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SoFi and Prosper are two companies that offer personal loans with competitive interest rates and no prepayment penalties. However, there are some major differences between the companies that could affect your decision on which one to choose.

In this post:

SoFi vs. Prosper

Here’s a comparison of both lenders so you can make an informed choice.

 sofi personal loansprosper personal loans
Loan amount$5,000 to $100,000$2,000 to $40,000
Loan terms2 to 7 years3 or 5 years
Min. credit score680640
Time to fund3 business daysOn average, within 5 days of accepting your offer
Origination feeNone2.4% to 5%
Cosigners permittedYesNo
IncomeEmployed, have sufficient income from other sources, or have an offer of employment to start within the next 90 daysDebt‐to‐income ratio below 50%, earned income, and no bankruptcies filed within the last year
  • U.S. citizen, permanent resident, or visa holder
  • Not available in MS
U.S. citizen, permanent resident, or visa holder
PerksCan postpone payments if you lose your job and SoFi will help you find a new oneLoan review process usually completed in 7 business days or less

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Prosper personal loans

Best for:

  • Anyone who needs to consolidate debt
  • Anyone looking for more flexible loan options
  • Anyone with less than perfect credit

Prosper is a peer-to-peer lending company, meaning it matches people seeking out personal loans with individual investors who are willing to find loans. Whether you’re looking to pay for your dream wedding or finance a medical expense, Prosper offers flexible loan options to meet your needs.


  • Lower credit requirements: As a peer-to-peer lender, Prosper’s recommended minimum credit score is just 640, increasing your chances of qualifying for a loan. So even if you don’t have perfect credit history, you have a chance to qualify.
  • Smaller loans available: While SoFi requires you to borrow at least $5,000, Prosper offers personal loans as small as $2,000.


  • Origination fees: Prosper charges an origination fee between 2.4% and 5% of the amount you borrow.
  • Cosigners not accepted: If you don’t meet the minimum requirements, you don’t have the option of adding a cosigner to your loan application.
  • No autopay discount: While Prosper allows you to sign up for automatic payments, there’s no interest rate discount available.
  • Fewer repayment term options: If you’re looking for terms less than three years, you’re out of luck. Prosper has loan terms of just three or five years, whereas, SoFi offers multiple repayment terms.

For more information, check out our Prosper personal loans review.

SoFi personal loans

Best for:

  • Anyone who needs to consolidate debt
  • Anyone looking for larger loans
  • Anyone wanting a variable-rate loan

Whether you’re looking for a debt consolidation loan or need to finish a home improvement project, SoFi has you covered. You can borrow up to $100,000 and SoFi has no fees: no origination fee, prepayment penalty, or late payment fee. The lender also offers both variable and fixed interest rates.


  • Longer loan terms: SoFi offers loan terms as long as seven years. With a longer loan term, you’ll pay more in interest fees, but you’ll get a more affordable monthly payment.
  • Unemployment protection: SoFi has an Unemployment Protection program. If you qualify, you can postpone your loan payments for three months at a time, up to 12 months.
  • Cosigners accepted: SoFi is one of the few personal loan companies that allows you to use a cosigner. A cosigner — typically a friend or relative with good credit and stable income — can increase your chances of qualifying for a loan and can help you get a lower interest rate.
  • Autopay discount: Sign up for automatic payments from your bank account and SoFi will give you a 0.25% discount.


  • Not available to all U.S. residents: Unfortunately, SoFi loans are not available to residents in Mississippi.
  • You need good to excellent credit: With SoFi, you typically need a credit score of at least 700 to qualify for a loan. Otherwise, you’ll need a cosigner.
  • Higher loan minimum: If you need just a few thousand dollars, SoFi may not be for you, since the minimum you can borrow is $5,000.

For more information, check out our SoFi personal loans review.

Deciding on a personal loan lender

Taking out a personal loan can help you achieve your goals. But before submitting your loan application with online lenders like SoFi or Prosper, compare a variety of factors (like the application process, late fees, and rates) from multiple personal loan lenders so you can find the best loan for you.

SoFi isn’t currently one of Credible’s personal loan partners, but we do allow you to compare Prosper with 10 other lenders by filling out a single form. We also use a soft credit check which means check rates won’t affect your credit.

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See More: LendingClub Personal Loans Review


The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.

About the author
Kat Tretina
Kat Tretina

Kat Tretina is an authority on student loans and a contributor to Credible. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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