans. Earnest was founded two years after SoFi. In 2013, Earnest was founded by Louis Beryl and Benjamin Hutchinson. The company officially launched their site on March 2014. The goal of Earnest is to reduce the costs that financially responsible people may face.

Reputation comparison 

Both platforms have great reviews in TrustPilot, BBB, Reddit, and more.

BBB 

Better Business Bureau is an important factor when comparing companies because it allows you to know if the company can be trusted or not. BBB will allow you to know how well each company handles the complaints of their customers. A few factors that BBB takes into consideration include: the complaint history of your business, transparent business practices, failure to honor commitments to BBB, and more.

Both online lenders performed well in the BBB rating system. Both Earnest and SoFi have an “A+” rating in the BBB rating overview.

TrustPilot

TrustPilot is another great source to help us with knowing the trustworthiness of a company.

With over 1900+ reviews, SoFi.com received a TrustScore of 9.2 out of 10. This is an excellent trust score. Earnest.com received a TrustScore of 8.4 out of 10. Both companies received exceptional ratings from TrustPilot, but it is clear that SoFi beats out Earnest in the reputation comparison.

Student loan refinancing rates compare

All prices shown are assuming you set up autopay, which gives you a discount of 0.25%.

SoFi rates 

SoFi has 5 terms for you to choose from ranging from 5 years to 20 years. The shorter your term the more you will be able to save. SoFi offers fixed rates for as low as 3.899% and as high as 7.804%. They also offer variable rates for as low as 2.480% and as high as 7.804%

Fixed rate loans

Variable rate loans 

Fixed rate vs variable rate student loan

Variable is all about the market and how it’s doing at the moment. The good thing about variable rates is that you may be able to get a low rate. The bad about variable is that your rates can change if the market changes. You may have a low rate, but since rates may fluctuate you may end up with high rates.

Fixed rates are more predictable. With fixed rates you will not have to worry about your interest rates changing. A fixed rate is the safer option for borrowers. However, you might be able to save more with variable rate loans if you are willing to take on the potential risk of a market change.

Earnest rates

Earnest has loan terms ranging from 5 to 20 years. Earnest is slightly more expensive than SoFi.

• Variable rates range from 2.57% – 5.87%.
• Fixed rates range from 3.89% – 6.32%.

Fees comparison

With SoFi and Earnest you will not have to worry about application or origination fees, nor will you have to worry about prepayment penalties. One of the benefits of choosing an online lender is that they will process all of your information online.

Online lenders are adapting to what millennials desire, which as a quick and easy loan process. By being online lenders both companies cut the cost and by cutting the costs, customers are able to benefit.

The loan application process

Earnest offers a quick and easy refinancing experience that will help you to save time and money. The first step in the application process is to add basic information such as your name. Then you will add your education history. You will then add your financial information and residential information. After following these four steps you will be able to get your rates.

The SoFi student loan refinancing process is simple and easy. With SoFi you will be able to get rates in 4 steps. Uploading documents and talking to experts via live chat while you are completing the loan process can easily be done.

Features comparison of both companies.

SoFi features and benefits

• 0.125% rate discount – By bundling loans you will be able to receive a 0.125% discount with SoFi. This means more savings on mortgages, mortgage refinancing, personal loans, and student loan refinancing.
• Consolidation of federal and private loans.
• Complimentary guidance from licensed financial advisors.
• Unemployment Protection
• Entrepreneur Program
• Community events
• SoFi Money
• Soft credit pull
• Student loan calculator

Earnest features and benefits

• You will be able to consolidate your private and federal loans
• Optional bi-weekly payments
• You will be able to skip one payment every 12 months after you have made 6 consecutive payments on time.
• Precision Pricing
• Soft credit pull
• Unique application process
• Refi student loan calculator
• Comprehensive underwriting process

How much can you borrow?

With both companies there is a $5000 loan minimum.

Earnest loan amounts range from $5000 to $75,000.

SoFi loan amounts range from $5000 to $100,000.

Estimated funding time comparison 

Waiting for a loan can seem never-ending. However, both companies offer fast funding times

On average Earnest funds their loans within a week to two weeks after you are approved.

On average SoFi funds their loans in under 7 days after you are approved.

Minimum credit score for both companies

• Applicants must have with at least a 650 credit score.

Availability

Whether you live in Florida, Texas, North Carolina, Ohio, New York, Georgia, Illinois, Washington, etc. you will be glad to know that both San Francisco, California based lenders offer loans in all 50 states.

Mobile app comparison 

Earnest has an awesome mobile app. This app is only available for iPhone at the moment, but the company is working on creating an app for Androids. With the app you can control when you pay, adjust your payments, and more.

SoFi’s mobile app is available for both iPhone and Android phones. The app allows you to connect with other SoFi members, use fingerprint scanning, apply for SoFi loans, and more.

Customer support comparison

SoFi

Customer phone support

Monday – Thursday 4:00 AM – 9:00 PM PT
Friday – Sunday 4:00 AM – 5:00 PM PT

SoFi gives their customers frequently asked questions and a large resource center for help with debt management, home buying, investing, and more.

Earnest

Customer phone support

Phone hours are Monday – Friday, 8am-5pm Pacific Time.

Earnest has a help center with general questions, applying for a loan help, repaying a loan, and more.

Which company is better?

Both lenders have similarities and unique perks about them. With either company you will have no problem getting decent APR rate. However, I believe SoFi is the clear winner in this review. Is SoFi worth it? Yes, SoFi is cheaper, has a shorter funding time, and it has better ratings across the boards.

The post SoFi Vs Earnest first appeared on Quote Raters.

In this LendingTree personal loan review, we will take a look at the LendingTree reputation, loan rates, funding time, minimum credit score, and more.

Advantages of getting a personal loan

There are many good reasons to take out a personal loan. Since you don’t have to put up collateral to qualify for a personal loan, it can be a safer and more obtainable option for many borrowers, despite the higher interest rates than you expect to see with secured loans.

Perhaps you have been hit by a large unforeseen cost, such as a medical cost or major home repair. A personal loan can let you take care of the payment and have more time to pay it off than would be possible with your credit card.

If you have racked up a lot of debt due to credit card use or student loans, a personal loan can consolidate the debt, allowing you to make a single monthly payment that is easier to handle than many credit card accounts or loans. You may also be able to qualify for a better rate than you are currently getting, saving you money overall.

