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Whether you need to consolidate your credit card debt, finance a big purchase, or cover another expense, SoFi and LendingClub offer personal loans that could help you accomplish your goals. Both offer competitive interest rates and other benefits — but there are also differences between the two to consider.
Here’s what you should know about SoFi vs. LendingClub:
- SoFi vs. LendingClub
- SoFi personal loans
- LendingClub personal loans
- Choosing a personal loan lender: SoFi or LendingClub?
- Consider all of your personal loan options
SoFi vs. LendingClub
Here’s a comparison of each company’s loan options and eligibility requirements to help you choose the right one for your situation. Keep in mind that both SoFi and LendingClub are Credible partners.
 |  |
|
|---|---|---|
| Loan amount | $5,000 to $100,000 | $1,000 to $40,000 |
| Loan terms | 2 to 7 years | 3 or 5 years |
| Min. credit score | Does not disclose | 600 |
| Time to fund | 3 business days | Usually takes about 2 days† |
| Origination fee | None | 3% to 6% of the total loan amount |
| Cosigners permitted | Yes | Yes |
| Income | Employed, have sufficient income from other sources, or have an offer of employment to start within 90 days | Must have a verifiable bank account |
| Residency |
|
|
| Perks | Can postpone payments if you lose your job and SoFi will help you find a new one | Lower credit minimums, increasing your chances of qualifying |
| †Between April 2021 and June 2021, personal loans were funded within 48 hours after loan approval, on average. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. | ||
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SoFi personal loans
Best for: Large loan amounts
If you need to borrow a large amount, SoFi could be a good choice — you can borrow $5,000 to $100,000 with repayment terms from two to seven years. SoFi also offers several perks to its borrowers, such as unemployment protection, career coaching, and investing advice.
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
SoFi Personal Loans
Fixed APR
Range of fixed rates available from this lender
Range of fixed rates available from this lender
7.99% - 23.43% APR10
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
Does not disclose
Loan amount
Total amount you can borrow from this lender
Total amount you can borrow from this lender
$5,000 to $100,000
Time to fund
How long it takes to receive your money
How long it takes to receive your money
3 business days
Ready to find a personal loan?
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Checking rates won't affect your credit score
Requirements to borrow from SoFi
To be eligible for a personal loan from SoFi, you must:
- Be a U.S. citizen, permanent resident, or visa holder
- Have good to excellent credit (or a creditworthy cosigner)
- Be employed, have sufficient income from other sources, or have an offer of employment to start within 90 days
- Not live in Mississippi
Pros
- Large loan amounts: Unlike with many other lenders that offer smaller loan amounts, you can borrow up to $100,000 with SoFi.
- Borrower perks: SoFi borrowers have access to several benefits, such as unemployment protection and free investing advice.
- No fees: Some lenders charge fees with personal loans, such as origination or late fees. But with SoFi, you won’t have to worry about any fees — this could help keep your overall loan cost lower.
Cons
- Might be hard to qualify if you don’t have good credit: Although SoFi doesn’t disclose its minimum credit score requirements, most SoFi borrowers have credit scores above 700 — and 60% of those borrowers have scores over 740. This means you might have a harder time getting approved for a loan with SoFi if you have poor or fair credit, especially if you don’t have a cosigner.
- Doesn’t disclose minimum income requirements: SoFi doesn’t share its exact income requirements — though keep in mind that about 70% of SoFi borrowers make more than $100,000 a year.
- Limited availability: SoFi loans aren’t available in Mississippi.
Learn More: Upstart vs. Sofi: Which Personal Loan Is Right for You?
LendingClub personal loans
Best for: Borrowers with poor or fair credit
Unlike many other personal loan lenders, LendingClub works with borrowers who have poor or fair credit. It’s also of the few lenders that allow cosigners on personal loans.
With LendingClub, you can borrow $1,000 to $40,000 with a three- or five-year term.
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
LendingClub Personal Loans
Fixed APR
Range of fixed rates available from this lender
Range of fixed rates available from this lender
8.3% - 36.0% APR
Min. credit score
Minimum credit score needed to qualify
Minimum credit score needed to qualify
600
Loan amount
Total amount you can borrow from this lender
Total amount you can borrow from this lender
$1,000 to $40,000
Time to fund
How long it takes to receive your money
How long it takes to receive your money
Usually takes about 2 days†
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.
