search facebook-square linkedin-square twitter envelope android-arrow-forward

Whether you need to consolidate your credit card debt or finance a big purchase, SoFi and LendingClub offer personal loans that can help you accomplish your goals.

Both offer competitive interest rates, so deciding between the two companies can be difficult. In this breakdown of SoFi vs LendingClub, learn about the pros and cons of each.

In this post:

SoFi vs. LendingClub

Here’s a comparison of each company’s loan options and eligibility requirements.

 sofi personal loanslendingclub
Loan amount$5,000 to $100,000$1,000 to $40,000
Loan terms2 to 7 years3 or 5 years
Min. credit score680540
Time to fund3 business daysUsually takes about 7 days
Origination feeNone1% to 6% of the total loan amount
Cosigners permittedYesYes
IncomeEmployed, have sufficient income from other sources, or have an offer of employment to start within 90 daysYou must have a verifiable bank account
  • U.S. citizen, permanent resident, or visa holder
  • Not available in MS
  • U.S. citizen, permanent resident, or visa holder
  • Not available in Iowa, Guam, or Puerto Rico
PerksCan postpone payments if you lose your job and SoFi will help you find a new oneLower credit minimums, increasing your chances of qualifying

Compare personal loan rates from LendingClub
and other top loan providers in 2 minutes

Find My Rates Now
Checking rates won’t affect your credit

SoFi personal loans

Best for:

  • Borrowers with good to excellent credit
  • Those who need large loan amounts
  • People who want to avoid costly fees

If you have excellent credit, you may be able to qualify for a low-interest loan from SoFi. You can borrow up to $100,000 and have up to seven years to repay your debt. Plus, SoFi offers extra perks like unemployment protection, career coaching, and exclusive member events.


  • Autopay discount: If you sign up for automatic payments, you’ll get a 0.25% interest rate discount.
  • No origination fees: SoFi personal loans don’t have origination fees.
  • Higher loan maximums: SoFi allows you to borrow up to $100,000, more than double LendingClub’s maximum.
  • Offers variable rate loans: You can choose between fixed and variable rate loans. Interest on a fixed-rate loan stays the same for the length of your loan. Variable interest rate loans tend to start off with a lower rate than fixed-rate loans, but can fluctuate over time. Those looking to aggressively pay off their debt may prefer a variable rate loan to take advantage of a lower interest rate.
  • Unemployment protection: If you lose your job, SoFi offers up to 12 months of payment deferment. And, the company even offers job placement assistance.
  • Cosigners accepted: SoFi allows you to add a cosigner to your application. Having a cosigner can increase your chances of qualifying for a loan and getting a lower interest rate.


  • Only those with good to excellent credit will qualify: With a minimum credit score requirement of 680, you’ll need good credit to qualify for a SoFi loan.
  • High loan minimums: If you only need a few thousand dollars to fix your car or consolidate a small credit card balance, SoFi likely isn’t for you. SoFi’s loan minimum is $5,000.
  • Not available to all U.S. residents: SoFi doesn’t issue loans to residents of Mississippi.

For more information, check out our SoFi review.

LendingClub personal loans

Best for:

  • Borrowers in need of small personal loans
  • Those with less-than-perfect credit

LendingClub is a peer-to-peer marketplace, meaning that investors invest in your loans through LendingClub Notes or trust certificates. Borrowers who don’t have excellent credit scores can often qualify for loans through LendingClub and may be able to get lower rates.


  • Lower credit requirements: While SoFi has a minimum credit score of 680, LendingClub’s minimum is just 540. If your credit isn’t that great, you’re more likely to qualify for a loan from LendingClub than SoFi.
  • Smaller loan options: If you only need a small personal loan, LendingClub allows you to borrow as little as $1,000.
  • Cosigners accepted: LendingClub allows you to apply for a loan with a cosigner. Having one increases your chances of getting approved for a loan and qualifying for a lower interest rate, even if you have a high debt-to-income ratio.


  • High origination fees: LendingClub has origination fees as high as 6%. To put that in perspective, if you took out a $10,000 personal loan, you could have to pay up to $600 in origination fees.
  • Longer processing time: Because LendingClub is a peer-to-peer lender, it can take a while to connect you to investors willing to lend to you. It can take about seven days to receive your loan.
  • Not available to all U.S. residents: LendingClub is not available to residents of Iowa, Guam, or Puerto Rico.
  • Fewer repayment term options: LendingClub only offers loan terms of three to five years, while SoFi offers terms from two to seven years in length.
  • No autopay discount: Signing up for automatic payments doesn’t come with an interest rate deduction.

For more information, check out our LendingClub review.

Choosing a personal loan lender

Both companies offer personal loans for good credit borrowers. If you’re facing high-interest credit card debt or need to finance a major repair, taking out a personal loan can be a smart financial decision. When looking at SoFi vs LendingClub, it’s important to take into account their eligibility requirements, how much you need to borrow, and what fees they charge so you can choose the right loan for you.

It’s a good idea to shop around to ensure you get the best rate on a loan. Currently, SoFi isn’t one of our personal loan lenders, but you can compare quotes from LendingClub and other companies by filling out just one form with Credible.

Ready to find your personal loan?
Credible makes it easy to find the right loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

Find My Rate
Checking rates won’t affect your credit

Compare More: LendingClub vs. Prosper

About the author
Kat Tretina
Kat Tretina

Kat Tretina is an authority on student loans and a contributor to Credible. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

Read More