Perhaps everything is going well in your life, and you would like to make a big purchase or expenditure like a boat, pool, or wedding. A personal loan can let you enjoy the purchase or event now, then pay it off while continuing to enjoy it, rather than having to save up for it.

What is LendingTree?

When the founder of LendingTree, Doug Lebda, wanted to buy his first home, he found the process of obtaining a mortgage by shopping at multiple banks exhausting and challenging, even for an accountant like him. He thought it must be extremely difficult for the average prospective homeowner with a full-time job and no financial experience.

LendingTree was Lebda’s answer to this challenging process, letting people shop for a mortgage, personal loan, student, loan, or other kind of loan choice between multiple loans for which they qualified, without the legwork. Not only does this save the borrower time, but it also causes banks and lenders to compete for the borrower’s business, which may get you a better deal.

How does LendingTree Work?

LendingTree prides itself on taking the frustration and legwork out of shopping for a personal loan. The application process is extremely simple and easy for anyone, no matter your financial history or credit score. Just complete as much information as you can, and LendingTree will match you to five banks for whom you prequalify. Lenders may run reports that can affect your credit score in order to pre-approve you. You will find out which five lenders you prequalify for very quickly. Once you choose a company, you will begin their application process, taking it out of the hands of LendingTree.

Reputation

An A- rating on Better Business Bureau, due to a failure to respond to a few complaints, combined with a five-star rating and 82% excellent score on Trustpilot, leaves LendingTree with a relatively good but not stellar reputation.

Keep in mind that many borrowers will tend to judge LendingTree based on the experience they have with the lender that they are matched with, although this experience does not necessarily reflect at all on LendingTree as matchmaker.

Once you are matched with a loan provider, carefully consider their reputation, as well as their policies, before you make up your mind. LendingTree does not guarantee the experience you have with a matched lender.

LendingTree personal loan rates

You can get some of the best rates in the business by giving LendingTree your stellar credit score, financial history, and income to expenditure ratio and letting lenders fight over your highly desirable business.

Rates as low as 6% can even beat a credit card or mortgage for some highly qualified candidates.

For those who are not so well qualified, rates can go pretty high. You may receive a rate as high as 36% if your credit score isn’t great, or you don’t have a responsible financial history or if your income is mostly taken up by expenses. Keep in mind that you can apply with a cosigner through LendingTree so that you can be matched to banks that offer more reasonable rates with a cosigner.

Fees review

LendingTree is completely free for borrowers to use. You won’t be asked for any money, or even your payment information, until you have been matched with lenders, chosen one, and been qualified. LendingTree warns borrowers never to pay anything or give payment information until the process has been completed. LendingTree is free to borrowers because lenders pay for the privilege of being matched to borrowers.

LendingTree member benefits and features

The experience of being a part of LendingTree will only last for a very short period. Just fill out the information, get matched, and your relationship with LendingTree is over. The features offered are straightforward: the opportunity to be matched with five lenders who are competing for your business. What I love about LendingTree as well is that you will be given a free credit score.

LendingTree minimum credit score

You can apply through LendingTree with any credit score, even one that is very low or nonexistent. You will certainly be matched with some of the highest rates with a very low score, but these rates may still be better than existing credit card debt, or may be worth it to you in the face of unavoidable medical or home expenses. Typically, you need a score of at least 640 to be matched with decent loans. If your score is very bad, consider trying to find a cosigner to make you more attractive to lenders.

Funding time

LendingTree will provide you with a list of lenders with loans you prequalify for. The time from matching to funding depends on how quickly you get through the lender’s application process, and how quickly they provide funds once the process is complete. Typical wait times are from 24 hours to seven days, although your wait time may be shorter or longer.

Qualifications

LendingTree will match you with companies that offer loans you qualify for, so just put accurate information and you can find a loan no matter your qualifications. You can use LendingTree services nationwide. Your debt to income ratio must be 45% or below to be considered for a loan through one of LendingTree’s lenders.

How much can I borrow with LendingTree?

Lenders working with LendingTree provide loans from $1000 to $35,000. Remember that if you need more you can take out more than one loan at a time.

Loan term options

Loan term and repayment options vary by company. When comparing the companies that LendingTree matches you with, remember to not only think about rates, but also decide if you can pay off loan amounts within the specified time and if the options in repayment are attractive to you.

Mobile app

The LendingTree app lets you see your own credit score, completely for free. It also shows you what open accounts you have so that you can see how these accounts might be affecting your score. You can also use the app to find a loan and see what your options are.

Availability

LendingTree is available nationwide and will only match you with lenders who serve in your area.

Comparison to other online lenders

LendingTree will pull your credit and may affect your credit score, so if you think you qualify for a loan from one of the top lender like SoFi, it may be worthwhile to apply directly with the best lenders you think you qualify with instead of using LendingTree. If, on the other hand, you are unsure what loans you will qualify for, and want to save yourself the legwork, LendingTree can be a great option for you.

Customer support

LendingTree is a huge company that deals with thousands and thousands of short term relationships with customers every day, and their customer support is what you might expect with that model. If you have a problem during your application process with LendingTree, it is likely you will be on your own, although there is a complaint process you can wade through if it is very important to you.

Bottom line

LendingTree is a great option for matching borrowers to several lenders that offer competitive loans to those with mid-level or low credit scores and mediocre financial histories. If you need money now and don’t know what kind of loan you are likely to qualify for, LendingTree is a great place to start.

The post LendingTree Personal Loan Reviews first appeared on Quote Raters.

Both companies are major players in the online lending world. We will differentiate reputation, loan rates, features, and more to help you making a comfortable choice for your student loans.

What is LendKey?

Fynanz was founded in 2009 by Vince Passione and Michael Stallmeyer. In 2013, the company changed their name to LendKey. LendKey.com is an online lending platform that allows you to get private student loans, student loan refinancing, and home improvement loans from credit unions and community banks. This will result in low-rate loans. LendKey partners with a plethora of non-profit credit unions and banks such as Everence, McGraw-Hill Federal Credit Union, Black Hills Federal Credit Union, WSFS Bank, Generations Bank, and more. Currently, the company has serviced over $1.5 billion loans and has over 68,000 customers.

What is SoFi?

