{"id":44280,"date":"2020-10-22T09:47:15","date_gmt":"2020-10-22T17:47:15","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=44280"},"modified":"2024-02-13T06:48:02","modified_gmt":"2024-02-13T14:48:02","slug":"upstart-vs-sofi-which-personal-loan-is-right-for-you","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/personal-loan\/upstart-vs-sofi\/","title":{"rendered":"Upstart vs. SoFi: Which Personal Loan Is Right for You?"},"content":{"rendered":"

When you\u2019re looking for a personal loan, it\u2019s important to compare lenders to find the best rate for you<\/a>. Upstart and SoFi are two great options.<\/p>\n

Upstart strives to make loans and other financial products more accessible \u2014 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.<\/p>\n

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.<\/p>\n

Both lenders have a lot going for them, but they do have their differences.<\/p>\n

Here\u2019s a comparison of Upstart vs. SoFi to help you choose. Both Upstart and SoFi are Credible partners.<\/b><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
<\/td>\"upstart<\/a><\/th>\"sofi<\/a><\/th>\n<\/tr>\n<\/thead>\n
Fixed rates<\/strong><\/td> \n 6.6% - 35.99% APR4<\/sup>\n <\/span>\n<\/td> \n 7.74% - 35.49% APR10<\/sup>\n <\/span>\n<\/td>\n<\/tr>\n
Loan amount<\/strong><\/td>$1,000 to $50,0005<\/sup><\/td>$5,000 to $100,000<\/td>\n<\/tr>\n
Loan terms<\/strong><\/td>3 or 5 years4<\/sup><\/td>2 to 7 years<\/td>\n<\/tr>\n
Min. credit score<\/strong><\/td>300<\/td>Does not disclose<\/td>\n<\/tr>\n
Time to fund<\/strong><\/td>As soon as 1 - 3 business days6<\/sup><\/td>As soon as the same buisiness day<\/td>\n<\/tr>\n
Origination fee<\/strong><\/td>0% to 10% of loan amount<\/td>No origination fee required<\/td>\n<\/tr>\n
Cosigners permitted<\/strong><\/td>No<\/td>Yes<\/td>\n<\/tr>\n
Income<\/strong><\/td>$12,000<\/td>Check with lender<\/td>\n<\/tr>\n
Residency<\/strong><\/td>Available in all 50 states <\/td>Available in all 50 states <\/td>\n<\/tr>\n
Perks<\/strong><\/td>
  • Options available for lower credit scores<\/li>
  • Could be easier to qualify for<\/li><\/ul><\/td>
  • Higher borrowing limits<\/li>
  • Protections if you lose your job<\/li><\/ul><\/td>\n<\/tr>\n
All APRs reflect autopay and loyalty discounts where available\u00a0|\u00a0Read more about Rates and Terms<\/a><\/center><\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

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