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SoFi vs. LendingClub: Which is better?

SoFi surpasses LendingClub with lower rates and no fees.

Borrowers seeking lower interest rates and a minimal fee structure will align with SoFi personal loans. The lender also boasts a faster funding timeline, delivering funds in a few days compared to LendingClub’s week turnaround. LendingClub may support those seeking smaller purchases, but SoFi’s competitive rates and fee transparency make it a strong contender.

SoFi vs. LendingClub: A quick comparison


Finder rating★★★★★ ★★★★★
Loan products offered
  • Personal Loans
  • Mortgages
  • Private Student Loans
  • Small Business Financing
  • Personal Loans
  • Business Loans
  • Auto Refinancing
  • Patient Solutions
Interest rates8.99% to 29.99%9.57% to 35.99%
FeesNo fees$150 –$400 origination fee for a $5,000 loan
Loan amounts$5,000 to $100,000$1,000 to $40,000
Turnaround timeUp to 2 business daysAs soon as 24 hours
Eligibility requirements
  • Good to excellent credit rating (670 min)
  • US citizen or permanent resident with a green card with two years of validity
  • 18+ years of age
  • Verifiable bank account
  • Fair credit
  • US citizen
  • 18+ years of age
  • Verifiable bank account
  • 4.7 Trustpilot rating
  • A+ BBB rating
  • 4.6 Trustpilot rating
  • A+ BBB rating
State availabilityAvailable in all statesAvailable in all states
  • No additional fees
  • Quick turnaround time
  • Higher maximum loan amounts
  • Smaller loan amounts available
  • Option to add a coborrower
  • Lower credit score eligible
  • Higher credit score required
  • No cosigner option
  • Higher interest rates
  • Lower maximum loan amounts
  • Additional fees required
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SoFi vs. LendingClub: Which is better?

SoFi and LendingClub both provide personal loans, each catering to a different type of borrower. SoFi is likely suited for people with good to excellent credit profiles who don’t want to pay fees and seek higher maximum loan amounts. SoFi also offers investing advice to strengthen other areas of your finances. LendingClub, on the other hand, is an accessible option for those with fair credit scores who need smaller loans.

When to consider SoFi

SoFi may work best for your needs if you:

  • Want lower rates: SoFi offers competitive rates, making it a good choice for individuals seeking lower interest rates than LendingClub.
  • Need higher loan amounts: SoFi shines in providing higher maximum loan amounts ranging from $5,000 to $100,000.
  • Prefer fixed rates: SoFi only offers fixed rates. You can learn what rate you qualify for in as little as a minute.
  • Need your money fast: While neither lender offers next-day financing, SoFi only takes a few days to get your funding. LendingClub can take as long as a week.

When to consider LendingClub

While SoFi offers lower rates, LendingClub could be your best bet in these scenarios:

    You want to use your loan for debt consolidation: LendingClub allows you to pay different creditors directly using a single loan.
    You have a lower credit score: LendingClub is available to borrowers with credit scores as low as 600.
    You want a joint loan: You can bring on a cosigner to increase your chances of being eligible for a loan.

The similarities

Both lenders have flexible eligibility requirements compared to other lenders, making them accessible to a wide range of borrowers. They are also highly rated, both holding an excellent 4.6 rating from Trustpilot as of November 2023. Each offers solid personal loans suitable for various financial needs, such as debt consolidation, home improvements and other purposes.

Alternatives to SoFi and LendingClub:

Here are three alternatives to SoFi and LendingClub:

  • Upgrade: Upgrade offers fixed-interest loan products also up to $50,000. Depending on the lender’s set terms, you may have up to seven years to repay your loan. There is also a hardship program available to help with repayments.
  • Best Egg: Best Egg offers personal loans with APRs starting from 8.99% and offers loan amounts up to $50,000 with a variety of repayment methods. It was ranked the number-one company in 2021 by Best Company, a consumer review site.
  • Prosper: Prosper serves borrowers who may not have perfect credit. Provided you have a score of at least 640, you may qualify for a loan.

Compare other personal loans

Tap compare for up to four personal loan lenders to see how your options stack up side by side.

Name Product Filter Values APR Min. credit score Loan amount
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Finder Score: 4 / 5: ★★★★★
8.49% to 35.99%
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.

See how other lenders stack up

Want to learn how other lenders compare?

Frequently asked questions

Can I still get a loan from LendingClub if it’s not fully funded by investors?

Yes, you may still get a partially funded loan. If investors don’t fully back your loan, you aren’t required to accept it and can cancel it without affecting your credit score.

Since investors fund LendingClub’s personal loans, what institution issues them?

WebBank is the financial institution that issues loans for LendingClub.

Can I change my payment date with LendingClub or SoFi?

Yes. Both lenders allow you to change your payment date. You can either change it in your online dashboard or call customer service.

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