SoFi might be the most popular online lending platform in the nation. SoFi was founded in 2011 and today the company has funded over $30 billion in loans and has over 500,000 members. SoFi specializes in student loan refinancing, but they also offer medical resident refinancing, mortgages
mortgage refinancing, personal loans, parent PLUS refinancing, and more.

Comparing the reputation of both lenders. 

BBB

I love BBB because they give you an idea of how each lender interacts with their customers. Better Business Bureau will help us to know if we should trust a lender or not. The LendKey and SoFi BBB rating is based on several factors including complaints received from the public, the length of time that the lender has been in business, licensing and government actions, and more.

LendKey Technologies, Inc. has had Better Business Bureau accreditation since September of 2012. LendKey has an “A+” BBB rating.

SoFi has an “A+” BBB grade in the BBB rating system as well. These awesome grades mean that both companies are trusted lending solutions according to BBB.

Trustpilot 

With over 1900 reviews SoFi received a 5 out of 5-star excellent Trustpilot rating. SoFi received a TrustScore of 9.2 out of 10. LendKey is not yet rated with Trustpilot.

Student loan refinance rates

LendKey

With LendKey you will be able to receive fixed interest rates for as low as 3.49%. Rates can go up to 8.72%. Variable rates can be as low as 2.47% and as high as 7.99%.

• Fixed: 3.49% – 8.72%
• Variable: 2.47% – 7.99%

SoFi 

With SoFi you will be able to get fixed rates for as low as 3.99% and as high as 7.80%. If you desire variable rates you will be able to get them for as low as 2.48% and as high as 7.52%.

• Fixed: 3.99% – 7.80% APR
• Variable: 2.48% to 7.52% APR

Differences between fixed and variable rates 

Fixed rates are more straightforward compared to variable rates. Many people like fixed rates better because you know your interest rate amount every month. Fixed rates are more predictable.

Variable rates are not as predictable. With variable rates you will be able to get a lower rate. However, depending on the market this could either increase or decrease. You may be able to save a lot if you get variable rates, but there might be a chance that your rates increase.

Bottom line

Both lenders give you low interest rates. LendKey is slightly cheaper, but you may be able to get lower fixed and variable rates with SoFi. LendKey and SoFi both do soft credit checks, so you don’t have to worry about hurting your credit by getting rates.

Fees comparison 

One of the ways that LendKey and SoFi differentiate from lending platforms such as Prosper is that you will not have to worry about prepayment fees or application and origination fees.

With LendKey there will be late fees of $5 – $15.

SoFi offers a grace period of 15 days. Their late fee is 4% of the unpaid bill or $5, whichever is lower.

Features and benefits comparison 

SoFi benefits

• Fast, easy, and all online
• Additional rate discounts on loans
• Unemployment protection – SoFi understands that life happens, which is why they have unemployment protection for their customers. If you ever lose your job, then SoFi will pause your payments and they will even help you to look for a job.
• No hidden fees
• Exclusive career coaching – Includes career transitions, job search, personal branding, and customized support $1000 value.
• Low rates
• Soft credit check
• cosigner option
• Auto pay rate reduction

LendKey benefits

• Lengthy loan forbearance of up to 18 months.
• Reduce your interest rate
• Network of 300+ credit unions and community banks.
• Refinancing calculator
• No Origination Fees
• Flexible Options
• Soft credit check
• cosigner option
• Auto pay rate reduction
• Student loan calculator
  

The loan process

LendKey

LendKey understands that refinancing and consolidating your federal and private student loans can be an overwhelming process. LendKey helps to get your loan funded by a community lender entirely online. The application process is simple, and you will even have loan specialists to guide you through the entire loan process. You will be able to estimate your rates in 2 steps.

SoFi 

SoFi has a desire to help those who are drowning in student loan debts. SoFi refinances your old private and federal loans into a new loan that helps you to save money. All that you have to do is enter basic information such as where you work and you will be able to see how much you can save. The customer care team can be contacted through the chat now button on the lower right-hand side of the screen. You will be able to get rates in two minutes.

Credit score requirement 

SoFi 

Qualified borrowers with credit scores of at least 650 can be approved for refinancing. The average SoFi borrower has a credit score that exceeds 700. With SoFi you don’t need to have credit history, but you do need to show that you can make payments. The average SoFi borrower makes around $100,000.

LendKey 

With LendKey you need a credit score of at least 660. Average LendKey borrowers have a credit score that is around 750. Approved borrowers make around 63K a year on average.

How much can I borrow?

LendKey

The minimum amount that you will be able to borrow from LendKey is $5,000.

You can borrow up to $125,000 for undergraduate degrees. For graduate degrees you will be able to borrow up to $250,000. For medical, dental or veterinary degrees you will be able to borrow up to $300,000.

SoFi

SoFi allows you to borrow anywhere from $5000 up to the full loan balance

Loan term options

There are several loan terms to choose from with both lending platforms.

Both 5, 7, 10, 15 and 20-year loan terms.

Availability comparison 

The great thing about SoFi is that it is available in all states. LendKey is available in 46 states and Washington, DC. LendKey is not available in Maine, North Dakota, Nevada, Rhode Island, and West Virginia.

Estimated funding time comparison

On average, both lending platforms will fund your loans within 1 to 7 days of being approved.

Support comparison 

LendKey 

LendKey offers a blog, a resource center, a FAQ page, and guides to help you to learn more about student loan refinancing. You can contact LendKey by phone from Monday through Friday from 9am to 8pm EST.

SoFi 

SoFi is similar to LendKey. They offer blog articles, a FAQ page, and a resource center. SoFi also offers career coaching, community events, and various programs. You can contact their phone support from Monday – Thursday from 4:00 AM – 9:00 PM and  Friday – Sunday from 4:00 AM – 5:00 PM PT.

Which lending platform is better?

Both lenders have benefits about them. With LendKey you might be able to get more affordable rates. With SoFi there is a slightly lower credit score requirement, there are more features, and you might be able to get lower rates if you select longer terms. I strongly recommend that you get rates today!

The post LendKey Vs SoFi first appeared on Quote Raters.

Prosper can offer slightly better rates, so for those with good credit, Prosper may provide a better loan for you. If you are interested in a loan on the lower or higher end of the personal loan spectrum, Upstart may be a better option. Upstart offers slightly better communication electronically via chat, but charges more for check payments.

