View Rates
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View Rates
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| Rates (APR) |
8.99% – 29.99% fixed rate APRs (with all discounts applied)1 |
8.99% – 35.99% |
| Rates (APR) | Rates (APR) | |
|
8.99% – 29.99% fixed rate APRs (with all discounts applied)1 |
8.99% – 35.99% | |
| Loan amounts | $5,000 – $100,000 | $2,000 – $50,000 |
| Loan amounts | Loan amounts | |
| $5,000 – $100,000 | $2,000 – $50,000 | |
| Repayment terms | 24 – 84 months | 24 – 60 months |
| Repayment terms | Repayment terms | |
| 24 – 84 months | 24 – 60 months | |
| Fees | None, but may charge one-time fee for lower rate | Origination fee from 1% – 7.99% |
| Fees | Fees | |
| None, but may charge one-time fee for lower rate | Origination fee from 1% – 7.99% | |
About SoFi and Prosper
When you’re searching for a personal loan, lenders SoFi and Prosper bring a lot to the table. Since 2011, SoFi® has established itself as one of the largest and most reliable providers of online loans in the nation. It offers a quick application process, low interest rates, and several borrower benefits, like rate discounts.
Prosper is the first P2P lender in the U.S. and has provided personal loans since 2005. P2P means individual investors and small businesses fund your loan instead of large institutions. The model makes personal loans accessible to fair-credit borrowers.
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SoFi vs. Prosper eligibility requirements
SoFi’s pride and joy is its streamlined application process allowing you to prequalify a loan without a hard credit check. SoFi typically targets borrowers with higher credit scores and offers more favorable rates to creditworthy borrowers.
While it doesn’t specify a minimum income, it does require proof of stable income to apply. Borrowers from all 50 states are eligible to apply, and the only loan restriction is that it can’t be used for post-secondary education.
Prosper is available to applicants in all states except Iowa and West Virginia and requires proof of U.S. residence to apply. Typically, a recent utility bill will suffice. Prosper evaluates applicants on a broader set of criteria than just credit score, making it accessible to borrowers with lower credit scores.
Proper personal loans have fewer restrictions on loan use so it’s an appealing option for borrowers looking to finance a car, take a vacation, or pay off medical debt. The approval process and terms may vary since Prosper’s model uses individual investors and small businesses to fund loans.
| Criteria | SoFi | Prosper |
| Citizenship | U.S. citizen, permanent resident, or visa holder | U.S. resident in states loans are available |
| Job status | Proof of income required | Proof of income required |
| Residence | All 50 states and D.C. | 48 states and D.C. |
| Min. age | Age of majority in your state | 18 years or older |
| Loan use | Not for post-secondary education | Broad |
| Min. credit score | 660 or higher | 560 |
Prosper vs. SoFi customer reviews
| Platform | SoFi | Prosper |
| TrustPilot | 4.6/5 (8,587 reviews) | 4.6/5 (12,716 reviews) |
| 2.9/5 (84 reviews) | 2.3/5 (55 reviews) | |
| Better Business Bureau (BBB) | 1.53/5 (320 reviews) | 1.04/5 (153 reviews) |
SoFi stands out on TrustPilot with a strong rating and overall customer satisfaction with its fast processing and competitive interest rates. However, its ratings on Google and BBB are significantly lower with the common critique being poor customer service and issues with loan management.
Despite holding an A+ rating and being in business for 12 years, SoFi is not accredited by the BBB.
Prosper, similarly, has a high rating on TrustPilot which shows strong satisfaction for its loan offers and easy application process. However, like SoFi, Prosper’s ratings take a dip on Google and BBB with customer service being the biggest issue. Prosper has been an accredited BBB business since 2012 and maintains an A- rating.
Both lenders seem to struggle on Google and BBB where their ratings show dissatisfaction with customer service. This suggests that while both lenders have competitive product offers, borrowers should be prepared for possible challenges during the loan process.
Prosper vs. SoFi: Which is right for you?
Determining which lender is best for your unique situation can be difficult. To help, we’ve broken down several scenarios where one lender may be more appropriate.
If you want to avoid fees
If you want to avoid fees, SoFi is the better option, as fees are typically not required for its personal loans. The lender may charge a one-time fee for a lower rate, however.
Winner
If you have good credit
If you have a good credit score, SoFi is your best bet. SoFi favors higher credit scores by offering lower APRs, making it the best choice for borrowers with stronger credit profiles.
Winner
If you need to borrow more than $40,000
If you need to borrow more than $40,000, Prosper’s maximum amount, SoFi may be the only option. SoFi disburses loans of up to $100,000.
Winner
If you need a short or long repayment term
SoFi offers a shorter and longer repayment term than Prosper. With SoFi, you can repay your loan in as little as 24 months or as long as 84 months, while Prosper offers more limited repayment terms of 24 to 60 months.
The shorter repayment terms matter less because you can always choose to pay off your loan early. However, a longer repayment term could be critical if you plan to borrow a larger loan amount.
Winner
If you want to help individual investors
Prosper is a P2P lender, whereas SoFi takes a more institutional approach. If helping the little guy matters to you, Prosper may interest you. Individual investors and small businesses can join Prosper’s investing platform to fund the loans of borrowers like you.
This means more of the interest you pay on your loan may end up in the pockets of regular people instead of a big bank.
Winner
If you need to borrow less than $5,000
If you only need to borrow a small amount, Prosper is likely the better option. Prosper allows borrowers to take out a minimum loan of $2,000, whereas SoFi’s minimum is $5,000.
If you need a smaller loan than either lender offers, check out our guide to small personal loans.
Winner
Where to find other lenders
SoFi and Prosper aren’t your only options. If you’d like to see how SoFi stacks up against other personal loan lenders, check out our comparisons:
Remember to compare either lender to our list of the best personal loan lenders to ensure you get the best deal.
How we rated SoFi and Prosper personal loans
LendEDU’s editorial rating system is designed to help readers find companies that offer the best personal loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
SoFi and Prosper were compared to several personal loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take on each company is represented in our ratings and best-for designations, recapped below.
About our contributors
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Written by Andy Rowe, MBAAndy Rowe is a skilled writer and small business owner with a passion for storytelling. He's been writing about financial technology, real estate, thought leadership, and personal loans since 2018. Andy adapts his style to diverse audiences and enjoys documenting his personal finance journey online.