Credible
Get Rates
  • Refinance Student Loans
    • Compare Options
      • Best Refinancing Companies
      • Lender Reviews
      • Refinance Student Loans
      • Student Loan Consolidation
    • Learn the Basics
      • Fixed vs. Variable Rates
      • Forgiveness Programs
      • Consolidation vs Refinancing
      • Repayment Plans
      • More on Student Refi
    • How to
      • Consolidate Your Student Loans
      • Pay Off Your Student Loans
      • Lower Your Interest Rate
    • Tools
      • Current Student Loan Refi Rates
      • Refinancing Calculator
      • Repayment Calculator
      • Student Loan Score Calculator
  • Student Loans
    • Compare Options
      • Private Student Loans
      • Parent Student Loans
      • Law School Loans
      • Medical School Loans
      • Graduate Student Loans
    • Learn the Basics
      • Student Loan Limits
      • Living Expenses
      • Applying for FAFSA
      • Federal Student Loans
      • Student Loan Interest Rates
      • More on Student Loans
    • How To
      • Pay for College
      • Take Out Student Loans
      • Apply Without Cosigner
      • Apply for Student Loans
      • Pay for Grad School
    • Tools
      • Best Private Student Loans
      • Current Student Loan Rates
      • Student Loan Interest Calculator: Estimate Payments
      • Lender Reviews
  • Personal Loans
    • Compare Options
      • Best Personal Loan Lenders
      • Lender Reviews
      • Get Personal Loan Rates
    • Learn the Basics
      • How to Qualify
      • How to Get a Loan
      • Where to Get a Loan
      • Personal Loans with Cosigner
      • Pay Off Credit Card Debt
      • More on Personal Loans
    • Best for
      • Credit Card Consolidation
      • Debt Consolidation Loans
      • Home Improvement Loans
      • Good Credit
      • Fair Credit
      • Bad Credit
    • Tools
      • Current Personal Loan Rates
      • Personal Loan Calculator
  • Mortgages
    • Compare Options
      • Mortgage Refinance
      • Home Loan
      • Best Mortgage Refinance Companies
      • Best Mortgage Lenders
      • Mortgage Preapproval
      • Mortgage Payment Calculator
    • Compare Rates
      • Mortgage Refinance Rates
      • 30-Year Fixed Refinance Rates
      • 15-Year Fixed Refinance Rates
      • Home Loan Rates
      • 15-Year Fixed Mortgage Rates
      • 30-Year Fixed Mortgage Rates
    • Learn the Basics
      • How to Buy a House
      • How to Refinance Your Mortgage
      • How to Get the Best Rate
      • Cash-Out Refinancing
      • More on Home Loans and Refi
    • Pay Off Mortgage
      • Home Equity to Pay Off Debt
      • Paying Off Mortgage Early
      • Mortgage Refinance Cost
  • Insurance
    • Insurance Products
      • Insurance Products
      • Learn more about home insurance
    • Compare Options
      • Compare Insurance Quotes
      • Home Insurance Guide
    • Learn the Basics
      • What Home Insurance Covers
      • How Much Home Insurance You Need
      • Estimate Your Home Replacement Cost
      • How to Change Home Insurance
  • Company
    • About
    • Reviews
    • Blog
    • Lenders
    • Editorial Guidelines
    • FAQs
    • Press
  • Find My Rate
Advertiser Disclosure

SoFi vs. Prosper: Which Personal Loan Lender Is Right for You?

SoFi might be the better choice if you need a larger loan, but if you need flexible loan options, consider Prosper.

Kat Tretina Kat Tretina Edited by Ashley Harrison Updated September 7, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

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
  • Prosper personal loans
  • SoFi personal loans
  • Deciding on a personal loan lender

SoFi vs. Prosper

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

sofi personal loansprosper personal loans
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Loan amount$5,000 to $100,000$2,000 to $50,000
Loan terms2 to 7 years2 to 5 years
Min. credit scoreDoes not disclose640
Time to fund3 business daysAs soon as one business day
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
Residency
  • 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

Compare personal loan rates from SoFi, Prosper, and more in 2 minutes

Find My Rates Now
Checking rates won’t affect your credit

Trustpilot

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.

Pros

  • 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.

Cons

  • 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.

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.

Pros

  • 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.

Learn More: Upstart vs. Sofi: Which Personal Loan Is Right for You?

Cons

  • 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.

It’s also a good idea to consider how much a personal loan might cost you over time. Before you borrow, estimate how much you’ll pay for a loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.


Need a personal loan?
Compare rates without affecting your credit score. 100% free!

Check Personalized Rates

Checking rates won’t affect your credit score.

If you’re ready to take out a personal loan, be sure to shop around and consider as many lenders as possible. Credible allows you to compare SoFi, Prosper, and multiple other lenders by filling out a single form. We also use a soft credit check which means checking rates won’t affect your credit.

Ready to find your personal loan?
Credible makes it easy to find the right loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

Find My Rate
Checking rates won’t affect your credit

Trustpilot

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 a freelance writer who covers everything from student loans to personal loans to mortgages. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

Read More

Home » All » Personal Loans » SoFi vs. Prosper: Which Personal Loan Lender Is Right for You?

Types of Personal Loans

  • Adoption Loans
  • Auto Repair Loans
  • Boat Loans
  • Dental Work Loans
  • Engagement Ring Loans
  • Kitchen Remodel Loans
  • Medical Expenses Loans
  • Motorcycle Loans
  • Moving Loans
  • Service Dog Loans
  • Swimming Pool Loans

Common Personal Loans

  • Personal Loan Rates
  • Bad Credit Loans
  • Fair Credit Loans
  • Good Credit Loans
  • Credit Card Consolidation Loans
  • Debt Consolidation Loans
  • Home Improvement Loans

Personal Loan Basics

  • Personal Loan Calculator
  • Where to Get a Personal Loan
  • How to Get a Personal Loan
  • Qualify for a Personal Loan

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to email a link to a friend (Opens in new window)

Related Articles

Personal Loans

Upstart vs. Sofi: Which Personal Loan Is Right for You?

Personal Loans

SoFi vs. LendingClub: Who Offers Better Personal Loans?

Personal Loans

LendingClub vs. Prosper: Which Personal Loan is Best?

  • Read More
    • Refi Student Loans
    • In School Loans
    • Personal Loans
    • Mortgages
    • Insurance
  • Resources
    • Lender Reviews
    • Loan Calculators
    • Student Loan Score Calculator
    • Data Insights
    • Debt Statistics
    • Sitemap
  • Compare
    • Student Loan Refinance
      • Current Student Loan Refi Rates
    • Student Loan Consolidation
    • Private Student Loans
      • Current Student Loan Rates
    • Personal Loans
      • Current Personal Loan Rates
    • Refinance Mortgage
      • Mortgage Refinance Rates
        • 15-Year Fixed Refinance Rates
        • 30-Year Fixed Refinance Rates
    • Home Loans
      • Home Loan Rates
        • 15-Year Fixed Mortgage Rates
        • 30-Year Fixed Mortgage Rates
    • Insurance
  • Top Lenders
    • Best Student Loan Refi Companies
    • Best Private Student Loans
    • Best Personal Loans
    • Best Mortgage Lenders
    • Best Mortgage Refinance Companies
  • Company
    • About
    • Reviews
    • Blog
    • Editorial Staff
    • Editorial Guidelines
    • News
    • Press
  • Legal
    • Terms of Use
    • Privacy Policy

© 2023 Credible


Credible Operations, Inc. NMLS ID# 1681276 | NMLS Consumer Access | Licenses and Disclosures
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.