What is Prosper?

Prosper is a lending company that offers personal loans at relatively low rates. The company has processed over $12 billion in loans. The loans offered by Prosper are unsecured, so you don’t have to put up collateral that could be taken from you if you don’t make payments. Every loan is funded by many people across America, so no individual lender bears the brunt of the loan. Prosper is used primarily by established citizens for life events like marriage, having or adopting a child, etc.

What is Upstart?

Upstart is another online lender with unsecured loans that began by students exchanging a percentage of their income over the course of a decade in exchange for mentorship and capital from investors. The similarity of this system to a sort of indentured servitude made a change necessary, and in 2014 Upstart began offering fixed term lending like Prosper. They have retained their primarily young adult target audience. Upstart considers factors like education and job history, and may offer better rates for those without much of a credit history.

Reputation comparison

Upstart is younger than Prosper by about five years, so it has had less time to establish itself as a trusted brand. Trustpilot gave Upstart a rating of 9.2 out of 10, with 90% of users finding its services to be excellent. Prosper had 49 reviews on Trustpilot and received a score of 7.3 out of 10 and an excellent rating. Prosper has been recognized by NBC, NPR, Wall Street Journal, Reuters, and more as being one of the top P2P lenders.

Prosper and Upstart both received an A+ from the Better Business Bureau. Upstart has a reputation for being easy to communicate with, especially with younger applicants.

Personal loan rates comparison

Both companies offer rates depending on your situation. Keep in mind that while Prosper offers the lowest rates, Upstart looks at more than your credit history to determine your rate, so a loan from Upstart may be lower for you if you don’t have much of a credit history.

Prosper rates

APR rates from Prosper are between 6.96 to 35.99%. Your rate will depend on which of seven tiers you land on. These rates are wider on both the lower and higher side than Upstart’s rates. Rate assignment depends primarily on credit score and income. The low end of this spectrum is one of the lower rates that you are likely to find in a personal loan.

Upstart rates

Upstart offers interest rates from 8.85 to 29.99%. Since Upstart is targeted towards young applicants, it looks at more than credit history to determine the rate it will offer. Education and job history also go into the formula, so rates may be much better for well-educated applicants without much credit than with Prosper. If you are on the highest end of the rate spectrum, you will at least not be hit with a rate as high as those offered by Prosper.

Loan fees comparison

Upstart charges between 1% and 8% on what you borrow to open a loan, while Prosper fees are kept a little lower, at from 1% to 5% of the borrowed amount. This is called the origination fee. This can make a big difference if you are taking out a significant amount or intend to borrow and pay back multiple times.

The digitally focused Upstart charges a whopping $10 fee for a paper check, while with Prosper paying with a check will only cost you $5. Both companies charge 5% or $15 for past due payments, whichever is greater.

Start Upstart here today!

Start Prosper here today!

Comparing the features and benefits of each lender

Upstart benfits 

• Lower than average credit score requirement.
• Co-signer option
• Soft credit check
• Simple and fast loan application process
• State-of-the-art machine learning techniques
• Get a loan with Upstart.

Prosper benefits

• Fast funding times
• Live loan center
• Soft credit check
• Auto Invest tool
• Get a loan with Prosper.

Credit score requirements

Your credit score is the single most important aspect that will be judged to determine your rate. To even be considered for a personal loan you must have a minimum credit score. To get a personal loan through Prosper you must have a credit score of 640, while Upstart requires a slightly lower rate of 620. This is probably to account for the lower credit scores of college students, who haven’t yet had the opportunity to build much credit.

Qualifications

Make certain that you can even qualify for a personal loan from either company before researching further. Both Prosper and Upstart require that you be an American citizen or permanent US resident over 18. Upstart will also allow lending to those with a long term visa, so if you are in the US on a visa Upstart is your only option between these companies. Both companies require you to have a valid bank account and steady source of income. Upstart may be more understanding to students still looking for work. Incidentally, Upstart doesn’t offer loans in Virginia.

Funding time

If you are looking for a loan, there’s a good chance that you need the money sooner rather than later. Both companies get you money fast.

Upstart may take a few days to verify and underwrite your loan, but once you accept the contract you could see funding the next business day.

Start Upstart today!

Prosper will provide you with a loan contract within seven days of qualifying, and funds will arrive shortly thereafter.

Start Prosper today!

The loan application process comparison

Upstart’s online application is easy, taking only a few minutes to complete. Prosper’s online loan application is easy as well, but it slightly more time-consuming.

Loan terms options

Prosper offers a wide range of term options to cover whatever might come up in your life. You can qualify for a loan for weddings, military, baby and adoptions, bridge, or engagement rings, among other things.

Get a personal loan with Prosper.

Upstart offers a range of loan term options as well, although their terms are more focused on younger applicants and business start up. You can get a loan to pay your students loans, relocate or travel, pay medical bills, or start a business.

Get a personal loan with Upstart.

Both Prosper and Upstart have 3 or 5-year loan term options.

How much can you borrow with each lender?

Upstart allows personal loans from as low as $1000 to up to $50,000, providing a greater range of loan options that Prosper, which allows loans from $2000 to $40,000. If you are looking for a loan on the lower or higher range, Upstart provides better options.

Availability

Both companies offer services nationwide with the exception of Virginia, to which Upstart does not offer loans.

Support comparison

Upstart provides great support via live chat, phone, or email. You will have to limit your inquiries to normal business hours. Prosper operates within normal business hours as well, but doesn’t have a chat feature, only email or toll free calls.

Bottom line

Prosper and Upstart are both great peer to peer lending companies that can get you the money you need now. Prosper offers better rates but less of a range in loan amounts. Their application process can be a little more time consuming, and credit score and reliable income will be the primary determinants of loan approval and interest percentage. Upstart will consider a student’s job experience and education as well, so it can be better for those without significant credit histories. I recommend that you get rates today.

The post Prosper Vs Upstart first appeared on Quote Raters.

However, we are still going to compare all the important factors such as interest rates, reputation, features, and more.

What is Credible?

Credible.com was launched in 2012. Credible is not like your average lender nor is it a peer to peer lender. Credible helps you to save money by comparing personal and student loan offers. Credible will give you multiple offers based on the information that you put in. In short, Credible is a comparison website that does the hard work of finding a lender for you.

