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When you’re looking for a personal loan, it’s important to compare lenders to find the best rate for you. Upstart and SoFi are two great options.
Upstart strives to make loans and other financial products more accessible — the lender considers more than 1,000 data points beyond your credit score when determining your eligibility. It also offers very competitive interest rates, if you qualify for them.
SoFi was founded in 2011 and offers everything from personal loans to private student loans and credit cards. It also boasts lightning-fast funding: In 2022, 82% of its personal loan applications that were signed before 7 p.m. ET on a business day were funded the same day.
Both lenders have a lot going for them, but they do have their differences.
Here’s a comparison of Upstart vs. SoFi to help you choose. Both Upstart and SoFi are Credible partners.
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| Fixed rates | 6.6% - 35.99% APR4 | 8.99% - 35.49% APR10 |
| Loan amount | $1,000 to $50,0005 | $5,000 to $100,000 |
| Loan terms | 3 or 5 years4 | 2 to 7 years |
| Min. credit score | 300 | Does not disclose |
| Time to fund | As soon as 1 - 3 business days6 | As soon as the same buisiness day |
| Origination fee | 0% to 10% of loan amount | No origination fee required |
| Cosigners permitted | No | Yes |
| Income | $12,000 | Check with lender |
| Residency | Available in all 50 states | Available in all 50 states |
| Perks |
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Upstart personal loans
Founded by ex-Googlers, Upstart’s artificial intelligence platform fully automates the majority of its personal loans. It has originated $6.9 billion in loans and notably offers loans to those with less-than-perfect credit.
Upstart offers personal loans for a variety of uses — including debt consolidation loans, wedding loans, and more. You can borrow as little as $1,000 or as much as $50,000.
Learn More: Best Personal Loans
Pros
- Lower minimum credit score: Upstart offers personal loans to borrowers with credit scores as low as 300, as well as borrowers with no credit score. If you’re looking for bad credit personal loans or fair credit personal loans, Upstart could be a good choice.
- No prepayment penalties: You don’t have to worry about any fees if you pay off your loan early.
- Low minimum borrowing amount: You can borrow as little as $1,000 with Upstart, which could be helpful if you only need a small loan.
Learn More: How To Get a Small Loan
Cons
- Lower maximum loan amount: With Upstart, you can only borrow up to $50,000. This could make it harder to fund larger debt consolidations or bigger home improvements.
- High origination fees: With Upstart, you might pay an origination fee of up to 10% of the loan amount.
No options for visa holders: Upstart doesn’t offer personal loans for visa holders — you must have a Social Security number to borrow with this lender.
Related: Best Personal Loans With No Origination Fee
SoFi personal loans
SoFi offers a variety of financial products, including credit card consolidation loans and other types of personal loans. It also provides several perks to its members, such as unemployment protection, career coaching, and networking events.
With SoFi, you can borrow anywhere from $5,000 to $100,000. Plus, SoFi personal loans come with no fees required.
Learn More: How To Consolidate Credit Card Debt
Pros
- Large loan amounts: You can borrow up to $100,000 in unsecured funds with SoFi. This can be useful for home improvement loans, wedding loans, and other large borrowing needs.
- Discounts available: If you sign up for autopay, you can get a discount on your SoFi personal loan. You might also qualify for a discount if you’re using other SoFi products.
- Fast funding: Many SoFi personal loans are funded the same business day that loan applications are signed.
- Member benefits and perks: As a SoFi member, you’ll have access to additional resources, including financial planning, career coaching, and networking events. SoFi also provides unemployment protection in case you lose your job.
- Options for visa holders: If you’re a visa holder without a Social Security number, you might still qualify for a SoFi personal loan.
Learn More: Best Fast Personal Loans
Cons
- Higher credit score requirements: You may need good to excellent credit to qualify for a personal loan through SoFi. If you have poor or fair credit, you’ll likely need to consider other lenders.
- Higher minimum loan requirement: You’ll need to take out at least a $5,000 personal loan to borrow through SoFi. If you need a smaller loan, SoFi might not be the right choice for you.
- Doesn’t disclose many eligibility requirements: SoFi’s website doesn’t disclose its minimum credit score or income requirements, but both are factors in determining loan approval.
Learn More: What Credit Score Is Needed for a Personal Loan?
Is Upstart or SoFi a better fit for me?
The lender that’s right for you depends on your unique circumstances. Here are a few common borrower needs that may make one lender more favorable than the other. Keep in mind that you need to compare many factors when selecting a lender, from funding times to customer service.
Borrowers with bad credit: Upstart
You may have a much easier time qualifying for a personal loan from Upstart. The lender will work with borrowers who have credit scores as low as 300 in most states, or who don’t have a credit score at all. SoFi doesn’t disclose its minimum credit score, but its website does state that a lower credit score may affect your eligibility.
Large loan amounts: SoFi
While Upstart offers personal loans up to $50,000, SoFi provides loans as large as $100,000. This can be helpful if you’re looking to finance expensive home renovations or wedding costs.
Small loan amounts: Upstart
Upstart has a minimum loan amount of $1,000, compared to SoFi’s minimum of $5,000. This means you can’t get a loan from SoFi if you’re only looking for a small amount.
Longer repayment terms: SoFi
SoFi’s repayment terms range from two to seven years. This makes it ideal if you need more time to pay off your loan. Upstart only offers two repayment term options (three or five years), which can be limiting.
Learn More: Personal Loan Term Length: What You Need To Know
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4The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 25.05% and 60 monthly payments of $25.80 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,478 including a $804 origination fee. APR is calculated based on 5-year rates offered in June 2022. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