Checking rates won't affect your credit score
Requirements to borrow from LendingClub
To be eligible for a personal loan from LendingClub, you must:
- Be a U.S. citizen, permanent resident, or visa holder
- Have a minimum credit score of 600
- Have verifiable income that supports your ability to repay the loan
- Have a verifiable bank account
- Not live in U.S. territories
Pros
- Accepts fair credit: Unlike with many other lenders, you might still qualify for a LendingClub loan even if you have poor or fair credit.
- Accepts cosigners: LendingClub is one of the few lenders that allow cosigners on personal loans — this could help you get approved if you have poor credit. Additionally, even if you don’t need a cosigner to qualify, having one might get you a lower interest rate than you’d get on your own.
- Could get a better rate for debt consolidation: If you’re taking out a LendingClub personal loan to consolidate debt, you might get a better interest rate if you allow LendingClub to pay off your creditors directly. You can pay off up to 12 different creditors this way.
Cons
- Charges fees: LendingClub charges origination fees from 3% to 6%, which reduces the amount of money you’ll actually get from your loan. You’ll also be charged a late fee if you make past-due payments — either $15 or 5% of the overdue monthly payment.
- Smaller loan amounts: With LendingClub, you can borrow only $1,000 to $40,000. If you need a larger loan than this, you’ll need to consider other lenders.
- Limited repayment terms: Unlike other lenders that offer a variety of repayment terms to choose from, LendingClub offers only three- or five-year terms.
Check Out: LendingClub vs. Prosper: Which Personal Loan is Best?
Choosing a personal loan lender: SoFi or LendingClub?
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.
Before you borrow, estimate how much you’ll pay for a loan using our personal loan calculator below.
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With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
Learn More: Best Personal Loans for Borrowers With Good Credit
Consider all of your personal loan options
Before you take out a personal loan, it’s important to compare as many lenders as possible. This way, you can find the right loan for your needs.
Credible makes this easy — you can compare your prequalified rates from SoFi and LendingClub as well as our other partner lenders in the table below in just two minutes.
| Lender | Fixed rates | Loan amounts | Min. credit score | Loan terms (years) |
|---|---|---|---|---|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 9.95% - 35.99% APR | $2,000 to $35,000** | 550 | 2, 3, 4, 5* |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 15.19% APR | $10,000 to $50,000 | 700 | 3, 4, 5, 6 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.99% - 35.99% APR | $5,000 to $35,000 | 600 | 2, 3, 4, 5 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 24.99% APR | $2,500 to $35,000 | 660 | 3, 4, 5, 6, 7 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 29.99% APR | $10,000 to $50,000 | Not disclosed by lender | 2, 3, 4, 5 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 29.99% APR | $5,000 to $40,000 | 600 | 2, 3, 4, 5 |
|
||||
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 8.3% - 36.0% APR | $1,000 to $40,000 | 600 | 3, 5 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 35.99% APR | $2,000 to $36,500 | 580 | 2, 3, 4, 5, 6 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.99% - 22.49% APR | $5,000 to $100,000 | 660 | 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans) |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 24.99% APR1 | $3,500 to $40,0002 | 660 (TransUnion FICO®️ Score 9) | 3, 4, 5, 6, 7 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 18.0% - 35.99% APR | $1,500 to $20,000 | None | 2, 3, 4, 5 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.74% - 17.99% APR | $600 to $50,000 (depending on loan term) | 660 | 1, 2, 3, 4, 5 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 6.99% - 35.99% APR | $2,000 to $50,000 | 640 | 2, 3, 4, 5 |
|
||||
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.99% - 23.43% APR10 | $5,000 to $100,000 | Does not disclose | 2, 3, 4, 5, 6, 7 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 11.69% - 35.93% APR7 | $1,000 to $50,000 | 560 | 3 to 5 years 8 |
|
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 7.96% - 35.97% APR | $1,000 to $50,000 | 560 | 2, 3, 5, 6 |
|
||||
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 5.4% - 35.99% APR4 | $1,000 to $50,0005 | 580 | 3 to 5 years4 |
|
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