What is SoFi?

SoFi was founded in 2011. Unlike Credible, SoFi is an actual online lending platform that specializes in student loan refinancing, but also offers personal loans, mortgage refinancing, Parent Plus, and more. SoFi is known for offering low rates and an abundance of features.

Reputation comparison 

We will start comparing the reputation by looking at Better Business Bureau. BBB builds trust between companies and consumers. BBB allows us to know how each business handles the complaints of their customers. Better Business looks at complaint history, the age of resolved complaints, the length of time the business has been operating, and more.

Credible 

Credible.com has been a BBB accredited business since 2015. Credible received an “A+” rating and close to 5-stars in customer reviews from Better Business Bureau.

Credible has over 1400 customer reviews on Trustpilot.com. Credible currently has an Excellent 5 out of 5 star rating and a 9.5 out of 10 TrustScore.

SoFi

SoFi has an “A+” rating from Better Business Bureau.

SoFi has over 1900 reviews from Trustpilot. SoFi received a great TrustScore of 9.2 out of 10.

Another factor that reveals SoFi’s great reputation was that Moody’s Investors Service awarded SoFi with triple A ratings making Moody’s the first startup online lender to accomplish this feat.

Bottom line

Both Credible and SoFi have a great reputation from some of the top rating platforms.

Student loan refinancing rates

SoFi 

SoFi offers both competitive variable and fixed rates.

Variable rates are always cheaper than fixed rates. However, variable rates may change over time. You might receive a low rate for the time being, but the rate may increase or decrease later on. If you are willing to take the risk, then select the variable option, which might help you to save a lot.

SoFi variable rates range from 2.48% APR to 7.52% APR when you enroll in AutoPay.

SoFi fixed rates range from 3.999% APR to 7.80% APR when you enroll in AutoPay.

Start SoFi here and receive a $100 bonus.

Credible

It’s going to be difficult to compare your rates with Credible without finding out the lender that you will be matched with.

Credible has 8 different lenders that they work with when it comes to student loans. When it comes to student loan refinancing Credible has rates from up to 11 lenders. The banks and lenders that Credible works with include Citizens Bank, Earnest, College Ave, Advantage Education Loans, PenFed, RISLA, and Brazos. The most qualified borrowers will receive variable rates for as low as 2.57% and fixed APR rates for as low as 3.25%.

Start Credible here.

Fees

SoFi is one of the rare companies that does not charge you any fees. With SoFi you will not have to worry about prepayment fees, origination fees, or late fees.

Using Credible.com is free. You will not have to worry about them charging you to use their service. Nor will you have to worry about getting stuck with a lender that has fees. None of their lenders charge origination or prepayment fees.

Late fees are difficult to assess because depending on the lender you may be charged a late fee.

Features 

Credible benefits 

• Import your loan easily with the Credible automated tool.
• 100% free to use their platform.
• Personalized rates
• Best Rate Guarantee
• Rates from up to 11 lenders.
• Benefits from the lender that you choose.
• Soft credit check

SoFi benefits

• Unemployment Protection Program – If you ever lose your job, then SoFi will help you out by pausing your payments and by helping you to look for a job.
• Low interest rates
• 0.125% discount when you bundle loans from SoFi.
• Student loan calculator
• Career coaching – As a SoFi member you will be able to get one on one help with experienced career coaches to help you to succeed financial.
• Community – Bring a guest and join SoFi at one of their exclusive networking events.
• Soft credit check.

The online lending process

How does Credible work?

As mentioned in the beginning, Credible is an online marketplace that provides you with competitive real-time interest rates. To use Credible, you will enter in a few pieces of information such as your name, how much that you make, etc. After adding details about yourself, you will then choose your desired option.

How does SoFi work?

Getting a loan with SoFi is effortless. SoFi is not a middleman so you will be getting rates from them alone. All that you have to do is add basic information and select your rate and term options. Finding a rate that fits your budget can be accomplished in 2 minutes.

Minimum Credit score requirement 

Those with a good credit will have no problem with getting loans. Most of the companies that Credible works with such as Earnest have a low minimum credit score requirement. When we compared Earnest and SoFi we noticed that both companies required a 650-credit score, which is not hard to achieve. PenFed, which is another lender that Credible works with requires you to have a 700-credit score without a co-signer and 670 with a co-signer.

A peer to peer lender such as Lending Club or Prosper might accommodate those with a less than desirable credit score, but there are limitations.

In short, you will be able to get a loan with SoFi if you have at least a 650 credit score. The average SoFi borrower has a credit score of 700. With SoFi you will not need a long credit history. Most SoFi borrowers make around $100,000 a year.

With Credible you have a plethora of options, so the credit score and credit history requirement will differ per lender.

Loan term options

A loan term is the length of time that you have to repay your loans. The longer loan term that you choose the more that you will end up paying in interest rates. Longer loan terms help you to pay less on your monthly bill. With Shorter loan terms you will be paying less interest rates overall, but your monthly bill will be higher.

Both SoFi and Credible have a variety of loan term options for you to choose from ranging from 5 to 20 years.

Borrow amount 

With SoFi there is a $5000 minimum borrow amount. SoFi refinances your loan up to the full balance of the loan.

Credible varies per lender.

Estimated funding time

With both companies your loan will be funded in one to seven days.

Support comparison 

Credible.com has a FAQ page where you can learn more about requesting prequalified rates, co-signers, credit considerations, and more. Their website has a live chat. Their phone support is available from Mon-Thu: 6am – 6pm PT, Fri: 6am – 4pm PT, and Sat–Sun: 7am – 4pm PT.

SoFi.com offers a resource center where you can learn more about debt management, investing, and more. Similar to Credible, SoFi also offers a FAQ page and blog posts. SoFi has phone support that is available from Mon-Thu 4:00 AM – 9:00 PM PT and Fri-Sun 4:00 AM – 5:00 PM PT.

Which is better?

Both platforms have their benefits. SoFi is more straightforward and it’s hard for any lender to top their features and membership benefits. Credible offers tons of loan options because they work with a lot of companies. I encourage you to get rates today.

The post Credible Vs SoFi first appeared on Quote Raters.

This Lending Club vs Prosper article will examine all the important factors that you should look for in a lender. We will check out interest rates, lending platform benefits, lender fees, average funding times, and more.

