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SoFi competitors: Top sites like SoFi

Find lower rates, smaller loans and relaxed credit requirements with these 8 alternatives.

SoFi is an online lender known for its low interest rates and a wide range of member benefits. Borrow from SoFi and you won’t just get a loan — you’ll also get access to financial planning, among a range of other benefits.

But this lender is designed for professionals who have already established themselves in their careers and built up a solid, positive credit history. It may not be the right choice if you’re just starting your career or have less-than-perfect credit. And while SoFi’s rates are low, they aren’t the lowest out there. Even if you’re SoFi’s ideal borrower, you may want to consider other options.

We’ve put together a list of similar lenders that offer loans to borrowers with lower credit scores, need smaller loan amounts or are otherwise looking for a slightly better deal.

Our 8 top SoFi competitors

Alternative for low rates: LightStream

LightStream personal loans

4.8 / 5 ★★★★★

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LightStream offers even lower rates than SoFi with no fees on loans from $5,000 to $100,000. It's also one of the fastest lenders out there — you can receive your funds as soon as the same day you're approved in some cases. But look for another option if you want to replicate the member perks that SoFi offers such as investing accounts. LightStream almost exclusively offers personal loans. It's also one of the few online lenders that doesn't allow you to check your rate without affecting your credit. This makes it a better choice for borrowers with near-perfect credit and steady income.
  • Available in all states
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.

Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Pros
  • Low rates starting at 7.49%
  • No fees
  • Long terms for low monthly payments
Cons
  • No prequalification
  • Requires excellent credit
  • Only offers loans to most customers
Loan amount$5,000 to $100,000
APR7.49% to 25.99%
Interest Rate TypeFixed
Min. credit scoreGood to excellent credit
Turnaround TimeAs soon as same day
Maximum Loan Term12 years
Minimum Loan Term2 years

Alternative for fair credit: Upstart

Upstart personal loans

4.2 / 5 ★★★★★

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This newer online lender considers things like your education when considering you for its unsecured, fixed-rate loans. This makes it a great option for borrowers with fair credit scores due to a short credit history. But the lender charges an origination fee up to 12% of your loan amount and can have a high APR compared to SoFi. Still, it could be a good option for building your credit history to the point where you can qualify for a SoFi loan.
  • Not available in: West Virginia
Pros
  • No minimum credit score
  • Education and career factor into your rate
  • No prepayment fees
Cons
  • High origination fees of up to 12%
  • High rates compared to SoFi
Loan amount$1,000 to $50,000
APR7.80% to 35.99%
Interest Rate TypeFixed
Min. credit score300
Turnaround Time1 to 3 business days
Maximum Loan Term5 years
Minimum Loan Term3 years

Alternative for bad credit: OneMain Financial

OneMain Financial personal loans

3.4 / 5 ★★★★★

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OneMain may be a good choice if you're looking for a loan like SoFi but have bad credit. While rates start at a high 18%, it's lower than most bad credit alternatives, which easily top 100% APR. It also offers the option to secure your loan with collateral to lower your rate.
  • Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
* OneMain Disclosures:

Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.

Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Pros
  • Offers both secured and unsecured loans
  • Allows joint applications
  • Considers poor credit applicants
Cons
  • Higher APRs than competing lenders
  • Origination fees vary by state
  • High starting APR
Loan amount$1,500 to $20,000
APR18% to 35.99%
Interest Rate TypeFixed
Min. credit scoreNot specified
Turnaround TimeAs soon as the same business day
Maximum Loan Term5 years
Minimum Loan Term2 years

Alternative for quality customer support: Best Egg

Best Egg personal loans

3.8 / 5 ★★★★★

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Best Egg may have slightly higher rates and fees than SoFi, but it's one of the few online lenders with positive reviews across the board. It's consistently received high ratings on review sites such as the Better Business Bureau (BBB), Trustpilot and Credit Karma. Customer experience at SoFi appears to be more mixed — especially if you look at the high volume of complaints filed against it on the BBB. Best Egg also accepts some fair credit borrowers, making it a good alternative for those who can't qualify for a SoFi loan.
  • Not available in: Iowa, Vermont, West Virginia
*Trustpilot TrustScore as of December 2022. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc.

The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,001; and Georgia, $3,001.

