In this Review..
If you want to get a personal loan, there is a huge collection of online lenders that you are able to choose between. This review is going to compare what you can expect when it comes to personal loans from Rocket Loans and SoFi.
SoFi has been around for many years and is known as being one of the leading options. It does not charge any fees, has a flexible repayments system, and has a lot of loan options.
Rocket Loans does not have a competitive offering in many regards than the other two options, but it has ultra-fast funding speed.
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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.
| 8.99% – 29.99% | 9.11% – 29.99%
|
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.
| 24-84 months
| 36-60 months
|
Loan Amount | $5,000 – $100,000
| $2,000 -$45,000
|
Min Score | 680 | 640 |
When RocketLoans Shines
RocketLoans is one of the most well-known options amount borrowers. The company requires a credit score of at least 640 and requires a minimum income of $24,000. There are four total personal loan options when borrowing with RocketLoans: debt consolidation, home improvement, auto, and general. Their general loan cannot be used as a student loan or for illegal activity, but aside from those, the possibilities are endless.
RocketLoans allows borrows to use between $2,000-$35,000. These funds are able to be direct deposited into the borrower’s account on the same day the loan is taken out. Along with these personal loan options, RocketLoans offers a business loan too.
RocketLoans personal loan can be a better choice than SoFi if:
- Need quick access to the funds
- Want an auto payment discount
- Desire a good range of loan sizes
When SoFi Shines
SoFi provides a range of personal loan options. Credit card consolidation, home improvement, family planning, travel, and even weddings are all possibilities. They don't charge any fees and are a good loan option for anyone with a credit score of at least 680.
This company provides competitive rates and also accepts joint applications. Unlike other lenders, SoFi offers unemployment insurance in the event of a job loss. They have competitive rates, only perform a soft pull inquiry upon application, and also provide an autopay discount.
SoFi personal loan can be a better choice than RocketLoans if:
- You don’t want to deal with any fees
- Looking for a large loan size
- Want to get a discount when you automate payments
Requirements
You can get loan sizes of $5,000 up to $100,000 from SoFi, which means that it is an ideal option for people who are seeking larger sums, while Rocket Loans can provide you with a loan of between $2,000 and $45,000.
You need to have a credit score of 680 or more if you are looking for a SoFi personal loan, while Rocket Loans has the lowest acceptable credit score out of these three lenders at 640.
SoFi doesn't disclose a specific debt-to-income (DTI) ratio for borrowers, while Rocket Loans has a maximum DTI of 40% and requires a minimum annual income of $24,000. Both lenders only work with individuals who are at least 18 years old and are either US citizens, permanent residents, or hold a relevant visa.
Rocket Loans - Pros & Cons
- Accepts Fair Credit Scores
Rocket Loans has the lowest accepted credit score out of these options at just 640.
- Good Range of Loan Sizes
You can get a loan from Rocket Loans that is just $2,000 in size and as much as $45,000.
- Fast Funding
Rocket Loans will fund loans within one to three business days, which is faster than most online lenders.
- Discount Available
orrowers can receive a rate discount by setting up automatic payments, reducing overall interest costs.
- Limited Repayment Options
Borrowers are restricted to choosing between 36- or 60-month repayment terms, lacking flexibility in payment duration.
- No Secured or Co-signed Loans
Rocket Loans only offers unsecured personal loans, meaning borrowers cannot secure the loan with collateral or add co-signers.
- Fees
Rocket Loans charges an origination fee of up to 9% of the loan amount, which can significantly impact the total cost of borrowing.
SoFi - Pros & Cons
- Flexibility of Loan Options
There is a great range of different term lengths and loan structures when it comes to SoFi’s offering. You also have the ability to get a co-signed loan.
- Good Repayment terms
It will take you usually a week before you get access to your funds from a SoFi personal loan.
- Large Loan Size
A lot of lenders cap their personal loans at around $40,000-$50,000. However, SoFi can provide you with a personal loan of up to $100,000.
- Multiple Rate Discounts
You can qualify for rate discounts by enrolling in autopay, being an existing SoFi member, or using your loan to consolidate debt.
- Higher Minimum Loan Amount
The minimum loan amount of $5,000 may be too high for individuals seeking smaller loans for minor expenses.