What is Lending Club?

Lending Club is a well-known peer-to-peer lending company that was founded in 2006. Since Lending Club was founded, the company has had over $38 billion borrowed. Lending Club has over 2.5 million customers. Lending Club allows you to receive personal loans, business loans, auto refinancing, and patient solutions. Lending Club also allows you to invest.

What is Prosper?

Prosper Marketplace, Inc. is a San Francisco, California-based peer-to-peer lender that was founded in 2005. The company has funded over $7 billion in loans and has over 450 employees. Prosper allows for personal loans, debt consolidation, and more.

Peer to peer loans

Peer-to-peer lending is not like a traditional bank loan. With P2P you will be able to borrow from individuals and investors. With good credit you may be able to receive a very low rate. Services such as Prosper and Lending Club will match you with lenders, which makes the entire loan process quick and easy. There are many benefits of choosing a P2P lender such as low costs, they are easier to get approved for if you don’t have the best credit, and they are easy to use.

Better Business Bureau comparison 

BBB builds trust between consumers and lenders. BBB has various rating elements that they use to rate businesses. A few of their rating elements include a business’s complaint history, time in business, type of business, transparent business practices, advertising issues, and more.

LendingClub is a BBB accredited business that currently has an “A-” rating in the BBB rating system.

Prosper is a Better Business Bureau accredited business. The company currently has an “A+” rating in the BBB rating system.

Personal loan interest rate comparison

LendingClub

LendingClub has loan rates that range from 6.16%–35.89% APR.

Prosper

Prosper loan rates range from 6.95% to 35.99% APR.

Bottom

Both rates are competitive, but LendingClub is slightly more affordable than Prosper. Your personal loan rate is going be dependent on if you have good or excellent credit, the amount that you want to borrow, etc.

Lender fees comparison

LendingClub fees

Prepayment penalties – LendingClub allows you to partially or fully pay off your loan at any time without having to worry about a prepayment penalty.

Origination fee – Lenders will usually charge a fee to cover the cost of processing the loan. The origination fee is taken out of your loan. LendingClub borrowers have to pay a 1% – 6% origination fee.

Late fees – LendingClub has late fees if your monthly loan bill is over 15 days late. Your late fee is going to be the greater amount between $15 or 5% of your unpaid loan bill. 

Prosper fees

Prepayment penalties – Similar to Lending Club with Prosper you will not have to worry about any fees if you pay your loan before your loan term is over.

Origination fee  – Prosper’s origination fee has the potential to be slightly lower. Prosper has origination fees that range from 2.4% – 5%.

Late fees – Once again, similar to LendingClub is the borrower is more than 15 days late with paying their bill, then they will be hit with a late fee. The late fee with Prosper is either going to be 5% of your unpaid bill or $15, whichever is greater is the amount that you will have to pay.

Features comparison 

Lending Club benefits 

• Low minimum borrow amount
• No prepayment penalties
• Low, fixed interest rates
• Low debt-to-income ratio.
• Soft credit check
• Multiple loan term options
• Debt Consolidation
• Investing options

Prosper benefits 

• Fast funding times
• Live loan center
• Debt Consolidation
• Soft credit check
• Investing options

The Loan process comparison 

Lending Club

Lending Club is easy to apply for. Getting rates will take a couple of minutes. All that you will need to do is add basic information about yourself such as your name, date of birth, and place of employment. Then, you will select a loan offer that best fits you.

Prosper 

Getting a loan with Prosper is just as easy. First, select your loan amount and then answer a few questions that you would expect from a lender. You will then choose your desired rates and term.

Credit score requirement 

Lending Club 

Lending Club requires that all borrowers have a 600 minimum credit score. You should have a minimum credit history of 3 years.

Prosper

Prosper requires that all borrowers have a minimum credit score of 640. Prosper borrowers should have a minimum credit history of two years.

How much can I borrow for a personal loan?

One thing that is awesome about P2P lenders is that there is going to be a smaller minimum requirement. For example, CommonBond requires that you borrow a minimum of $5000. If you need a loan for only $4000, then you are going to be out of luck.

Prosper 

With Prosper you can get a loan ranging from $2,000 – $40,000.

LendingClub 

LendingClub does slightly better in this category because they allow you to get a loan ranging from $1000 – $40,000. If you need a smaller loan, then you will appreciate the lower loan minimum requirement.

Loan terms options

Both Prosper and Lending Club have 3 or 5-year loan term options for you to choose from.

Funding time 

Prosper 

One of the benefits of Prosper is that they will usually fund your loans faster than other lending platforms. You may be able to be funded in as little as one business day. Approved Prosper loans have an average funding time of around 1 to 3 business days.

Get a loan with Prosper Today!

LendingClub 

LendingClub has a relatively speedy funding process as well. Approved loans will be funded within 1 to 7 days.

Get a loan with LendingClub today!

Support comparison 

Prosper.com offers a large help center where you can get helpful information on borrowing, payments, fees, Autopay, pre-approval, verification, and more. Borrower phone services are available from Monday – Friday:
8am – 9pm (ET)
5am – 6pm (PT)
6am – 7pm (MT)
7am – 8pm (CT)

LendingClub offers a resource center, education center, financial advisors, and more.

The LendingClub.com phone support team is available from Monday to Friday from 6am to 5pm PT and Saturday from 8am to 5pm PT.

Which P2P lender is better?

This was a difficult battle. There are things that I love about each lender. I love that Lending Club has a lower minimum credit score requirement to accommodate people with fair credit. I love Proper’s faster funding times and with Prosper you know the company that you are working with. I recommend that you get rates today which can be done in minutes.

The post Lending Club Vs Prosper first appeared on Quote Raters.

If you are confused about how to use LendingTree I will make it more clear to you in this article.

What is SoFi?

SoFi is an online lender that offers direct loans for student loan refinancing, personal loans, and mortgages. Some of the lowest APR rates and highest loan amounts are offered through SoFi, along with a customer service experience that feels more like being a member of an exclusive club than being a borrower.

These aren’t the easiest unsecured personal loans to get. SoFi requires a good credit score, and is especially concerned with earning potential. Without a reliable income that exceeds your expenses considerably, you are unlikely to receive a loan from SoFi, and if you do, it is unlikely to be among the best rates they offer.

