Upstart is for individuals with high credit scores who want to consolidate debt. This service offers customers a wide array of flexible options, which range from small to large loan amounts, competitive interest rates, and 3 to 5 year terms. With Upstart, consumers face zero prepayment penalties and can apply within minutes.
Best For People Who
Want to lower their interest rate
Wish to resolve their debt obligations as an alternative to bankruptcy, debt settlement, or credit counseling
Are looking to borrow up to $50,000
No accounts that are currently delinquent on credit report
No bankruptcies or public records on credit report
Reside in any U.S. state except IA or WV
*The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Prosper is ideal for individuals with high credit scores who want fixed rate personal loans. This lending platform offers customers low origination fees, zero prepayment penalties, and competitive interest rates. With Prosper, customers can borrow, consolidate, and save.
Wish to pay off their debt with fixed 3 or 5 year terms
Are looking to borrow up to $35,000
Minimum two years of credit history
No bankruptcies filed within the past year
Reside in any U.S state except IA, WV
For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.9. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers.
Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.
SoFi's mission is to help people reach financial independence to realize their ambitions. They have funded $45 billion+ in loans, have over 1,000,000 members, and have helped consumers pay off $22 billion in debt.
Best For People Who
Wish to borrow up to $100K at a low fixed rate
Want a simple online application process and access to live customer support 7 days a week
Would like the added benefits of having no origination or late fees and no prepayment penalty
Must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
Have a responsible financial history with stable income
Must reside in a state where SoFi Lending Corporation is authorized to lend
¹Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.orgOpens A New Window.)
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 and may affect your credit.
Team of financial services professionals, research and clinical psychologists, data scientists, neuroscientists, Member Advocates and technology experts working together to better understand and accelerate people’s journey toward financial wellness.
Best For People Who
Want to consolidate between $5,000 and $40,000 in credit card debt
Are looking for a fixed, low rate and simplified terms
Want a personal touch to getting out of debt
Possess three years of credit history and two current credit accounts in good standing
Have zero current delinquencies
Reside in any U.S. state besides MA, MS, NE, or NV.
Payoff works with Lending Partners who originate loans. Individual borrowers must be at least 18 years old and have a valid social security number and a valid checking account. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage, credit history, and state of residence. Currently loans are not offered in: MA, MS, NE, and NV.