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Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?

All three of these online lenders have their own strengths and weaknesses. SoFi and Marcus are two 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.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. Transparency is a core value for us, see how we make money.

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, Marcus, 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. Marcus is another top-quality online lender, being an offshoot from Goldman Sachs. 

It is a great fit for anyone who has good credit and is looking to pay no fees and customize their repayment terms. Finally, Rocket Loans does not have a competitive offering in many regards than the other two options, but it has ultra-fast funding speed.

sofi logo
Marcus logo
Rocket Loans
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.
7.99% – 23.43% (with discounts)
6.99% – 24.99%
8.41%-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
36-72 months
36-60 months
Loan Amount
$5,000 – $100,000
$3,500 – $40,000
$2,000 -$45,000
Min Score
680
660
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 and Marcus if:

Rocket Loans personal loan logo
Rocket Loans personal loan logo

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 and Marcus if:

sofi logo
sofi logo

When Marcus Shines

Marcus, a Goldman Sachs company, 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.

Marcus personal loan can be a better choice than SoFi and RocketLoans if:

Marcus logo
Marcus logo

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. Marcus offers loan sizes of $3,500 up to $40,000, 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. For a Marcus personal loan, you will need a minimum credit score of 660, while Rocket Loans has the lowest acceptable credit score out of these three lenders at 640.

SoFi and Marcus do not publicize the debt-to-income ratio (DTI) that they require of borrowers, while Rocket Loans requires a max DTI of 40% and minimum annual income of $24,000. All of these lenders are only going to work with people who are at least 18 years old and are permanent residents of the US, citizens, or a holder of a relevant type of visa.

Rocket Loans - Pros & Cons

 Rocket Loans has the lowest accepted credit score out of these options at just 640.

You can get a loan from Rocket Loans that is just $2,000 in size and as much as $45,000.

Rocket Loans will fund loans within one to three business days, which is faster than most online lenders.

you are able to get a 0.3% discount on your payments if you set them up on an automatic schedule.

You are not able to choose or change your repayment dates at Rocket Loans and you only have two term length choices.

You will have to pay an origination fee of between 1% and 6% on your personal loan.

SoFi - Pros & Cons

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.

It will take you usually a week before you get access to your funds from a SoFi personal loan.

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.

When you get a personal loan with SoFi, you will be able to access expert career and personal finance advice from the company’s experts.

It will take you usually a week before you get access to your funds from a SoFi personal loan.

The minimum accepted credit score by SoFi is 680, which is higher than many competitors.

Marcus - Pros & Cons

As Marcus is associated with Goldman Sachs, people feel comfortable dealing with this online lender.

If you automate your repayments, you will be able to get a 0.25% discount.

You do not need to pay any sort of origination fee or late fee through personal loans from Marcus.

You have a lot of choices when it comes to the ways that you make your Marcus repayments.

The Marcus repayment terms are not going to be the most diverse as you cannot get the likes of co-signed loans, joint loans, or secured loans.

When it comes time to get your hands on your personal loan funds, it can often take as long as a week with Marcus.

Repayment Options

SoFi does not charge any late fees if you are overdue with payment, while people with fixed-rate loans will be able to change their payment due dates as they please. Forbearance of up to three months is possible if you lose your job, while you are able to make early repayments without getting charged any sort of penalty.

If you set up automatic repayment, you will be able to get a 0.25% discount on your Marcus payments. There is the ability to directly make payments to creditors if you have a debt consolidation loan, while the repayment term lengths vary widely between three and six years. Finally, if you have made your payments on time for 12 consecutive months, you are able to engage a payment deferral option.

Rocket Loans is not as flexible as SoFi or Marcus when it comes to its repayment terms. While you can get a 0.3% discount when you set up automatic payments, you are unable to change your repayment dates. There are also only three-year or five-year payment term lengths available. Finally, you do not have to pay any prepayment fee if you are making payments earlier than supposed to.

Customer Experience

Rocketloans
SoFi
Marcus
iOS App Score
4.9
4.8
4.9
Android App Score
4.8
4.2
4.4
BBB Rating
A+
A+
A+
WalletHub Rating
4.5
3.1
2.9
Contact Options
phone/mail
phone/social
phone
Availability
9 am – 7 pm (ET)
5 am – 7 pm (PT)
8 am – 10 pm

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.

Marcus provides you with plenty of aid through the help center, as well as financial education. You can get in touch via phone with the Marcus customer service team every day of the week during operating hours. The mobile app is top-notch and provides you with a great range of functions and the FAQ section is super informative. Finally, the Better Business Bureau rating for Marcus is A+.

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.

Which Personal Loan Lender Wins?

All three of these online lenders have their own strengths and weaknesses. SoFi and Marcus are two 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.

sofi logo
Marcus logo
Rocket Loans
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.
7.99% – 23.43% (with discounts)
6.99% – 24.99%
8.41%-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
36-72 months
36-60 months
Loan Amount
$5,000 – $100,000
$3,500 – $40,000
$2,000 -$45,000
Apply Now
on SoFi website
Apply Now
on Marcus website
Apply Now
on Credible's 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.

Marcus personal loans are distinguished by the availability of prequalification. If you are unsure whether you will be eligible for a loan, you can fill out a simple, short form. This is only a soft credit check, so you avoid triggering a hard credit check and potentially jeopardizing your credit score. Prequalification allows you to research and compare Marcus loan options.

You can also make direct payments to your creditors if you have consolidated your debt. There is also the option of deferring payments for a period of 12 months after meeting your repayments.

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Figure and SoFi primarily serve people with good credit, whereas Upstart will serve people with poor or no credit. When it comes to providing quick access to funds, Upstart will be faster, while Figure and SoFi will offer autopay discounts.

Read Full Comparison: FIGURE vs Upstart Vs SoFi: Which Personal Loan Is Best?

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?

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 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 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?

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?

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?

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?

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?

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?

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?

When it comes to these various lenders, Marcus is clearly the leader. It has the best reputation, no fees, and a lot of flexibility when it comes to repayments. However, the funding process can be a little slow. 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 Vs Marcus: Choose The Right Personal Loan For You

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

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Marcus Terms & Conditions

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

SoFi Terms & Conditions

Fixed rates from 7.99% APR to 23.43% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. 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 above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. 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.

Andrew O'Malley

Andrew O'Malley

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
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