Sofi offers the largest loans of the three lending platforms. With Sofi, you could borrow up to $100,000 on a personal loan. The minimum loan amount that you can take out at Sofi is $5,000. Sofi charges a fixed APR interest in the range of 5.49% – 14.24% on personal loans for those who choose auto pay. Sofi gives you three terms to make the repayment including 3,5, and 7 years. Instant pre-approval is available and you can fill in the online form to find out your pre-approved interest rate.
Sofi personal loans have no origination or early repayment fees. If you are a member at Sofi, you can get 0.125% discount on the interest rate. Sofi loans feature unemployment protection which allows you to temporarily pause the repayment from your account until you get employed. You can apply for a loan at Sofi by first getting pre-approved for the interest rate. After you have make a decision to go ahead with the loan offer, you can submit more documents to complete the application. You have to sign a few documents with your electronic signature before they will wire the funds to your account.
Lending Tree can connect you to a network of more than 350 lenders. At Lending Tree, you can expect to get approved for a personal loans in between $1,000 to $50,000. The lenders at Lending Tree consists of online lenders and banks. The search engine is easy to use and has a user friendly interface with big font size and buttons. Lending Tree will approve any borrower that possess a decent credit.
To see the list of lenders, you must first take a survey that requires you to answer basic questions like loan purpose, how much you want to borrow, social security number, postcode and etc. It will display up to 5 loan offers at a time. Within minutes of applying, you will get a reply on whether your loan gets pre-approved. The search engine will display all the details of the loan so you don’t have to visit the lender site.
Prosper is a P2P platform that allows you to take out a minimum loan of $2,000 and the maximum loan amount being $35,000. Prosper provides unsecured loans that do not require any collateral with loan term in between 36 – 60 months. They approve your loan based on the credit history. Prosper loans can be used for a variety of purposes including debt consolidation, home improvement, vehicle, and green loans.
At Prosper, you can track the approval of your loan application through the verification stage system. The verification stage system allows you to know how long is there until they finished process your loan application. The loan has fixed monthly payment and you won’t get charged with prepayment fees when you repay the loan early.