SoFi® vs. Prosper: Which is better?

SoFi stands out for its attractive interest rates and larger loan offerings for those with higher credit scores and incomes. It also offers a suite of personal finance education tools. Prosper, on the other hand, is more inclusive of those with lower credit scores who need smaller loan amounts.

SoFi vs. Prosper: A quick comparison

• SoFi's terms and conditions

  Fixed rates from 8.74% APR to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 04/24/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plusby paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

SoFi vs. Prosper: Which one’s better?

SoFi, known for lower interest rates and membership perks, wins due to its optional fees, lower maximum interest rates and flexible terms. However, both SoFi and Prosper can be compatible options for borrowers, depending on your needs. SoFi is best for borrowers who need larger loan amounts, while Prosper is better for borrowers with a lower credit score who only need up to $50,000 in funding.

When to consider SoFi

SoFi is best for people who want:

• Larger loan amounts. SoFi allows you to borrow up to $100,000 if you meet its eligibility criteria.
• No additional fees. SoFi does not add any origination, prepayment or even late fees if you’ve missed your payment.
• Discounts. SoFi offers a 0.25% discount on your loan monthly payments if you choose an automatic payment via your bank account.

When to consider Prosper

Prosper is best for people who:

• Want smaller loan amounts. Prosper allows a minimum loan amount of $2,000 for borrowers who need less than the $5,000 minimum set by SoFi.
• Have lower credit profiles. Prosper states it lends out loans to borrowers with a minimum credit score of 640 as long as they meet other criteria.
• Seek a peer-to-peer lending experience. A peer-to-peer lending experience allows a borrower to customize their repayment options from 2 to 7 years.

The similarities

Both companies offer competitive rates and flexible eligibility requirements with minimum credit scores in the 600 range. They are both highly rated lenders by customers on Trustpilot and have a straightforward online application process that offers applicants a range of loan amounts to choose from.

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Alternatives to SoFi and Prosper

Here is a list of other lenders that could align with what you’re looking for.

• Upgrade: Upgrade offers fixed-interest loan products up to $50,000. Depending on the lender’s set terms, you may have up to seven years to repay your loan. A hardship program is also available to help with repayments.
• Best Egg: Best Egg offers personal loans with APRs starting from 6.99% and offers loan amounts up to $100,000 with a variety of repayment methods. It was ranked the number one company in 2021 by Best Company, a consumer review site.
• Avant: Avant is more lenient than most lenders since it does not require a credit score and welcomes self-employment income.

See how other lenders stack up

Looking for more side-by-side comparisons of similar lenders? Here are a few that you might find helpful:

• LendingClub vs. LendingTree
• SoFi vs. Best Egg
• Upstart vs. Prosper