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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: optionsguy on August 28, 2015, 08:13:39 PM

Title: What's the best bank for an unsecured loan up to 100k? Ever used SoFi.com? 5.5%
Post by: optionsguy on August 28, 2015, 08:13:39 PM
SoFi, a "FinTech" startup based in the SF bay area, started by doing student loan refinancing. Their angle is that they are better at risk assessment than the other guys by looking at the school you graduated from and the job you have. They've recently moved into mortgages and personal loans.

I'm looking at taking out a ~100k loan in the near future, and have no collateral. SoFi offers loans up to 100k, at 5.5% fixed, over a 3 year term. Unsecured.

I haven't been able to find anything much better than this - has anyone else? I'm probably not going to pull the trigger until early next year, but want to weigh any other options.

For an unsecured loan of that size, it's probably unlikely to find something better than 5.5%, right?

Edit: Here's their link: https://www.sofi.com/personal-loans/

Edit 2: NerdWallet has a good comparison of unsecured personal loan options, and from the looks of it, they like SoFi too: http://www.nerdwallet.com/blog/compare-personal-loan-rates-lenders/
Title: Re: What's the best bank for an unsecured loan up to 100k? Ever used SoFi.com? 5.5%
Post by: optionsguy on August 31, 2015, 04:14:58 PM
Would love if anyone's found something better than 5.5% for 100k / 3 year fixed rate loan!
Title: Re: What's the best bank for an unsecured loan up to 100k? Ever used SoFi.com? 5.5%
Post by: lbmustache on August 31, 2015, 04:59:40 PM
What is the loan for? Lightstream has lower rates depending on what you are using the $ for.
Title: Re: What's the best bank for an unsecured loan up to 100k? Ever used SoFi.com? 5.5%
Post by: worms on September 01, 2015, 01:12:01 AM
What is the loan for? Lightstream has lower rates depending on what you are using the $ for.

Oh no, you were hooked! Let's not start the whole "I'm going to make a fortune by borrowing to gamble in no-value stock options" thread again! :)
Title: Re: What's the best bank for an unsecured loan up to 100k? Ever used SoFi.com? 5.5%
Post by: clifp on September 01, 2015, 01:31:41 AM
If you find anything better than 5.5% I really want to know the name of the company so I can short the stock.
Title: Re: What's the best bank for an unsecured loan up to 100k? Ever used SoFi.com? 5.5%
Post by: Blonde Lawyer on September 01, 2015, 09:05:30 AM
I'm with SoFi and got fixed 5.375% with auto payments.  I've been happy with them so far.
Title: Re: What's the best bank for an unsecured loan up to 100k? Ever used SoFi.com? 5.5%
Post by: lbmustache on September 01, 2015, 12:42:27 PM
What is the loan for? Lightstream has lower rates depending on what you are using the $ for.

Oh no, you were hooked! Let's not start the whole "I'm going to make a fortune by borrowing to gamble in no-value stock options" thread again! :)

Did not even notice the username of the OP! Oops :)
Title: Re: What's the best bank for an unsecured loan up to 100k? Ever used SoFi.com? 5.5%
Post by: Blonde Lawyer on September 01, 2015, 01:33:39 PM
Ah.  The rate I quoted was for student loans.  You are already aware they do personal loans too.  I misread the post.
Title: Re: What's the best bank for an unsecured loan up to 100k? Ever used SoFi.com? 5.5%
Post by: Icecreamarsenal on October 02, 2016, 08:58:27 PM
What is the loan for? Lightstream has lower rates depending on what you are using the $ for.

I've been considering using Lighstream for an auto loan, as they are advertising at 1.9%.  Does anyone have any experience with them, or should I start a new thread?  I haven't been able to find a credit union I meet the qualifications for; I know some credit unions go as far as 1.5% on new car loans.