What is LendingTree?

LendingTree does not offer loans itself, but rather connects prospective borrowers with a huge range of lenders and loans to choose from. Simply fill out a form with information like how much you want to borrow and what it is for, and LendingTree will match you with the loan that is right for you.

The idea is that if banks, independent lenders, and credit partners compete for your business, you are more likely to get the best possible loan. This service is free to use for borrowers, who are matched with five loans to choose from. SoFi is included in the banks that you might be matched to by putting in your application with LendingTree.

Reputation comparison

LendingTree has a A- rating on the better business bureau due to a failure to respond to some complaints. SoFi, on the other hand has an A+ rating on BBB. While SoFi has had plenty of complaints, they responded to them.

On Trustpilot SoFi received a five-star rating, with 85% of borrowers giving them an excellent rating, and another 8% offering a great rating.

LendingTree had a rating of five stars as well, but a slightly lower percent of borrowers, 82%, gave them an excellent rating, while 13% of users gave them a great rating.

SoFi is well known for offering incredible support to their borrowers, including career services, member events, and no fees. They go the extra mile for their borrowers, and most borrowers speak highly of this company.

LendingTree, being only a matchmaking service, doesn’t form the kind of relationships with applicants that SoFi does. This said, they do what they promise, matching borrowers with appropriate loans.

Personal loan rates comparison

SoFi offers some of the lowest personal loan rates in the business. Even if you are given one of the highest rates they offer, you are still looking at a relatively low rate compared to competition. When we compare the highest SoFi rates and the highest Lending Club rates and rates from other lenders we notice that SoFi usually comes out on top.

LendingTree has starting rates even lower than SoFi for the most highly qualified borrowers. For borrowers who are not so well qualified, rates can go very high.

SoFi rates

You can get a rate as low as 6.99%, but even if you are at the upper scale, at 14.87%, you’ve got a great rate. Rates depend on credit score, of course, but they are also highly dependent on disposable income and job security.

Start SoFi here and receive a $100 bonus.

LendingTree rates

The lowest rates by LendingTree are extremely good, at around 6%. This is one of the best rates you’re going to get in the industry, but your chances of qualifying for that rate are pretty low. Those with the worst credit can get a rate as high as 36% through LendingTree. While this rate isn’t very attractive, if you are having trouble getting an unsecured personal loan, Lending Tree may offer some of the only loans available to you.

Loan fees comparison

SoFi prides itself on not charging fees to its borrowers, no matter what the loan amount and rate are. There is no origination fee, or prepayment fee. Incredibly, there aren’t even late fees. Neither is there a fee for extending the payment period if you lose your job. You can continue to pay interest without paying on the principle, or even allow interest to accumulate until you can pay it, without suffering fees or penalties.

LendingTree doesn’t charge any fees to match you with loans, or to open loans with a matched company. You won’t be charged anything for rejecting all offered loans either. The lending company you are matched with, however, may charge you origination fees, late fees, prepayment fees, etc.

Comparing the features and benefits of each lender

SoFi benefits 

If you can qualify for a loan from SoFi, it is likely to be among the best loans you’ll be offered. With all of the membership benefits, lack of fees, and genuine support offered by this company, combined with some of the lowest rates in the industry and a large range of loan amounts.

• Get $100 by clicking here.
• No fees
• Simple loan process
• Community benefits
• Several loan term benefits
• Unemployment protection
• Discounts

LendingTree benefits 

LendingTree benefits are dependent on the lender that you end up choosing. It is difficult to compare the benefits without first knowing the lender.

• Free credit score
• LendingTree works with a truckload of Personal loan lenders.
• Funding time in as little as 24 hours.
• Low borrow amount requirement.
• Soft credit check

Credit score requirements

SoFi requires a high credit score. The minimum score that is acceptable to them is 680, and most borrowers have scores higher than 700.

LendingTree will try to find you a match no matter how low your score is. If your score is exceptionally low or nonexistent, you can also have a cosigner to help you qualify. In general, you need a score of at least 640, but some applicants have scores as high as 750.

Qualifications

To qualify for a SoFi loan, you must be a US citizen or permanent resident. You must be at least 18, or whatever age is the minimum in your state.

If you live in MS, you won’t be able to get a SoFi loan. Minimum loan amounts and terms vary by state.

You must also be employed or have reliable, consistent income from other sources. SoFi will take into account your career experience and financial history, as well as how your monthly income compares to your expenses.

To be considered for a loan from one of LendingTree’s network of lenders, you can have up to 45% debt to income ratio, depending on your income and monthly expenses. LendingTree is offered nationwide, and will offer only loans for which you qualify.

Funding time

SoFi generally gets you your money within a week of being approved, and the approval process rarely takes more than a day.

While you will be matched and prequalified through LendingTree almost instantly, it depends entirely on the individual lender when you will get your funds. If the speed of funding is important to you, make sure to ask lenders what terms are.

Loan terms options

SoFi offers loan term options from three years to seven years. LendingTree’s loan term options vary by lender.

The loan application process comparison

The loan application process offered by SoFi is simple and easy to use. Just fill out your employment and financial history, provide some additional information, and you will usually know within 24 hours whether you are approved.

LendingTree has a very easy and straightforward application process. The more information you provide when you are searching, the better your matches will be. Once you are matched, the continuing application process depends on the individual lender.

How much can you borrow with each lender?

With LendingTree, you can borrow between $1000 and $35,000. SoFi offers higher amounts, from $5000 to $100,000.

Availability

Both companies are available nationwide, with the exception of SoFi, which does not offer loans to residents of MS. Minimum loan amounts and terms vary by state, as does the age required to apply for a loan.

Support comparison

SoFi offers some of the best support in the business. Becoming a member of SoFi’s borrowing club gives you access to a range of career services, member meetups, and other sources of support.

LendingTree makes applying for loans easy, and has a decent customer support team to help with any questions you have along the way. You are unlikely to have questions about the straightforward matchmaking services, and LendingTree will be unable to answer any more specific questions about the loan you are applying for.

Bottom line

SoFi provides top of the line loans to those who qualify. If you have a good credit score, good financial and employment history, and are looking for a higher loan amount, you may decide to skip the matchmaking and go straight to this great lender.

If you are not so sure about your chances of qualifying for a SoFi loan and need money soon, you may be better served by going through LendingTree to quickly find a loan that will work for you.

