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
|Personal loan products offered
|6.40% to 35.99%
|8.99% to 29.99%
|0% to 12% of the target amount
|$1,000 to $50,000
|$5,000 to $100,000
|1 to 3 business days
|Not available in: West Virginia
|Available in all states
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.
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.
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