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Min. Amount
Max. Amount
Starting at 3%

Our verdict

SoFi’s small business loans marketplace offers personalized financing quotes — and you could be funded the same day you apply.

SoFi small business loans marketplace is designed to help small business owners quickly compare different business financing options from some top lenders in the industry, including Funding Circle and OnDeck. Choose from working capital and expansion loans, equipment loans, payroll loans and startup financing. Comparing lenders is free and fast and doesn’t impact your credit score.

Best for: Good to excellent credit borrowers looking to compare business loan options quickly.


  • Simple application compared to other marketplaces
  • Checking lenders doesn’t impact your credit score
  • No Social Security number required to compare lenders
  • Compare loans and financing for startups
  • You can opt out of being contacted


  • Website lacks details and information
  • Limited number of partners compared to other marketplaces
  • You may receive a large number of marketing emails
  • Offers to newer businesses may be limited

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

Loan Details

Min. Amount$1,000
Max. Amount$2,000,000
Loan term6 months to 25 years
Min. credit score500
APRStarting at 3%
RequirementsOperate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $50,000 in annual revenue

What makes SoFi shine?

The SoFi business loans marketplace stands out for its quick, streamlined and simplified application process. Unlike other marketplaces that require a lot of information, including your Social Security number, SoFi features a simplified application process that only takes a few minutes.

To get started, you just need to set up an account with your email and answer a few basic questions about yourself and your business. Based on the information you provide, SoFi matches you with available lender offers. And if you want to update your application, it’s easy to go back and start over.

Where SoFi falls short

The SoFi small business loans marketplace only has a limited number of lending partners, and depending on the information you provide, you may only receive a small number of offers. You may find more options by going through its partners directly — like Lendio, for instance, which has 75+ partners in its network, including traditional banks.

As a simplified comparison tool, SoFi’s marketplace is best used to quickly see which lenders you may qualify for before you do a hard application with a lender.

Types of business financing offered by SoFi

SoFi’s business lending partners offer a wide range of loan options for businesses of all sizes and revenues. Here’s what you can expect — along with details on how each option works.

Type of financingLoan amountsStarting APRTurnaround
Short term loan$2,500 to $500KStarts at 8%As soon as 24 hours
Business term loan$5,000 to $2MStarts at 6%As soon as 24 hours
Business line of credit$1,000 to $500K8% to 60%1 to 2 days
Business cash advance$5,000 to $1MStarts at 18%As soon as 24 hours
Accounts receivable financingTied to receivablesStarts at 3%As soon as 24 hours
SBA loanUp to $2MPrime+1 to 3 months
Startup loanUp to $150kUp to 31%2 to 4 weeks
Equipment financing$5,000 to $2MStarts at 7.5%As soon as 24 hours

SoFi also offers more financing options like personal loans, which come highly rated by past customers.

SoFi’s business loans in detail

SoFi’s marketplace works to connect you with eight different types of business loans. Here’s a breakdown of how each works.

Short-term loan

Short-term business loans through SoFi’s lending partners are fixed-rate term loans repaid in monthly installments over 18 months or less. And they can be a fast funding option, with a turnaround time as short as 24 hours after approval.

A short-term business loan best suited for short-term funding needs, emergency expenses or cash flow slumps. Repayments for these loans are typically made daily or weekly, but you can pay them back early without penalty.

Rates, fees and terms

  • Loan amount: $2,500 to $500,000
  • Interest rates: Starts at 8%
  • Loan term: Up to 18 months
  • Funding time: As soon as 24 hours

Business term loan

Business term loans are fixed-rate loans repaid in monthly installments over one to five years. These loans can be used to cover ongoing expenses like hiring new employees, buying assets or marketing.

While the interest rates for these loans are typically lower than those for short-term business loans, they typically require good to excellent credit, strong monthly revenue and a solid business plan to qualify.

Rates, fees and terms

  • Loan amount: $5,000 to $2 million
  • Interest rates: As low as 6%
  • Loan term: 1 to 5 years
  • Funding time: As soon as 24 hours

Business line of credit

A business line of credit through SoFi’s partners allows you to borrow as much as you need when you need it. You only pay interest on the funds you use, and because these are usually revolving lines of credit, you can borrow again as you pay down the line.

