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Upstart vs. SoFi: Which is better?

One lender marketplace offers fewer fees, while the other has more flexible eligibility requirements.

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


Finder rating★★★★★ ★★★★★
Personal loan products offered
  • Debt Consolidation
  • Medical Expenses
  • Home Improvements
  • Student Debt
  • Moving
  • Wedding
  • Vacation
  • Credit Card Consolidation
  • Home Improvements
  • Family Planning
  • Travel
  • Wedding
Interest rates7.80% to 35.99%8.99% to 29.99%
Fees0% to 12% of the target amountNo fees
Loan amounts$1,000 to $50,000$5,000 to $100,000
Turnaround time1 to 3 business daysSame-day Funding
Eligibility requirements
  • Proof of citizenship
  • Proof of education
  • Proof of current employment or any starting within 6 months
  • Minimum 300 credit score
  • Proof of citizenship
  • Good credit score
  • Proof of income and employment
  • A+ BBB rating
  • 4.9 Trustpilot rating
  • A+ BBB rating
  • 4.7 Trustpilot rating
State availabilityNot available in: West VirginiaAvailable in all states
  • Considers factors outside your financial background, such as education
  • Considers factors other than traditional full-time employment, such as self-employment
  • 99% of personal loans sent within 1-day time frame
  • No origination fees required
  • Flexible terms from 2 to 7 years
  • Requires repayment terms of as little as 36 months
  • The first payment can be due in as little as 20 days from the origination date
  • Must be employed to secure the loan
  • Need to take out a minimum of $5,000
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Upstart vs. SoFi: Which one’s better?

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.

When to consider Upstart

Upstart has a lower minimum credit score requirement and may work best if:

  • You have a lower credit score. Upstart lends to borrowers with a minimum of 300 credit scores.
  • You have a short employment history. Upstart also considers your education if you don’t have an extensive employment history.

When to consider SoFi

Sofi offers quick approval and more flexible loan terms that may work best if you need:

  • Faster loan funding. SoFi offers same-day funding for approved borrowers.
  • Flexible repayment options. Depending on your loan’s terms, you may have up to seven years to repay the full amount and interest.
  • No additional fees. SoFi has zero fees, so you won’t pay late fees, origination fees or prepayment penalties.

The similarities

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.

Alternatives to SoFi and LendingClub:

Here are three alternatives to SoFi and Lending Club:

  • Upgrade: Upgrade offers fixed-interest loan products also up to $50,000. Depending on set terms by the lender, you may have up to seven years to repay your loan. A hardship program is also 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.
  • Avant: Avant is more lenient than most lenders since it does not require a credit score and welcomes self-employment income.

Compare other personal loans

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

1 - 6 of 6
Name Product Filter Values APR Min. credit score Loan amount
LightStream personal loans
Finder Score: 4.8 / 5: ★★★★★
LightStream personal loans
7.49% to 25.99%
Good to excellent credit
$5,000 to $100,000
Borrow up to $100,000 with low rates and no fees.
PenFed Credit Union personal loans
Finder Score: 3.6 / 5: ★★★★★
PenFed Credit Union personal loans
7.99% to 18%
$600 to $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
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.
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.
Credible personal loans
Finder Score: 4.3 / 5: ★★★★★
Credible personal loans
4.60% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.
Freedom Debt Relief
Not rated yet
Freedom Debt Relief
Starting at $4,000
Freedom Debt Relief works to help people with unmanageable, unsecured debt get back on their feet.

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