In this Comparison
With a ton of leading online lenders making up the space today, you are going to be ideally positioned to take advantage of some of the best personal loan offerings around.
This review will compare the offerings available from Upstart, SoFi and Figure.
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APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 5.99% – 22.94%
| 8.99% – 23.43% (with discounts)
| 5.40% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 3 or 5 years
| 24-84 months
| 36-60 Months
|
Loan Amount | $5,000 – $50,000
| $5,000 – $100,000
| $1,000 – $50,000
|
Min Score | 680 | 680 | 600 |
When SoFi Shines?
SoFi is a five-star lender that is well-suited to people who have good credit. It has been in operation since 2011 and has catered to millions of people in that time.
SoFi can be a great option if you need a big loan or you have a great credit score. SoFi also has plenty of different terms lengths and a great autopay discount.
When to Consider FIGURE?
Figure is another major online lender that is somewhat similar to SoFi as it also mainly deals with people who have good credit and want bigger loans.
Figure is better option if you have good credit and are looking for an autopay discount. It also offers competitive interest rates and has a very fast application process.
When Upstart Is Better?
Upstart is an online lender that has its own proprietary system that allows you to accept applications from people who do not have a credit score. Therefore, it is an ideal fit for people who do not have a long credit history, as well as people who need access to funds quickly.
Upstart can be good if you have low or insufficient credit, need quick funding, or want to have good repayment flexibility. Upstart also offers loans of just $1,000.
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Requirements
Upstart offers one of the smallest loan sizes around at just $1,000 and you can also get a loan worth up to $50,000. There is a relatively large minimum loan size available from SoFi at $5,000 and going up to a large max loan size of $100,000. Like SoFi, Figure also has a minimum loan size of $5,000 with its max loan being $50,000.
Thanks to the AI system that Upstart uses, it will accept applications from people who have not yet gotten a credit score. For people who do have a FICO score, Upstart will accept applicants who have a credit score of at least 600. As opposed to Upstart, SoFi and Figure mainly deal with people who have very strong credit, requiring a score of at least 680.
Applicants for an Upstart personal loan need to have an annual income of at least $12,000. Unlike Upstart, SoFi does not have any minimum income requirements that it displays on its website. Figure requires you to have a debt-to-income ratio of no more than 60%. All of these lenders will need you to be at least 18 years old, as well as either being a US resident, citizen, or visa holder.
Figure - Pros & Cons
- Quick Applications
You will be able to submit an application for a Figure personal loan in just a few minutes, doing so completely online.
- Ability to Refinance
You are able to refinance your existing loans by using Figure.
- Soft credit Pull
You will be able to pre-qualify with just a soft credit pull, meaning that it will not impact your credit when initially applying for a Figure personal loan.
- Discounts
you can get a 0.25% discount if you set up autopay on your Figure account.
- Fees
You need to pay an origination fee often that is worth up to 3% of the loan with Figure.
- Not a Huge Amount of Options
There is no way for you to get a secured loan, joint loan or co-signer loan with Figure.
Upstart - Pros & Cons
- Low Loans Available
Upstart offers a smaller loan than most other competitors, with you able to borrow as little as $1,000.
- Quick Funding
Upstart usually will be able to provide you with your borrowed funds on the following business day after your application is approved.
- No Big Credit Score Requirements
Upstart will accept applications if you have a credit score of just 600, as well as allowing people to apply if they do not have a credit score as of yet.
- Flexible Repayments
Upstart borrowers can choose and change their payment due date as they please.
- Origination Fee
There can be quite hefty origination fees in place at Upstart, often reaching the 8% mark.
- Lack of Mobile Support
The Upstart mobile app does not allow you to currently manage your loan.
SoFi - Pros & Cons
- Looks After Good Credit Scores
If you have a good credit score, SoFi will look after you with a well-suited personal loan offering.
- Autopay Discount
You can get a.25% discount if you set up the autopay feature for your payments.
- Big Loans Available
You are able to get a loan that is worth as much as $100,000 with SoFi, which is substantially bigger than what most other competitors offer.
- Income Protection
If you lose your job, SoFi will work with you when it comes to managing your loan obligations.
- Large Loan Sizes
The smallest loan that you can get with SoFi is $5,000, which is quite high.
- Slow Funding
It can take up to a week for you to get access to your borrowed funds.
Repayment Options
You can choose your initial payment due date with an Upstart personal loan, as well as change it as needed. If you have been consolidating some of your debt, there is also the option to send direct payments to creditors. There is no sort of prepayment penalty in place, as well as there being no autopay discount.
