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I got a 7 year 50K SoFi loan at 11% about 8 months ago and there have been no problems. I would reccommend them.
I've only had experience with Prosper for a personal loan a couple years ago, decent rate & no problems but they also charge an origination fee.
Just be aware that with a personal loan from places like SoFi, Prosper, BestEgg & similar will get you a negative comment on your Fico score "too many consumer finance accounts", even if you just have the one. Personal loans are pretty much all they do, so easy to spot. A personal loan from NFCU or other large CU will be marked as a 'regular' installment loan because personal loans are a small part of what they do so the CRAs can't tell the difference..
Thanks for the responses, I went ahead and applied. Did not see a 7 year option, only 5. Upoloaded the docs and completed the employment verification form. Now on to waiting.
@DaveInAZ wrote:I've only had experience with Prosper for a personal loan a couple years ago, decent rate & no problems but they also charge an origination fee.
Just be aware that with a personal loan from places like SoFi, Prosper, BestEgg & similar will get you a negative comment on your Fico score "too many consumer finance accounts", even if you just have the one. Personal loans are pretty much all they do, so easy to spot. A personal loan from NFCU or other large CU will be marked as a 'regular' installment loan because personal loans are a small part of what they do so the CRAs can't tell the difference..
Do you have proof of places like Sofi will earn a consumer a negative vs others?
@Anonymous wrote:
@DaveInAZ wrote:I've only had experience with Prosper for a personal loan a couple years ago, decent rate & no problems but they also charge an origination fee.
Just be aware that with a personal loan from places like SoFi, Prosper, BestEgg & similar will get you a negative comment on your Fico score "too many consumer finance accounts", even if you just have the one. Personal loans are pretty much all they do, so easy to spot. A personal loan from NFCU or other large CU will be marked as a 'regular' installment loan because personal loans are a small part of what they do so the CRAs can't tell the difference..
Do you have proof of places like Sofi will earn a consumer a negative vs others?
I have a Best Egg loan that coded as a CFA on my credit reports. There have been reports about SoFi and Prosper coding as well.
I can’t edit my post but here is a report that specifically shows SoFi codes as CFA.
https://ficoforums.myfico.com/t5/myFICO-Product-Feedback/Consumer-finance-account-error/m-p/4689140/...