loan application Archives

How to Apply for a Personal Loan on SoFi

We walk through the entire SoFi loan application process with our accompanying how to video.

June 3, 2016 By Ryan Lichtenwald 1 Comment

The amount of options for consumer loans has increased considerably over the last couple of years. SoFi, one of the largest online lenders in the US started with student loan refinancing and has since expanded into personal loans and mortgages. In this SoFi review we will share the process of obtaining a SoFi loan and share a video of the entire process.

One thing to remember as you watch the video below is that it was recorded in late 2015 so the interest rates and the process may have changed slightly if you are going through this process yourself or looking at the SoFi website. For those who are just trying to better understand the online lender’s process, this video will give you insight into the experience that thousands of borrowers have already gone through with SoFi. The video is embedded below but is also available on YouTube.

One of the benefits of online lenders as shown above is just how fast they are able to pre-approve you for a loan. It is a very transparent process and the rates can be extremely attractive, especially for the very best borrowers. We have tried out many of the online lenders and one thing we found interesting is that SoFi has a unique approach to underwriting. So even if you have been declined by banks or any of SoFi’s competitors it is still worth checking to see if you might be approved for a loan with SoFi.

The other unique aspect of SoFi that is worth mentioning is their focus on building a community. While some benefits like their career services or entrepreneur program are only available to those who refinance student loans, SoFi also offers events in large cities for their members.

It was very interesting to see the SoFi borrower experience first hand. Obtaining a personal loan with SoFi is a straight forward process and if you are looking for a loan, SoFi is a company that is worth checking into. If you want to take a personal loan out at SoFi, you can use this link, which is our affiliate link.

How to Apply for a Loan on Lending Club

We walk through the entire Lending Club loan application process from start to finish including a how to video.

January 12, 2016 By Peter Renton 3 Comments

Note: APRs now range from 6.95% to 35.89% as of October 10, 2018

This is part of our semi-regular series where we take an in-depth look at the platform experience from the borrower side. A few months ago I took out a loan on Lending Club and I recorded the entire experience for Lend Academy readers. This was my second time applying for a loan on Lending Club, I first did this back in 2011 and you can read about that experience here.

Now, I didn’t actually need this loan from Lending Club, I just wanted to get a first hand look at their entire borrowing process. For investors I think it is important to have some understanding of the borrowing process, this is the core of what marketplace lending is all about and something few of us stop to consider. And for potential borrowers it is good to know how the process works before you apply for a loan.

When I was applying for this loan I created a screencast video of the process. This video walks you through the different screens and lets potential borrowers know what to expect. It runs just under six minutes and if you are looking to obtain a loan on Lending Club I highly recommend you watch the entire video. [Read more…]

How to Apply for a Loan on Prosper

We walk through the entire Prosper loan application process step by step including a how to video.

December 16, 2015 By Peter Renton 4 Comments

A few months ago I took out a loan on Prosper and I recorded the entire experience for Lend Academy readers. This was my second loan on Prosper, I first did this four years ago and I shared that experience as well. In comparing the process from 2011 to 2015 I can say that Prosper has made applying for a loan quicker and easier for potential borrowers.

I decided to borrow money from Prosper not because I needed a loan but because I wanted to get a first hand look at their borrowing process. This will be the first in a series of posts over the next few weeks where we share the borrower experience of various different platforms. For investors I think it is important to have some understanding of the borrowing process, this is the core of what marketplace lending is all about and something few of us stop to consider.

I have created a screencast video of the actual application process. This walks you through the different screens and lets potential borrowers know what to expect. It runs just over five minutes and if you are looking to obtain a loan on Prosper I highly recommend you watch the entire video.

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What to Expect When Applying for a Personal Loan on Prosper

September 19, 2011 By Peter Renton 81 Comments

[Update: Here is an updated article with a new video about the loan application process at Prosper.]

Last week, for the first time, I took out a loan on both p2p lending platforms. Today, I am going to be sharing my experience of applying for a loan on Prosper. The process was relative smooth and painless, taking about 10 minutes to complete.

For p2p investors I think it is important to have some understanding of the borrowing process. This is really the reason I undertook this exercise. I didn’t actually need a loan but I have been investing in p2p loans now for over two years and I have always felt that my education was somewhat incomplete without going through the other side of the process.

I have created a video of the actual application process. This walks you through the different screens and lets potential borrowers know what to expect. It runs just under 7 minutes and if you are looking to obtain a loan on Prosper I highly recommend you watch the entire video.