Similar to Upstart, you can change your payment due dates with SoFi and you also will get a discount worth 0.25% if you set up autopay. There are also no late fees and there is the ability to get multiple loans.
Figure has a 0.25% autopay discount like SoFi, but you cannot change your payment due date. There are no prepayment or late fees charged and you cannot directly send payments to creditors.
Customer Experience
Figure | Upstart | SoFi | |
|---|---|---|---|
iOS App Score | 3.5 | N/A | 4.8 |
Android App Score | 3.3 | N/A | 4.2 |
BBB Rating | F | B+ | A+ |
WalletHub Rating | N/A | 4.2 | 3.1 |
Contact Options | phone/mail | phone/mail | phone/social |
Availability | 6 am – 6 pm (PT) | 6 am – 5 pm (PT) | 5 am – 7 pm (PT) |
You can learn a lot about the proprietary system that Upstart uses to approve applications by checking out the website. The support team will be reachable every day of the week also. The mobile app for Upstart does not allow you to manage your loan, while there has been a B+ rating granted to Upstart by the Better Business Bureau.
SoFi has a top-tier customer support team that is almost always on hand to resolve any issues. The mobile app is also very good if you want to quickly manage your loan. SoFi also provides financial advice and education to members. SoFi does not currently have a Better Business Bureau rating as a result of the government investigating the lender for its marketplace conduct.
Figure has a good range of customer support, with numerous contact methods and seven-day support. You can also manage your loan through a well-designed mobile app.
Which Personal Loan is The Winner?
Both Figure and SoFi mainly deal with people who have good credit scores, while Upstart will cater to people with lower or no credit scores. Upstart will be faster when it comes to providing quick access to funds, while Figure and SoFi will offer autopay discounts.
As each of these lenders is quite unique, you can get find an option that is well-suited to your situation.
| |
| |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 5.99% – 22.94%
| 8.99% – 23.43% (with discounts)
| 5.40% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 3 or 5 years
| 24-84 months
| 36-60 Months
|
Loan Amount | $5,000 – $50,000
| $5,000 – $100,000
| $1,000 – $50,000
|
on Figure website |
on SoFi website |
on Upstart website |
FAQs
How's Upstart Verify my income?
To approve any loan application, Upstart must verify your income. By providing your financial account information, you grant Upstart permission to retrieve information from your bank's online database, including your transaction history.
While this may appear to be intrusive, it allows for faster processing, allowing you to get your loan approved as soon as possible.
Can I borrow from Upstart for any reason?
You can borrow money from Upstart for a variety of reasons. To qualify for a loan, you must have a minimum credit score and meet other requirements.
The typical rate range is reasonable, especially if you have a fair or good credit score, and you can expect to receive your funds one day after your application is approved.
Is there anything else SoFi has to offer besides personal loans?
Yes, SoFi provides student loans, auto loans, and home loans in addition to personal loans. You can also get hold of investment products.
However, what makes SoFi stand out is its credit card, which can help you save, invest, or pay down debt, as well as its SoFi Money account, which is an interest-bearing checking account.
Is Figure good for debt consolidation?
FIGURE does offer personal loans for up to $50,000, which is a good feature if you want to consolidate multiple higher interest debts. However, this lender does not have specific debt consolidation features, such as direct payment.
This means that you will need to wait for the funds from the loan to arrive and then make separate payments to each of your creditors.
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Compare Alternative Lenders
Upstart vs Freedom vs Avant
Avant is best suited for people with bad credit, whereas Upstart offers small loans and quick funding. Finally, FreedomPlus is appropriate if you require a large loan or a joint loan. When compared to one another, each of these lenders has advantages and disadvantages.
Read Full Comparison: Freedom Vs Upstart Vs Avant: Choose The Right Personal Loan
Upstart vs LendingPoint vs LendingClub
Each of these lenders caters to people with less-than-perfect credit. If you need funds quickly, LendingPoint is probably the best option, while Upstart is a good fit for people looking for small loans.
Finally, if you are looking for a joint loan or want to get some of the most competitive rates, LendingClub stands out.
Read Full Comparison: LendingPoint vs Upstart vs LendingClub: Which Personal Loan Suits You Best?
Upstart vs OneMain
Both of these lenders make it possible for people with bad credit to obtain a personal loan. OneMain's offering is a little more limited, with loans that are relatively smaller in size but with more flexible repayment term lengths.
Read Full Comparison: OneMain Vs Upstart: Compare Personal Loan Providers
Upstart vs Rocketloans vs Prosper
Each of these three lenders shares and differs in some ways. In general, Upstart is the best option for people who need a small loan or who may not be able to obtain a FICO score. Rocket Loans is a viable option if you need quick access to borrowed funds, whereas Prosper allows you to get a joint loan and caters to people with fair credit.
