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SoFi vs. Prosper: Which is better?

SoFi is a good option for borrowers with good credit, while Prosper may be a better fit if you’re in the fair credit range.

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



Loan products offeredPersonal loans for credit card consolidation, home improvements, family planning, travel, IVF, weddings and more.Personal loans for debt consolidation, home improvement, healthcare financing, vehicles and more.
Interest rates8.99% to 29.99% fixed APR8.99% to 35.99%
FeesNo origination fee1% to 7.99% origination fee
Loan amounts$5,000 to $100,000$2,000 to $50,000
Turnaround timeSame day as approvalMinimum 1 business day after approval
Eligibility requirements
  • Minimum 680 Credit Score
  • Proof of US permanent citizenship, non-permanent, 18 years of age or residing in eligible states
  • Permanent residents need 2-year valid green card
  • Minimum 640 Credit Score
  • US citizen
  • Name
  • Address
  • DOB
  • US driver’s license or identifying documents
  • Proof of income
  • A+ BBB rating
  • 4.7 out of 5 rating on Trustpilot
  • A+ BBB rating
  • 4.6 out of 5 rating on Trustpilot
State availabilityAvailable in all statesNot available in: Iowa, North Dakota, West Virginia
  • No origination or late fees
  • Co-applicants allowed
  • Most US residents can have two loans at a time
  • 0.25% autopay discount
  • Lower credit score requirements
  • Co-applicants allowed
  • No prepayment penalties
  • Michigan residents can only have one loan at a time
  • Cannot be used for post-secondary education
  • A late fee of $15 or 5% of the unpaid monthly amount
  • Origination fee requirement

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.

Compare other personal loans

Tap compare for up to four personal loan lenders to see how your options stack up side by side.

Name Product Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99% fixed APR
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Finder Score: 4 / 5: ★★★★★
8.49% to 35.99%
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.

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 8.99% and offers loan amounts up to $50,000 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:

Megan B. Shepherd's headshot
To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.
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Written by


Dhara Singh was a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances. Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely. Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University. See full bio

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