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If you are on the hunt for a personal loan, then LendingClub and SoFi are two of the low-cost options. Both of these companies have their own pros and cons that will be outlined throughout this comparison. California-based LendingClub boasts more than 3 million customers across the United States, while SoFi has won numerous awards in recent years for its offering.
LendingClub generally is going to be well-suited to people who have low credit scores, while SoFi generally has better rates and more flexibility when it comes to repayments. Both of these options are focused on their online operations and provide an easy way for you to get a personal loan without having to jump through a lot of hoops.
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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% – 23.43% (with discounts) | 9.57% – 36.00%
|
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
| $1,000 – $40,000
|
Min Score | 680 | 600 |
When SoFi Shines
SoFi has built up a reputation for being one of the very best in the business, having no fees, many different loan options, and a flexible set of terms for making repayments.
SoFi personal loan can be a better choice than Lending Club if:
- You have good credit and strong income
- Want no late fees or origination fees
- Looking for a large loan
When LendingClub Shines
Lending Club is a peer-to-peer marketplace that offers personal loans starting at $1,000.
Lending Club distinguishes itself from other lenders by allowing co-borrowers on personal loan applications. This can be useful if you believe you may need an additional applicant with better financial circumstances to increase your chances of qualifying.
Loans from Lending Club can be used for almost any purpose, including debt consolidation, balance transfers, and major purchases. A Lending Club loan, however, cannot be used for postsecondary education, investments, or the purchase of securities.
Lending Club personal loan can be a better choice than SoFi if:
- You need a smaller loan
- Have a lower credit score
- Possess a low DTI ratio
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Requirements
SoFi will generally work with loan sizes of between $5,000 and $100,000, while LendingClub has a more narrow range of loans, ranging between $1,000 and $40,000. You need a credit score of at least 680 when looking at SoFi, while certain options are available to people with a credit score of just 600 at LendingClub (once you have at least three years of credit history).
While SoFi does not specify its required debt-to-income (DTI) ratio, LendingClub requires a DTI of less than 40% for those single applicants or 35% for any joint applicants. Naturally, other basic requirements are in place, such as being at least 18 years old and having citizenship, a relevant visa, or being a permanent US resident.
SoFi - Pros
- No Fees
You do not have to deal with any late fees or origination fees.
- Flexible Options
SoFi offers you the chance to get the likes of fixed and variable loans or especially large loans that might not be easily accessible elsewhere. You also have a wide range of term lengths.
- Good Repayment Terms
With SoFi, you can change the due dates of your payments for fixed loans. You are also able to apply for forbearance for up to three months in one go.
- Free Advice:
You can get access to free one-on-one financial advice when you have a personal loan with SoFi.
SoFi - Cons
- Time to Funding
SoFi does not have the fastest time to funding, with this usually taking a full week to go through.
- Certain Constraints
One of the downsides of the SoFi offering is that it does not have any joint loan or secured loan options.
- Credit Score
Sofi always requires people to have a credit score of at least 680, which is now as low as what the likes of LendingClub offer.
Lending Club - Pros
- Small Sums Available
You can get a personal loan of just $1,000 from LendingClub, which is a smaller minimum than many competitors.
- Competitive Fees
The fee structure at LendingClub is generally competitive, with the rates being decent once you have good credit.
- Caters to Lower Credit Scores
Once you have at least three years of credit history, LendingClub will accept applications from people who have credit scores of as low as 600.
- Enticing for Joint Applicants
Joint applicants can often get much better terms for their personal loans than single applicants.
Discover - Cons
- Fees
You will need to pay an origination fee that is usually 1%-6% of the loan amount.
- No Large Loans
The cap on the size of a personal loan that you can get is $40,000. Therefore, you need to look elsewhere if you need a bigger loan.
Repayment Options
With SoFi, there are flexible repayment terms. You can change your payment dates if you are on a fixed-rate loan. There is also forbearance of up to three months available if you have lost your job without it being your fault. No pre-payment fees will be charged if you are making payments early and there are usually no late fees.
LendingClub also allows you to change your payment due date if you are on a fixed-rate loan.
Customer Experience
LendingClub | SoFi | |
|---|---|---|
iOS App Score | 4.5 | 4.8 |
Android App Score | 3.3 | 4.2 |
BBB Rating | N/A | A+ |
WalletHub Rating | 4.5 | 3.1 |
Contact Options | phone | phone/social |
Availability | 5 am – 5 pm (PT) | 5 am – 7 pm (PT) |
SoFi has an extensive resource center that can hold the answer to a lot of questions you might have. If you want to get in touch with the customer support team, you can ring the personal loans support team any day of the week during opening hours. You can also send an email or tweet SoFi regarding your issue. The Better Business Bureau rating for SoFi is A+, while the mobile app has great reviews.
LendingClub also has extensive resources available to help people resolve any issues they might encounter. There is a toll-free number that can be called between Monday and Saturday, while there is also the option to send the team an email. LendingClub currently has an A- rating with the Better Business Bureau, while its app has decent reviews.
Which Personal Loan is The Winner?
Both Sofi and LendingClub have built up solid reputations over the years when it comes to offering personal loans in an easy manner. They both have easy-to-use websites that allow you to breeze through the application process. They tend to stack up well when compared with other operators in the sector, particularly when it comes to the costs.
SoFi generally is going to be a good fit for people who have good credit and strong income, with some great options being available, as well as favorable rates and no fees. LendingClub can be well-suited to those who have poorer credit scores and who might be looking for a smaller size loan.
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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% – 23.43% (with discounts) | 9.57% – 36.00%
| 4.60% – 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.
| 24-84 months
| 36 – 60 months
| Compare Various Lenders
|
Loan Amount | $5,000 – $100,000
| $1,000 – $40,000
| Up to $100,000
|
on SoFi website |
on Credible website |
on Credible's website |
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SoFi vs FIGURE vs Upstart
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 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 FIGURE 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 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?
LendingClub vs LendingPoint vs Upstart
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?
LendingClub vs OneMain vs Avant
LendingClub is a peer-to-peer online lending marketplace that prefers to work with people who have poor credit. The California-based company has over three million customers in the United States.
Avant is a Chicago-based lender that provides personal loans to people with bad credit. It also gives you quick access to funds as well as flexible repayment options. While OneMain is an online lender, it also has over 1,500 physical locations throughout the United States. This lender offers quick access to funds as well as a variety of loan options.
Read Full Comparison: OneMain Vs Avant Vs LendingClub: Which Personal Loan Suits You Best?
LendingClub vs Payoff vs Upgrade
Payoff is a lender that focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.
If you need quick access to funds and a variety of loan types, Upgrade is the best option of these three lenders. Finally, if you need a joint loan or have a low credit score, LendingClub is a good option.
Read Full Comparison: Payoff Vs LendingClub Vs Upgrade: Choose The Right Personal Loan
LendingClub vs Prosper
In many ways, Prosper and LendingClub are very similar. They are both peer-to-peer lending marketplaces that require a minimum credit score of 600 and offer the same term lengths. They also have flexible repayment options and a fee structure that is similar to ours. Even the APR rates and fee structures are very similar, so there isn't much to differentiate these two products.
Read Full Comparison: Prosper vs LendingClub: Which Personal Loan Is Better?
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LendingPoint vs LendingClub vs Upstart
LendingTree vs Upstart vs Sofi
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OneMain vs Upstart
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SoFi vs Best Egg
SoFi vs LendingClub
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Upstart vs SoFi
Upstart vs Upgrade