Lines of credit can be used for almost any type of business expense. They’re especially useful when you need to cover ongoing expenses or cash flow gaps. But they’re short-term loans that must be repaid in one to two years.

Rates, fees and terms

  • Loan amount: $5,000 to $2 million
  • Interest rates: As low as 6%
  • Loan term: 1 to 5 years
  • Funding time: As soon as 24 hours

Business cash advance

A business cash advance is a form of rapid financing, offering quick access to funds by borrowing against future revenue that your business will make. The borrowed amount is repaid through a fixed daily percentage of sales.

While these short-term loans must be repaid within two or three years and carry high interest rates, they can be a viable option during temporary sales slumps. This form of financing is ideal for newer businesses or those with lower credit scores.

Rates, fees and terms

  • Loan amount: $5,000 to $1,000,000
  • Interest rates: As low as 18%
  • Loan term: Up to 2 Years
  • Funding time: As soon as 24 hours

Accounts receivable financing

Accounts receivable financing, such as merchant cash advances, use a company’s outstanding invoices as collateral in exchange for a lump sum of cash, typically up to 80% of the invoice’s value. The factoring company then takes over collecting payment from your customers.

The factoring fee is generally based on the net terms for invoice payment, ranging from 1% to 5% of the invoice value. This form of financing is often used by businesses that require fast access to capital and are willing to turn control over their invoices to the factoring company.

Rates, fees and terms

  • Loan amount: Tied to receivables
  • Interest rates: Starts at 3%
  • Loan term: Up to 1 year
  • Funding time: As soon as 24 hours

SBA loans

SBA loans are also available through SoFi’s partners. SBA loans are guaranteed by the US Small Business Administration (SBA). An SBA loan is popular with business owners for their competitive rates and terms, but you’ll typically need good credit and a solid business plan to qualify.

SoFi partners with preferred SBA lenders that offer the three biggest programs: SBA 7(a) loans, SBA 504 loans and SBA Express loans. Approval and funding times on SBA loans take much longer than other types of business loans, but choosing a preferred SBA lender can help speed things up.

Rates, fees and terms

  • Loan amount: Up to $5 million
  • Interest rates: Prime+
  • Loan term: 10 to 25 years
  • Funding time: 1 to 3 months

Startup loan

A startup loan is a type of financing for new business owners who lack an established track record. The most popular types of startup loans and financing for new business owners include SBA 7(a) loans, lines of credit, equipment loans, microloans and business credit cards — all of which are available through SoFi’s partners.

To qualify for most unsecured startup loans, you generally need very good to excellent credit with a relatively high personal income. Depending on the loan type, you may also need to provide a business plan and financial statements.

Rates, fees and terms

  • Loan amount: Up to $150,000
  • Interest rates: Up to 31%
  • Loan term: Up to 25 years
  • Funding time: 2 to 4 weeks

Equipment financing

Equipment financing can be a smart way to purchase business-related equipment, including machinery, trucks and other vehicles. Because equipment loans are secured, qualifying for these loans can often be easier — even if you have a lower credit score.

Eligibility requirements for an equipment loan through SoFi’s network of lenders are less stringent than other financing types. Depending on the lender, you may only need a minimum credit score of 520 and 12 months or less in business.

Rates, fees and terms

  • Loan amount: $5,000 to $5 million
  • Interest rates: As low as 7.5%
  • Loan term: 1 to 5 years
  • Funding time: As soon as 24 hours

3 more financing options

SoFi’s network also covers more business loans and financing, which expands your options even more. It has lenders in its network that offer:

Business acquisition loans and commercial mortgages are for established business owners only, but they tend to have more competitive rates.

