The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. How personal payoff loans compare to other popular lenders:

Payout vs. SoFi

The main difference between Payoff and SoFi is that SoFi loans can be used for a variety of personal purposes, while Payoff loans are limited to credit card consolidation. And while Payoff and SoFi offer the same minimum loan amount, SoFi offers loans up to $ 100,000 – double the amount available through Payoff.

Likewise, the APR via Payoff and SoFi both start at around 5%, but SoFi rates only go up to around 20% while the payout rates reach nearly 25%. In addition, SoFi does not charge any commitment fees, and Payoff’s commitment fees can be up to 5% of the total loan amount.

Related: SoFi Personal Loan Review

Payout vs. LightStream

LightStream personal loans are extremely flexible as they can be used for a wide variety of purposes and range from $ 5,000 to $ 100,000 depending on the purpose of the loan. In contrast, payoff loans are limited to credit card consolidation and only go up to $ 40,000.

LightStream’s APR are also more competitive than Payoff’s, with rates starting under 3% with Autopay (for some loan purposes) and going up at just over 20%. In addition, depending on the purpose of the loan, potential borrowers can choose from a more extensive range of loan terms between two and twelve years.

However, LightStream has stricter qualification requirements while Payoff can be available to borrowers with a FICO score of only 640. However, qualified LightStream borrowers do not have to pay any issuing fees like those charged on payoff loans.

Related: LightStream Personal Loan Review

Payout vs. Update

Upgrade offers a slightly expanded range of credit compared to Payoff with personal loans ranging from $ 1,000 to $ 50,000. However, while Upgrade’s base APRs are similar to Payoff’s, the maximum APR is close to 36% – about 10 points higher than the highest rate imposed by Payoff.

Even so, borrowers can access a much wider range of loan terms (two to seven years) than Payoff, and the minimum credit requirements are slightly lower at 580.

Related: Upgrade personal loan verification