If you have good to excellent credit, SoFi can get you fast funding with low interest rates and no fees.
Pros
- High maximum loan amount of $100,000.
- Free credit counseling and unemployment protection.
- No fees.
- Allows coapplicants.
- Networking and community events.
Cons
- Strict eligibility requirements.
- Lower approval rate than other lenders.
- Not available in Mississippi.
Looking for other lenders that offer low starting APR’s?
1. Prosper
A peer-to-peer lender, Prosper could get you up to $40,000 to consolidate your debt, start a business, improve your home and more.
Pros
- Offers loans for a variety of purposes.
- Low starting APRs.
- Simple terms of 3 years or 5 years.
Cons
- Loans capped at $40,000.
- Offers only 2 fixed term lengths.
- Longer turnaround time than SoFi
2. LendingClub
Apply for an unsecured personal loan of up to $40,000 with LendingClub.
Pros
- Smaller amounts available
- No prepayment penalties.
- Fixed rates.
- Fast and simple application.
Cons
- Higher rates for poor credit borrowers.
- Unavailable to Iowa and West Virginia residents.
- As few as 3 days to get your funds.
3. Upstart
This newer online lender considers things like your education and career path when considering you for its unsecured, fixed-rate loans.
Pros
- Better for younger borrowers with limited credit history.
- Offers a variety of loans with one simple application.
- Pay no fees for early repayment.
Cons
- High origination fees of up to 8% rolled into loan.
- Not the lowest starting APR in the market.
- Additional fees for things like paper copy requests and late payments.
4. NetCredit
NetCredit offers unsecured personal loans up $10,000 that could help you rebuild your credit, even if you have a low credit score.
Pros
- Quick turnaround time with flexible repayments.
- Fair credit OK.
- No early repayment fees.
Cons
- Low maximum loan amount.
- Loans available in 14 states only.
- Stiff late fees could apply.
5. OneMain Financial
In business for over a century, OneMain Financial provides secured and unsecured loans for a variety of purposes.
Pros
- Offers both secured and unsecured loans.
- Allows joint applications.
- Considers poor credit applicants.
Cons
- Higher APRs than competing lenders.
- Origination fees vary by state.
- Low maximum loan amount.
6. Avant
Avant offers personal loans with funds deposited into your account as soon as the business day after approval. Learn about similar online lenders.
Pros
- Quick approval and funding.
- Pay no fee for early repayment.
- Reports to the three major credit bureaus to help build your credit.
Cons
- Maximum loan amount varies by state.
- May not be available in all states.
- Potentially high origination fees if approved.
Our top pick: SoFi Personal Loan Fixed Rate (with Autopay)
- No fees
- Autopay discount
- Competitive rates
Our top pick: SoFi Personal Loan Fixed Rate (with Autopay)
- Min. Credit Score Required: 680
- Min. Loan Amount: $5,000
- Max. Loan Amount: $100,000
- APR: 5.99% to 16.24%
- Requirements: Ages 18+, US citizen or permanent resident
Disclaimer
SoFi Personal Loans
Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly.
SoFi unemployment protection
If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