Click on the link below to receive $100 with SoFi.

The post SoFi Vs LendingTree first appeared on Quote Raters.

Within this article we will compare several important loan elements such as, the interest rates, funding time, fees, and more.

What is Best Egg?

Best Egg is a fairly young online lending platform that was founded in 2014. The mission of Best Egg is to help you to pay your debt more quickly. Best Egg has funded over $6 billion in loans and has over 300,000 customers. Best Egg offers personal loans for debt consolidation, credit card refinancing, home improvement, moving expenses, major purchases, vacation, adoption, and more.

What is SoFi?

SoFi was founded in 2011. SoFi might be the most popular online lender in the U.S. SoFi is all about helping consumers to reach their next financial goal. SoFi has over $30 billion in loans and over $500,000 customers. SoFi offers large personal loans, but they are also well-known for student loan refinancing, mortgage refinancing, parent PLUS refinancing, and more.

Reputation comparison 

Better Business Bureau – A few standards of BBB accreditation include building trust, being transparent, being honest, honoring promises, being responsive, safeguarding privacy, embodying integrity, and more.

Best Egg

Best Egg has been a BBB accredited business since 10/16/2014. Currently, Best Egg has an “A+” rating in the BBB rating system. This means that this online lender exceeds what you need to meet the BBB accreditation standards.

SoFi 

Similar to Best Egg, SoFi currently has an “A+” rating in the BBB rating system overview.

Trustpilot 

Best Egg

Best Egg has a great Trustpilot rating. In total, Best Egg has over 1700 Trustpilot reviews. Best Egg received 5 out of 5 stars. On a 10-point rating system, Best Egg received 9.5 out of 10 points.

SoFi

SoFi has an exceptional Trustpilot rating as well. SoFi has well over 1900 Trustpilot reviews. Best Egg received 5 out of stars. On a 10-point rating system, SoFi received 9.2 out of 10 points.

Personal loan rate comparison 

Best Egg offers competitive APR rates. Best Egg offers low rates that range from 5.99% to 29.99%.

SoFi offers fixed rates that range from 6.57% to 16.25%. You may be able to get a lower rate with Best Egg, but with longer loan terms Best Egg might be more expensive.

Features and benefits comparison

Best Egg features

• Best Egg has extremely fast funding times.
• Soft credit check
• Fast pre-approval and 24 hours approval process.
• Fixed terms
• Competitive rates
• Unsecured loan issued by Cross River Bank.
• Intuitive tools

SoFi features 

• If you get additional loans through SoFi you will be able to get them at discounted prices.
• Community benefits – SoFi understands how shaky it may be if you were to lose a job. SoFi will suspend your loan bill and they will help you to find a new job if you were to ever get laid off.
• Accelerator program – With accelerator SoFi will invest seed capital into your company. Accelerator also offers mentorship and resources, community, and access to investors.
• Exclusive career coaching
• SoFi offers low rates compared to other lenders such as Prosper. 
• You will not have to worry about any origination fees.
• Soft credit check
• Personal loan calculator
  

Loan terms

Best Egg offers 3 or 5-year loan duration lengths.

SoFi offers 3, 4, 5, 6, and 7-year loan terms for you to choose from. The longer the term the lower your monthly rates will be, but you will pay more in interest rates.

Personal loan process

Both lenders remove the long application process that once plagued loan applications. Whether you choose SoFi or Best Egg you will be able to receive a loan in minutes.

Loan amounts

Best Egg might be a better option if you need smaller loans. With Best Egg you can take out loans for as low as $2000 and as high as $35,000.

With SoFi there is a minimum loan amount of $5000. However, you will be able to take out a personal loan of up to 100,000. If you need a larger loan, then SoFi is going to be the best option for you.

Borrow from SoFi here and get a $100 bonus.

Fees 

Best Egg

All Best Egg customers have to pay an origination fee that ranges from 0.99% – 5.99%. The origination fee is the amount that you will pay the lender to process the loan application.

SoFi

Unlike Best Egg and some of the top online lenders such as Upstart, SoFi does not have origination fees, pre-penalty fees, or late payment fees.

Minimum credit score comparison 

It will be easier to get a loan with Best Egg because of the lower credit score requirements. Best Egg has a personal minimum credit score requirement of 640. However, the average Best Egg borrower has a credit score of 680. There is no minimum credit history with Best Egg.

SoFi personal loans require that you to have a minimum credit score of 680. On average most SoFi borrowers have a credit score that is above 700. One of the best things about SoFi is that there is no minimum credit history. The only thing SoFi is worried about is if you will be able to pay the loan off. The average SoFi borrower makes $100,000 a year.

Get a loan with SoFi today!

Funding time comparison 

Both personal lenders have a short funding time. Best Egg customers will be able to get their loan deposited in as little as one day after being approved.

SoFi loans will be funded within 1 to 7 days after approval.

Support comparison

Best Egg

The Best Egg Help Center helps you to learn more about how to go about starting a loan application, the information that you will need, information on verification, and more. You will even be able to find helpful information if you need to learn more about an existing loan. Bestegg.com also offers a blog where they publish articles weekly. You can reach a loan specialist or contact customer service from Monday–Thursday 9am–9pm ET, Friday 9am–7pm ET and Saturday 10am–5pm ET.

SoFi 

The FAQ page on Sofi.com is well organized and offers more helpful articles for those who are new to SoFi. For example, you will be able to find out how to add a co-applicant to your loan, you will be able to learn more about their programs, membership benefits, and more.

You can call their customer support, mortgage general support, and wealth support from Monday through Thursday from 4AM to 9PM and Friday through Sunday from 4AM to 5PM.

You will also be able to receive support through Twitter by tweeting @SoFiSupport.

Which personal lender is the better choice?

Best Egg and SoFi are unique in a plethora of ways. Best Egg is an option for someone that doesn’t have the best credit. With a minimum credit score requirement of 640 there is a greater chance of you getting approved from them. However, if you meet the 680-credit score requirement and need a $5000+ loan, then SoFi is without a doubt the better company. SoFi offers more perks, you may be able to get lower rates, there are less fees, and the personal loan process is slightly smoother. I strongly recommend that you get rates today.

The post Best Egg Vs SoFi first appeared on Quote Raters.