SoFi is a US-based online lender known for its low interest rates and wide range of member benefits. Borrowers don’t just get a loan—they get access to financial planning and other benefits.
SoFi targets those who are established in their careers and have a solid credit history. Borrowers with no credit or less-than-perfect credit might not qualify. Plus, SoFi’s rates aren’t the lowest on the market. Even ideal borrowers might want to consider other options.
Can you get a SoFi loan in Canada? No, unfortunately, Canadians aren’t eligible to apply. But we’ve put together a list of loans like SoFi, including options for bad credit and small or large amounts.
Compare loan offers from multiple Canadian lenders with Loans Canada's search platform. The platform is completely free to use, and you can apply for different types of funding, including unsecured, home equity, debt consolidation, auto title, credit building and cosigned loans.
LoanConnect is also a loan search platform that helps you narrow down suitable lenders with a single application. Applying is fast, and you could get pre-approved in five minutes. Secured and unsecured funding options are available for good and bad credit.
Spring Financial works with borrowers who have trouble getting approved from banks and credit union. Rates may be on the high side, but you can apply entirely online and there are no fees for paying off your loan early.
High-risk applications are okay
Flexible loan amounts from $500 to $35,000
No early repayment fees
Interest rates of up to 46.99% for bad credit
You may be offered a credit builder loan (The Foundation loan) instead of a personal loan
Get a quote online in minutes from Mogo. There's no obligation to move forward with funding, and it doesn't hurt your credit score. Mogo offers a 100-day trial—if you change your mind, you can return your loan within 100 days and get a refund for any fees and interest you've paid.
easyfinancial offers secured and unsecured funding for those with good and bad credit. You can get pre-approved without hurting your credit score. Applying with a co-applicant can help you score a lower rate.
Fast application, approval and funding
Secured and unsecured loans
2% rate reduction with a co-applicant
Low or no credit is okay
Steep rates for bad credit
Extra fees for optional services (i.e. loan insurance and Credit Optimizer)
Loan amount
$500 – $100,000
APR
9.99% – 46.96%
Term
9 - 120 months
Min. credit score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Fairly new to the Canadian market, Fig specializes in offering loans to people who have good to excellent credit. Backed by Fairstone Bank, an established Montreal-based lender, Fig offers instant pre-approval and funding within two business days—all from the comfort of your home.
Easy online application
No collateral required
Flexible payment options
No early repayment fees
Pre-qualification offers are valid for 7 days
Takes up to 2 business days to receive funds
Fair or bad credit may not qualify
Loan amount
$2,000 – $30,000
APR
12.99% – 24.99%
Term
24 - 60 months
Min. credit score
700
Fees
NSF fee: $45
Turnaround time
Up to 5 business days
Serviced provinces
Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan
goPeer is a peer-to-peer (P2P) platforms that connects borrowers with private lenders in Canada. It's a solid option if you have good or excellent credit. Applications are anonymous, so funders never receive any personal identifying information. They can only view loan and credit risk details.
Borrow from fellow Canadians
Apply anonymously
15-day grace period for unexpected events
No prepayment penalties
600+ credit score required
Rates as high as 34.99%
Origination fee
Loan amount
$1,000 – $35,000
APR
8.99% – 34.99%
Term
36 or 60 months
Min. credit score
600
Fees
Origination fee varies No application or prepayment fees
Turnaround time
Receive a response within 24 hours of your loan application
Serviced provinces
All provinces
How does SoFi compare?
SoFi gets fairly positive reviews from customers. Here are the main benefits and drawbacks of getting a personal loan from SoFi:
Pros
High maximum loan amount of $100,000
No collateral required
No origination or early repayment fees
Free credit monitoring
Allows co-applicants
Member benefits like rate discounts
Cons
Can’t borrow less than $5,000
Strict eligibility requirements
Lower approval rate than other lenders
Can’t refinance medical resident loans in Mississippi & Montana
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including loans, banking products, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full bio
Heather Petty was a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno. See full bio
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