SoFi business loan alternatives

After establishing itself as one of the top online student loan refinancing companies in the nation, SoFi has branched out into other areas of lending. Now you can get a mortgage or personal loan through this prime lender.

But it still doesn’t offer business financing — at least not yet.

Why doesn’t SoFi offer business loans?

Until recently, SoFi only offered student loan products — with an emphasis on refinancing for young professionals. It only started providing personal financing products and hasn’t expanded into business loans just yet.

Why not? It could be because SoFi’s focus is on helping individuals become financially independent. The closest thing it has to business financing is its entrepreneur program, which offers equity capital investment and mentorship to a small class of participants. But you need to already have a loan with SoFi to qualify, and established businesses aren’t eligible.

Instead, you might want to check out these online alternatives.

3 alternatives to SoFi business loans

Already have a business and need funding? You might want to check out these three online lenders:

1. Loanbuilder, a PayPal service

LoanBuilder business loans

4.2 / 5 ★★★★★

• Overview
• More Details

LoanBuilder specializes in short-term loans to cover one-time expenses. It’s known for its strong customer service program — each borrower gets a dedicated representative.The main drawback is that it requires your business to make weekly repayments, which can be difficult to swing if you don’t have steady revenue coming in daily. It also requires a personal guarantee, meaning you’ll be on the hook if your business can’t repay.

Loan amount	$5,000 – $100,000
APR	6.49% - 19.31%
Loan term	3.25 to 12 months
Requirements	Annual business revenue of $33,300+, 9+ months in business, 580+ personal credit score

Loan amount	$5,000 – $100,000
APR	6.49% - 19.31%
Min. Credit Score	580

2. Credibly

Credibly business financing

3.8 / 5 ★★★★★

• Overview
• More Details

Credibly’s most popular business loan product is its working capital loan that your business can use to pay for day-to-day expenses. You can get your funds as fast as the next business day, and it’s open to businesses in high-risk industries like real estate companies and restaurants.But it’s relatively expensive. Instead of charging interest, Credibly charges a fixed fee that typically ranges from 15 to 30 cents on the dollar. It also comes with daily or weekly repayments and short terms, which can be difficult to swing if you don’t have consistent cash flow.

Loan amount	$5,000 – $400,000
APR	Not applicable
Loan term	3 to 15 months
Requirements	6+ months in business, $15K+ in monthly deposits, 500+ credit score, Need business bank account

Loan amount	$5,000 – $400,000
APR	Not applicable
Min. Credit Score	500

3. OnDeck

OnDeck short-term loans

4.6 / 5 ★★★★★

• Overview
• More Details

Slightly more established businesses with ongoing projects or a general need for working capital might want to consider OnDeck. This lender offers both term loans and lines of credit that you could qualify for even if you don’t have strong personal credit.Its rates are competitive for a business loan, and repeat borrowers may qualify for further discounts. But not all industries are eligible, and you also have to make daily or weekly repayments.

Loan amount	$5,000 – $250,000
APR	Average is 60.9%
Min. Credit Score	625
Loan term	3 to 24 months
Requirements	Companies in business at least 1 year, $100,000+ in gross annual revenue, majority owner with a 625+ personal credit score, active business checking account

Loan amount	$5,000 – $250,000
APR	Average is 60.9%
Min. Credit Score	625

Does SoFi offer any similar loans?

While SoFi doesn’t offer business loans, it’s possible to start a new business through its entrepreneur program. Even though it offers personal loans, it doesn’t permit borrowers to use the funds for business purposes.

SoFi’s entrepreneur program

If you already have a loan with SoFi and want to start a new business, you can apply to SoFi’s entrepreneur program. It provides prospective business owners with seed money, access to mentors and resources and the opportunity to pitch to top venture capitalists and angel investors.

But this isn’t available to just anyone with a SoFi loan — the company only admitted 10 entrepreneurs into the program in 2018.

Compare more personal loan options

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Name	Product	Filter Values	Min. Amount	Max. Amount	APR	Requirements
National Business Capital business loans Finder Rating: 4.3 / 5: ★★★★★ National Business Capital business loans Finder Rating: 4.3 / 5: ★★★★★			$100,000	$10,000,000	Starting at 1.5%	1+ Year in Business, $500,000 in Annual Revenue	Get high loan amounts at competitive rates. Plus, advisors are on standby to help you through the process.	Go to site More Info	Compare	loading Fetching your data…
$10MM+ funded! Lendio business loans Finder Rating: 4.8 / 5: ★★★★★ Lendio business loans Finder Rating: 4.8 / 5: ★★★★★			$1,000	$5,000,000	Starting at 3%	Operate business in US or Canada for 6 months or more, have a business bank account, 500 personal credit score, at least $8,000 in monthly revenue	Submit one simple application to potentially get offers from a network of over 300 legit business lenders.	Go to site More Info	Compare	loading Fetching your data…
Lendzi Finder Rating: 4.7 / 5: ★★★★★ Lendzi Finder Rating: 4.7 / 5: ★★★★★			$5,000	$2,000,000	Starting from 3.9%	525+ credit score, one year in business, at least $50,000 annual revenue	Compare lending options and get funded fast.	Go to site More Info	Compare	loading Fetching your data…
BusinessLoans.com Finder Rating: 4.4 / 5: ★★★★★ BusinessLoans.com Finder Rating: 4.4 / 5: ★★★★★			$5,000	$3,000,000	Varies by loan type and lender	Must have been in business between 1 to 2 years, have a minimum revenue of $75,000 to $250,000 and have a minimum credit score of 500 to 650.	Complete a three-minute form to see loans that fit your business’s needs. Compare offers without a hard credit check.	Go to site More Info	Compare	loading Fetching your data…
Loanspark Finder Rating: 4.6 / 5: ★★★★★ Loanspark Finder Rating: 4.6 / 5: ★★★★★			$10,000	$20,000,000	Starting at 1%	600+ personal credit score, 1+ years time in business, $500,000 minimum annual revenue, active business checking account required	Prequalify with this lending marketplace using an easy application process. Plus, work with real loan experts to make the best decisions on loan programs for ERC, SBA, e-commerce, cannabis and other loan categories.	Go to site	Compare	loading Fetching your data…

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Bottom line

SoFi might not offer business loans, but that doesn’t mean you have to turn to your bank for financing. There are several online business lenders out there that can get you funding as fast as the next business day.

To compare more options, read our guide to business loans.

Frequently asked questions

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