SoFi vs. Prosper Personal Loans: How They Compare

SoFi and Prosper offer personal loans to borrowers with good credit. SoFi has no fees and unique perks.
Chanell Alexander
By Chanell Alexander 
Updated
Edited by Kim Lowe

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SoFi and Prosper offer online personal loans. SoFi targets borrowers with good credit, while Prosper accepts fair-credit borrowers.

SoFi markets itself as a forward-thinking finance company that offers perks like financial advising and career coaching. Prosper pioneered peer-to-peer lending and offers no-frills personal loans.

The two lenders have competitive starting annual percentage rates, but SoFi’s APRs don’t include origination fees. Both companies offer joint loans, which allow co-borrowers to apply and potentially receive a lower rate.

SoFi vs. Prosper at a glance

SoFi
Prosper
NerdWallet rating 
NerdWallet rating 
Est. APR

8.99-29.99%

Est. APR

8.99-35.99%

Loan term

2 to 7 years

Loan term

2 to 5 years

Loan amount

$5,000-$100,000

Loan amount

$2,000-$50,000

Min. credit score

None

Min. credit score

560

SoFi may be a better option if:

  • You have good or excellent credit (a score of 690 or above).

  • You want a large loan.

SoFi refers to its borrowers as “members” and provides unique perks like happy hours, dinners and networking events throughout the country.

How to qualify: SoFi does not have a minimum credit score requirement. The company requires applicants to be employed, have sufficient income from other sources or have a job offer to start within 90 days.

SoFi also considers your financial history and monthly income versus expenses.

Approval to funding time: Funding from SoFi is fast, with same-day approval and same-day funding.

Costs: SoFi's annual percentage rates include a 0.25 percentage point autopay discount and no origination, prepayment, late or overdraft fees.

Payment flexibility: SoFi lets borrowers change their payment due date once every 12 months. In case of job loss, SoFi has a forbearance program that suspends payments in three-month increments.

Prosper may be a better option if:

  • You need a smaller loan.

  • You don’t need extras like networking and social events.

Prosper is among the first peer-to-peer lenders, which means that rather than funding loans itself, the company matches potential borrowers with individual investors who can choose to fund the loans.

How to qualify: Prosper requires a minimum credit score of 560; its average borrower has a score of 685. Single applicants must have a debt-to-income ratio less than 50%, excluding a mortgage.

Approval to funding time: Prosper says it can approve applications instantly, and borrowers may receive their funds in one business day after approval.

Costs: Prosper’s APRs include an origination fee of 1% to 5% of the loan amount and doesn’t have an autopay discount.

Like SoFi, Prosper doesn't charge fees for extra payments or paying off your loan early. There is a late payment fee of 5% of the amount due or $15, whichever is greater.

Payment flexibility: Like SoFi, Prosper allows borrowers to change their payment due date once every 12 months.

Shop around to find the best personal loan

Especially if your credit is good, your best bet may be to compare loans from SoFi and Prosper with other lenders. Click the button below to pre-qualify on NerdWallet and receive personalized rates from lenders that partner with us.

See if you pre-qualify for a personal loan – without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.

on NerdWallet


Personal Loans Rating Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Learn more about our ratings methodologies for personal loans and our editorial guidelines.

See if you pre-qualify for a personal loan – without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.

on NerdWallet

Comparing options? See if you pre-qualify for a personal loan - without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.

on NerdWallet

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