How to qualify for SoFi

To qualify for a loan with one of SoFi’s small business lending partners, you’ll generally need to meet these minimum requirements:

  • US citizen or permanent resident
  • Live in an eligible state
  • Be in business for at least six months
  • Have a minimum credit score of 520
  • Have a minimum annual revenue of $50,000

However, these are general guidelines only. Each lender has its own eligibility requirements, which can vary widely depending on the type of loan or financing desired.

How to apply

Using SoFi’s marketplace is simple:

  1. Create an account with your email.
  2. Fill out the form to prequalify online.
  3. Review your loan offers, then choose one or more to compare.
  4. Apply with the lender of your choice with a formal credit check.
  5. Wait for approval and funding.

How SoFi compares to other lenders

Compare SoFi’s rates, terms and features to those of other popular loan providers.

1 - 6 of 6
Name Product Filter Values Min. Amount Max. Amount APR Requirements
Lendio business loans
Finder Score: 4.8 / 5: ★★★★★
Lendio business loans
Starting at 3%
Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $50,000 in annual revenue
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Finder Score: 4.7 / 5: ★★★★★
Starting from 3.9%
525+ credit score, one year in business, at least $50,000 annual revenue
Compare lending options and get funded fast.
Finder Score: 4.9 / 5: ★★★★★
Rates start at 1% per month
500+ FICO score, $200,000 annual revenue, 6 months in business, most recent business bank statements
Same day approval
Nav business loans
Finder Score: 4.8 / 5: ★★★★★
Nav business loans
Varies by lender
550+ credit score
Get connected with personalized matches from over 100 lending options. Plus, get the best rates with the help of dedicated funding managers.
Finder Score: 4.4 / 5: ★★★★★
Varies by loan type and lender
Must have been in business between 1 to 2 years, have a minimum revenue of $75,000 to $250,000 and have a minimum credit score of 500 to 650.
Complete a three-minute form to see loans that fit your business’s needs. Compare offers without a hard credit check.
Fundera business loans
Finder Score: 4.9 / 5: ★★★★★
Fundera business loans
Varies based on lenders
$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months
Get connected with short-term funding, SBA loans, lines of credit and more.

SoFi reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1.7 out of 5 stars, based on 288 customer reviews
Trustpilot Score 4.7 out of 5 stars, based on 7,666 customer reviews
Customer reviews verified as of 24 January 2024

SoFi gets mostly excellent reviews on the Trustpilot from thousands of customers. However, many of these reviews are for SoFi’s personal loans, which most reviewers report being happy with. The customers praise the company for its fast, streamlined application process, fast funding and competitive rates.

While there are less satisfied customers on Trustpilot, unhappy customers report a lack of customer service after funding, rude customer service over the phone or being rejected for a personal loan after being prequalified.

Is SoFi legit?

SoFi’s lending model is a departure from traditional lending, but it’s legit. Here’s some more background:

  • SoFi is registered as a national bank, meaning it must meet strict regulatory standards.
  • SoFi is authorized to offer an array of online financial services, including:
  • SoFi acquired community bank Golden Pacific Bank in June 2021, which could fast-track its bank charter application.

However, SoFi had some trouble in the past. In 2019, it entered a settlement with the Federal Trade Commission (FTC), which accused SoFi of inflating the potential savings while misrepresenting the monthly cost of its student loan refinancing product. SoFi agreed to only make savings claims backed by concrete evidence.

Frequently asked questions

Does SoFi do business loans?

While SoFi isn’t a direct lender of business loans, SoFi has a business loans marketplace where you can compare some of the top lenders in the business space, including Lendio, Funding Circle and Biz2Credit. It’s simple and free to use — with no impact on your credit score. However, if SoFi still doesn’t meet your needs, compare your options with some of the best business loans on the market.

Is it hard to get approved for a business loan with SoFi?

It depends on the type of loan. Some business loans, like SBA loans, require minimum FICO scores in the mid-600s with at least a year or two in business. Other types of financing, like business cash advances, may accept scores as low as 500 and just three months in business — as long as you have sufficient revenue.

Does SoFi do commercial lending?

While SoFi doesn’t offer commercial lending directly, its partners, like Biz2Credit, Lendio and Funding Circle, offer a range of commercial financing options for established business owners.

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