In the US, several lenders offer the loan to the borrowers at an effective rate; some lenders require good credit score against the loan, and some demand the credit score less than 500. In this field, two leading lenders offer salient services apart from the Personal loan, and the lenders are – Prosper and SoFi. Now, you may wonder, whom to choose between them. So, if you are pondering and looking for the solution, then you have landed on the right place, as here you will find the key differences between them, which will help you to choose the one.
SoFi versus Prosper- The key factors which separate them apart
@. Credit Score
- The SoFi retains the credit score at 680, and the borrowers who have the score more than 700 are eligible for the loan. The APR of the SoFi lies in the range of 5.99% to 16.24% and the SoFi personal loan fee, lies in between $5,000 to $100,000 and the period for the loan is 24 to 84 months.
- The minimum credit score of the Prosper is 640 and the APR lies in the range of 6.95% to 35.99%. Well, the best part of Prosper is that it is peer to peer lender, means it comprises individual as well as the companies. The Prosper personal loan fee ranges from $2,000 to $40,000, and the period for the same varies from 36 months to 60 months.
- In this section, the credit score of Prosper is less, so if your loan amount lies in the range, then you can go with the Prosper or else you can go with the SoFi if you match the APR and the loan amount.
@. Originating Fee
- SoFi Personal Loan is exempted from the originating fee and late fee.
- However, Prosper retains the originating fee and the range lies in between 2.4% to 5.00% against the loan amount. On the off chance, if the scheduled payment is failed, then $15 will be charged. Prosper personal loan also includes the late fee and the time frame is the delay of 15 days, and the chargeable amount is $15.
@. Online Methodology
- Both the lenders prefer the quick work and hence, kept the entire process online. This process reduces time and paperwork. However, if you wish to go with the SoFi, then keynote to figure out is the rate, SoFi interest rate is available in the process, and you can check the same amid filling the application form.
- In case, of Prosper, the process is a bit lengthy as it undergoes with three verification process and the Prosper Loan rate is also available in its official website, and you can choose the desired loan after matching the rate.
SoFi Personal loan Vs. Prosper personal loan
- SoFi offers a low-interest rate as compared to the Prosper.
- SoFi rating is A+ and Prosper rating is A.
- SoFi offers additional benefits, such as 7-year term option for a loan, but Prosper does not offer the same.
- SoFi provides the loan to the US borrower who is employed, but if you lose your job after the approval of the loan, then you don’t have to get worried as SoFi also offer the unemployment insurance. However, Prosper offers the loan to the US citizen and this is the only eligibility criteria of the Prosper.
So, the above data shows that SoFi is the best option for a personal loan. But wait, it is not yet completed. If you need to know more about the services of both the lenders, then you can go with the review part which will give you the info and the experience of the borrowers.
@. A quick way to check SoFi personal loan review
- Go to the official website of SoFi, scroll down the page to the bottom and then click on ‘Review’ which is listed beneath the ‘Company’ section, or else click on the direct link- Click Here
- In the review page, you will find the bunch of feedback from the borrowers, read it carefully.
- For more reviews, you can click on ‘See more reviews’ button, located at the bottom of the page.
@. An effective way to check Prosper personal loan review
Prosper does not site the review section on its official website, but you can go through the trusted third party website which offers genuine reviews of the borrowers. So, hunt down the third party carefully and then read the reviews posted by the customers.
Bottom Line
After reading the reviews of both the lenders, you can choose the one which fulfills your requirement. But make sure to consider the above points too before going further.
