Lending Tree vs Sofi: Which Company Gives The Consumer More Options?
The chasm between the ultra wealthy and the masses is growing by the day. Facts and figures clearly evince that the ultra elite are garnering more and more wealth at the expense of the common man. Ordinary people are now finding it increasingly difficult to raise money for important transactions. Hence, you should be informed about the leading lenders like SoFi and Lending Tree from where you can obtain funds to make it through the vicissitudes of life.
Lending Tree vs Sofi will help you decide which firm is most suitable for your circumstances.
Lending Tree vs Sofi are two of the most renowned institutions in the financial sector. They provide all loans imaginable to ordinary consumers including student loans, mortgages, auto loans and more.
However, you should also be aware of where these two institutions differ. Since Lending Tree is an exchange and does not extend loans directly. Instead, it forwards funds through its vast network of lenders.
SoFi, on the other hand, provides loans directly and is also included in Lending Tree’s extensive portfolio of lenders.
Learn about the key differences between the two lenders to find out which one is best for you.
Lending Terms of Lending Tree vs Sofi
The terms and conditions of the loan are perhaps the most crucial aspects besides the principal amount itself.
Borrowers should be pleased to know that SoFi offers some of the most favorable and lenient terms and conditions that you will ever find in the market.
The annual percentage rate ranges from 5.99% to 17.88%. These are some of the lowest interest rates in the field of finance. Other lenders have much higher interest rates that can go well above 30 percent.
The minimum loan amount is $5,000 while the maximum is $100,000. Consumers with all kinds of borrowing needs can therefore resort to SoFi.
Things are quite different with Lending Tree. Since this loan exchange provides credit through numerous financial organizations, the terms and conditions are variable.
The APR can vary from 3.99 percent to 35.99 percent. The maximum loan amount is $35,000 while the lowest is $1,000. So, Lending Tree is concerned with smaller loan amounts. The repayment periods are also shorter in general since they range between 1 to 5 years.
So, for higher loan amounts and longer repayment periods, SoFi is the way to go.
Criteria for Loan Approval for Lending Tree vs Sofi
The eligibility requirements at SoFi are more stringent than usual. The reason for this is that SoFi is geared towards a specific demographic and is not all-inclusive.
SoFi targets young professionals who have a solid career and stable income. So, if you are 18 years of age or more and are employed, then you are eligible to apply for SoFi loans.
SoFi does not provide its services in Mississippi and Nevada.
SoFi will take your employment history, financial record, and monthly expenses into account while processing your application.
Your minimum credit score should be at least 700. However, even if your credit score is less than 700, SoFi may still approve you for a loan if your employment history and other details add up.
Lending Tree has all kinds of terms and conditions thanks to its network of numerous lenders. The terms and conditions vary according to the lender you are looking at. You will find stringent as well as generous terms and conditions at Lending Tree.
At Lending Tree, you can shop around to find terms and conditions that are most favorable. You won’t enjoy such a wide range of choices at SoFi.
It is evident that Lending Tree is the leader as far as suitable terms and conditions are concerned.
Fees for Lending Tree vs Sofi
If you are averse to balance transfer and origination fees, then you should consider SoFi since it does not charge such fees. For this reason, SoFi is very popular among borrowers.
What sets SoFi apart from the industry is that it offers plenty of breathing space to its borrowers. This is very reassuring, especially when it appears that lenders are eager to impose heavy fees and penalties on delayed payment and default.
SoFi achieves this through unemployment protection wherein borrowers can temporarily halt payments without incurring penalties if they lose their jobs. SoFi may even go to the extent of finding a job for such borrowers so that they are in a position to pay back their dues. You will be hard-pressed to find this level of support and generosity anywhere else.
SoFi is also clement with late payments. If you think that you are going to be late with your payment, you can inform SoFi about the same. You can then negotiate with SoFi for an alternate payment schedule. This will give you time to make necessary arrangements for timely payments.
SoFi clearly shines with its payment flexibility.
Features and Functions
SoFi differentiates itself from the competition thanks to its unique and friendly approach towards its clients. It considers its clients to be members and works towards their financial literacy and success. It is therefore much more than just loans. Besides, SoFi creates mentoring connections, helps its members to find jobs via social networking, provides investment knowledge and also orchestrates business events.
SoFi is more than a firm. It is a community of well-wishers, mentors and helpers.
Lending Tree on the other hand has a more conventional approach. It offers loan calculators, insurance calculators, financial education, credit scores and more.
SoFi is well ahead of Lending Tree on this front.
And The Winner is Lending Tree
LendingTree may be your best bet if your score is less than par. Lending Tree also has great terms and conditions if you are willing to search deep in order to find the best lending partner for yourself from its extensive network.
Lending Tree vs Sofi
- Lending Tree vs Sofi: And The Better Choice Is...
Lending Tree SummaryLending Tree vs Sofi: Which Company Gives The Consumer More Options? Lending Tree has all kinds of terms and conditions thanks to its network of numerous lenders. The terms and conditions vary according to the lender you are looking at. You will find stringent as well as generous terms and conditions at Lending Tree. Lending Tree vs Sofi are two of the most renowned institutions in the financial sector. They provide all loans imaginable to ordinary consumers including student loans, mortgages, auto loans and more. LendingTree may be your best bet if your score is less than par. Lending Tree also has great terms and conditions if you are willing to search deep in order to find the best lending partner for yourself from its extensive network.