- Higher Barrier to Entry
The minimum accepted credit score by SoFi is 680, which is higher than many competitors.
Repayment Options
SoFi offers great flexibility by waiving late fees and allowing fixed-rate loan holders to adjust their payment due dates. It also provides up to three months of forbearance in case of job loss and allows penalty-free early repayments.
On the other hand, Rocket Loans is less flexible, as it doesn’t offer the ability to change repayment dates. While it does provide discounts for automatic payments, its term lengths are more limited and it doesn’t have prepayment penalties.
Customer Experience
Rocketloans | SoFi | |
|---|---|---|
iOS App Score | 4.9 | 4.8 |
Android App Score | 4.8 | 4.2 |
BBB Rating | A+ | A+ |
Contact Options | phone/mail | phone/social |
Availability | 9 am – 7 pm (ET) | 5 am – 7 pm (PT) |
SoFi has a comprehensive help center that allows you to learn a lot of different things about personal loans and personal finance in general. You can ring the customer service team seven days per week during opening hours. You can also send an email or a message via social media. The Better Business Bureau rating for SoFi is A+, while it also has a very strong mobile app that allows you to manage all aspects of your loan.
There is a learning center at Rocket Loans that has a lot of great resources when it comes to personal loans and other types of financial education. The customer service team for new loans and existing loans will be open six days a week and you can ring them by phone during working hours on these days. Currently, you cannot manage your loan through a Rocket Loans app and the lender has an A+ rating from the Better Business Bureau.
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Which Personal Loan Lender Wins?
All three of these online lenders have their own strengths and weaknesses. SoFi is one of the best options in the business when you have good credit as they do not charge fees and have plenty of repayment flexibility. Rocket Loans is better suited to people with lower credit scores and who want quick access to their funds.
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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.
| 8.99% – 29.99% | 9.11% – 29.99%
|
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.
| 24-84 months
| 36-60 months
|
Loan Amount | $5,000 – $100,000
| $2,000 -$45,000
|
on SoFi website |
on RocketLoans website |
FAQ
It may take several days to fund your loan and another few days to send your money. If you need money quickly, there are other lenders who can process your application much faster. Furthermore, SoFi has more restrictions on how personal loans can be used.
There are no origination or late fees with SoFi personal loans. They also do not have a prepayment penalty, so the loan can be paid off early without incurring any additional fees. SoFi also offers very competitive rates for strong borrowers and allows joint borrowers on personal loans.
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Compare Alternative Lenders
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.
Read Full Comparison: SoFi Vs Prosper: Which Personal Loan Is Better?
SoFi vs Happy Money vs OneMain
Each of these three lenders will be appropriate for a different type of person. OneMain 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. Happy Money is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Happy Money 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?
SoFi vs Upstart
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?
Rocketloans vs Prosper vs Upstart
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?
Rocketloans vs Best Egg vs Upgrade
Best Egg has been in operation since 2014 and has serviced over 785,000 loans in that time. It accepts low credit scores and secured loans, as well as a wide range of loan sizes. Rocket Loans is a well-known online lender that takes pride in providing customers with quick access to funds.
Finally, Upgrade has served over 500,000 customers and provided borrowings totaling more than $7 billion during its tenure in business. It offers a slew of great benefits, such as quick funding, substantial autopay discounts, and flexible repayment terms.
Read Full Comparison: Best Egg vs Rocketloans vs Upgrade: Which Personal Loan Is Best?
Axos vs Discover
Marcus is a Goldman Sachs offshoot who is one of the best in the business. It is best suited to people with good credit and those who want repayment flexibility. Discover is another high-quality lender known for its low origination and fats funding fees. Axos is an online bank that caters to people with excellent credit and aims to process funds quickly.
Read Full Comparison: Axos Vs Marcus Vs Discover: Which Personal Loan Suits You Best?
Best Egg vs Prosper
Prosper offers a wide range of repayment options and accepts lower credit scores, whereas Best Egg provides secured loans and preferable debt consolidation options.
Read Full Comparison: Best Egg Vs Prosper: Choose The Right Personal Loan For You
Upstart vs Best Egg
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
SoFi Terms & Conditions
Fixed rates from 8.99% APR to 23.43% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/23 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