For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL–Operations Manager, Email: crt-resolutions@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/
Pros
  • Positive customer reviews
  • Accepts fair credit
  • Loans start at $2,000
Cons
  • High APRs from 8.99% to 35.99%
  • Origination fee of 0.99% to 8.99%
  • No loans over $50,000
Loan amount$2,000 to $50,000
APR8.99% to 35.99%
Interest Rate TypeFixed
Min. credit score600
Turnaround TimeAs soon as one business day
Maximum Loan Term5 years
Minimum Loan Term3 years

Alternative for joint applicants: Achieve

Achieve personal loans

3.4 / 5 ★★★★★

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Formerly known as FreedomPlus, Achieve can be a great option for those who want to share the responsibility of the loan with a spouse, relative or anyone else. While there's an origination fee of up to 6.99%, APRs are similar to what SoFi offers borrowers after relationship discounts. Plus, Achieve offers a rate discount of up to 6% for borrowers who apply with a coborrower. Solo borrowers can also qualify for a debt consolidation discount of up to 4% on their rate, if they have the loan sent directly to creditors.
  • Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington
Pros
  • Joint applicant discount
  • Debt consolidation discount
  • Similar rates as SoFi
Cons
  • Origination fee
  • Limited state availability
  • No autopay discount
Loan amount$5,000 to $100,000
APR8.99% to 35.99%
Interest Rate TypeFixed
Min. credit score620
Turnaround Time1 to 3 business days
Maximum Loan Term5 years
Minimum Loan Term2 years

Alternative for self-employed borrowers: Avant

Avant personal loans

3.4 / 5 ★★★★★

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Avant offers personal loans to borrowers who can't qualify for a SoFi loan, including the self-employed, who often find it hard to prove a stable income. Get funds deposited into your account as soon as the next business day, but you'll pay higher interest and fees.
  • Not available in: Colorado, Hawaii, Iowa, Nevada, New York, Vermont, West Virginia
Personal loans from $2,000–$35,000. If approved, the actual loan amount, term, and APR that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC.
Pros
  • Quick approval and funding
  • Pay no fee for early repayment
  • Reports to the three major credit bureaus to help build your credit
Cons
  • Maximum loan amount varies by state
  • May not be available in all states
  • Potentially high origination fees if approved
Loan amount$2,000 to $35,000
APR9.95% to 35.99%
Interest Rate TypeFixed
Min. credit score580
Turnaround TimeAs soon as the next business day
Maximum Loan Term5 years
Minimum Loan Term1 year

Alternative for small loans: Upgrade

Upgrade personal loans

4 / 5 ★★★★★

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Upgrade can be a good alternative if SoFi's minimum loan amount is too high for your needs. It's one of the few personal loan providers that offers loans as low as $1,000 — though loans stop at $50,000. It also accepts credit scores as low as 620. The trade-off is higher rates and an origination fee that ranges from to
  • Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

Pros
  • Low loan amounts
  • Accepts fair credit
  • Free credit monitoring
Cons
  • High origination fee
  • Higher APRs than SoFi
Loan amount$1,000 to $50,000
APR8.49% to 35.99%
Interest Rate TypeFixed
Min. credit score620
Turnaround Time1 to 4 business days
Maximum Loan Term7 years
Minimum Loan Term2 years

Alternative for peer-to-peer loans: Prosper

Prosper personal loans

3.4 / 5 ★★★★★

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A peer-to-peer lender, Prosper could get you up to $50,000 to consolidate your debt, start a business, improve your home and more, even if your credit is less than stellar. But you'll wait five business days or longer for your loan to be funded, even after approval.
  • Not available in: Iowa, North Dakota, West Virginia
Pros
  • Offers loans for a variety of purposes
  • Low starting APRs
  • Simple terms of 3 years or 5 years
Cons
  • Loans capped at $50,000
  • Offers only 2 fixed term lengths
  • Longer turnaround time than SoFi
Loan amount$2,000 to $50,000
APR8.99% to 35.99%
Interest Rate TypeFixed
Min. credit score640
Turnaround TimeUp to 14 business days
Maximum Loan Term5 years
Minimum Loan Term3 years

How does SoFi compare?

You can read our full review of SoFi to get a better idea of how this lender works, but here are the main benefits and drawbacks:

Pros

  • High maximum loan amount of $100,000
  • Free credit monitoring
  • Allows coapplicants
  • Member benefits like rate discounts

Cons

  • Strict eligibility requirements
  • Lower approval rate than other lenders
  • Not available in Mississippi

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