Paying for unexpected expenses or seeing high-interest debt accumulate can feel like a strain. Whether you’re looking to fund home improvements, medical expenses or a special occasion, a personal loan usually serves as a lower-interest option than other financial tools such as a credit card. But, not all lenders are created equal. Upstart and SoFi are both marketplaces offering personal loans, but each caters to a different type of borrower. We’ll compare the rates, fees and more to help you decide which marketplace fits your needs best.
Upstart vs. SoFi: A quick comparison
| Upstart | SoFi | |
|---|---|---|
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| |
| Finder rating | ★★★★★ | ★★★★★ |
| Personal loan products offered |
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| Interest rates | 6.20%–35.99% (includes any origination fee) | 7.74%–35.49% with autopay and member discounts (0.25% each) |
| Fees | 0% to 12% of the target amount | No fees |
| Loan amounts | $1,000–$75,000 (state minimums vary) | $5,000 to $100,000 |
| Turnaround time | As soon as the next business day | Same-day Funding |
| Eligibility requirements |
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| Ratings |
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| State availability | Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia | Available in all states |
| Pros |
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| Cons |
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While Upstart and SoFi both offer personal loans, Upstart’s loans may offer more flexibility in terms of repayment plans, maximum lending amounts and eligibility requirements. Its 300 minimum credit score requirement and a rubric that includes educational background means younger or lower-credit score borrowers may have an easier time qualifying. Meanwhile, SoFi requires a higher credit score but has zero additional fees.
Upstart has a lower minimum credit score requirement and may work best if:
SoFi offers quick approval and more flexible loan terms that may work best if you need:
Upstart and SoFi are digital lenders that offer personal loans for debt consolidation, higher education, home improvements and more. They both have positive reviews from verified third-party organizations such as Better Business Bureau and Trustpilot.
SoFi stands out in the marketplace due to its lower APRs and longer repayment periods. On the flip side, Upstart caters to those with fair to poor credit and offers loans as little as $1,000 in select states. At the end of the day, we recommend comparing other loan options to determine which lender best suits your credit profile, ideal repayment terms and overall life needs.
Here are three alternatives to SoFi and Lending Club:
Tap compare for up to four personal loan lenders to see how your options stack up side by side.
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How we picked theseThe Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
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