Read Full Comparison: Rocketloans Vs Prosper Vs Upstart: Which Personal Loan Is Best?
Upstart vs Best Egg vs Marcus
Upstart is one of the more notable online lenders because it employs artificial intelligence (AI) to guide the process of evaluating applications. As a result of this system, it frequently deals with people who have relatively low credit scores, or even those who do not yet have a credit score.
Best Egg is an online lender that has received numerous awards in recent years for its service, which includes quick approvals and competitive rates. Marcus, a Goldman Sachs offering, is one of the most reputable online lenders you will come across. It promises no-fee personal loans as well as a variety of loan types.
Read Full Comparison: Upstart vs Best Egg vs Marcus: Compare Personal Loan Lenders
Upstart vs Payoff
Upstart and Payoff both cater to people with low credit scores and offer flexible repayment terms.
Upstart is better suited for people who want a smaller loan amount or who do not yet have a credit score. If you want to keep your fees as low as possible, payoff is the way to go.
Read Full Comparison: Upstart Vs Payoff: Which Personal Loan Is Better?
Upstart vs SoFi
Upstart is a one-of-a-kind proposition because it employs an artificial intelligence (AI)-based system rather than relying solely on FICO scores. The Consumer Financial Protection Bureau has determined that it is a reputable lender. Upstart is a good option for people who do not have a long credit history and who need funds quickly.
SoFi has been in business since 2011, and in that time it has served over 2.5 million people and funded loans totaling more than $50 million. It is regarded as one of the best in the industry and an excellent choice for those with excellent credit.
Read Full Comparison: Upstart Vs SoFi: Which Personal Loan Is Best?
Upstart vs Upgrade
Upgrade has been in operation for over 15 years and has served the needs of millions of customers during that time. It provides its borrowers with a high level of flexibility as well as a wealth of excellent educational resources.
Upstart takes a different approach than most online lenders because it heavily relies on artificial intelligence (AI) in its operations. Upstart accepts people with low credit scores and will quickly disburse your borrowed funds.
Read Full Comparison: Upstart Vs Upgrade: Which Personal Loan Is Best For Your Needs?
FIGURE vs SoFi vs Prosper:
SoFi is widely regarded as the best option for people with excellent credit who require larger loan sizes while paying low fees. Prosper is best suited to people with low credit scores, whereas FIGURE is best suited to people who want quick and easy access to funds.
Read Full Comparison: FIGURE Vs SoFi Vs Prosper: Which Personal Loan Is Better?
SoFi vs Rocketloans vs Marcus
SoFi has been around for a long time and is regarded as one of the best options. It has no fees, a flexible repayment system, and a wide range of loan options. Marcus, a Goldman Sachs subsidiary, is yet another high-quality online lender. It is an excellent choice for anyone with good credit who wants to avoid fees and customize their repayment terms.
Finally, while Rocket Loans does not have a competitive offering in many ways compared to the other two options, it does have an extremely fast funding speed.
Read Full Comparison: Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?
SoFi vs Payoff vs OneMain
Each of these three lenders will be appropriate for a different type of person. Payoff is generally beneficial for accepting applications from people with less-than-perfect credit.
SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. OneMain is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Payoff Vs SoFi Vs OneMain: Compare Personal Loan Providers
SoFi vs Best Egg
SoFi is regarded as one of the best lenders in the industry, with zero fees, a diverse range of loan options, and favorable repayment terms. It was founded in 2011 and began as a student loan lender before expanding into other areas.
Best Egg was founded in 2014 and has since funded over 788,000 loans totaling more than $14 billion. It has a wide range of loan amounts to choose from, as well as a secured loan option, and accepts lower credit scores than many other lenders.
Read Full Comparison: SoFi Vs Best Egg: Which Personal Loan Suits You Best?
SoFi vs Discover
SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.
Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.
Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?
SoFi vs LendingClub
Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.
LendingClub is better suited to people with low credit scores, whereas SoFi has better rates and more repayment flexibility. Both of these options are centered on their online operations and offer a simple way for you to obtain a personal loan without having to jump through a lot of hoops.
Read Full Comparison: SoFi Vs LendingClub: Which Personal Loan Is Better?
SoFi vs PenFED vs Axos
Each of these lenders prefers to work with borrowers who have good credit. Because there is no origination fee, SoFi is an excellent choice for people looking for low-cost personal loans.
When it comes to repayments, Axos is flexible, whereas PenFED offers some of the smallest loans in the online lending space.
Read Full Comparison: SoFi Vs PenFED Vs Axos: Which Personal Loan Is Best?
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