Personal Loans » Compare Loans » SoFi Vs PenFED Vs Axos: Which Personal Loan Is Best?
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SoFi Vs PenFED Vs Axos: Which Personal Loan Is Best?

SoFi is the ideal option for people who are seeking low-cost personal loans due to the absence of any origination fee. Axos is flexible when it comes to making repayments, while PenFED offers some of the smallest loans in the online lending space.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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 Comparison

If you are in the market for a personal loan, you will have plenty of options open to you in an online setting.

Some of the biggest names in the online lending space include SoFi, Axos, and PenFED. This article will compare each of these offerings.

sofi logo
penfed personal loan
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)
7.15% – 17.99%
8.49% – 17.99%
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
12 – 60 months
Loan Amount
$5,000 – $100,000
$5,000 – $50,000
$600 – $50,000
Min Score
680
700
700

When to Consider PenFED Personal Loan?

PenFED is a credit union that offers online loans, mainly catering to people who are looking for small loan sizes.

PenFED offers the smallest loan size that we gave seen in the online lending space at just $500. It also has a great mobile app for you to manage this loan, as well as offering the likes of joint loans.

On the other hand, with PenFED, you will not be able to get a secured loan or a co-signed loan. There is also no option to change your payment dates or to send payments directly to a creditor.

PenFED may be the right personal loan for you if you are looking for a very small loan size or you want a joint loan. It also has a great mobile app to manage your loan obligations.

penfed personal loan
penfed personal loan

When to Consider SoFi Personal Loan?

SoFi is known as being a lender that focuses on people with good credit and operates a low-cost model. Since 2011, it has provided loans to more than 2.5 million people.

SoFi is an ideal fit for people with good credit, as they do not charge any sort of origination fees. It also offers income protection, in addition to an autopay discount. Finally, you have access to large loans and have flexibility when it comes to making repayments.

However, the smallest loan size you can get at SoFi is $5,000, which is relatively high. It also has strict credit score requirements, while the time to funding is slower the many other lenders.

You may consider SoFi if you have good credit and do not want to pay an origination fee. SoFi also will offer good rates and significant loan sizes.

sofi logo
sofi logo

When to Consider Axos Personal Loan?

Axos is an online bank that mainly will deal with people who have top-tier credit and provides very fast access to borrowed funds.

Axos provides you with a lot of support when it comes to the management of your personal loan. This includes a useful mobile app that can carry out all important functions. There is also the ability to change payment due dates, while you can get pre-qualified with just a soft credit check.

However, there is an origination fee that you will have to pay when getting an Axos personal loan. You also do not have access to the likes of secured loans, joint loans, or co-signed loans. Finally, you will only have payments reported to one of the nation’s leading credit bureaus.

Axos may be the best option if you have strong credit, need to manage your loan through your mobile device, and you want to be able to change your payment due date.

Axos_Financial logo
Axos_Financial logo

Requirements

SoFi has quite a large minimum loan size of $5,000, but its max loan is ideal at $100,000. This makes it one of the providers of the biggest loans in the space. Axos also has a minimum loan size of $5,000 and it offers loans as big as $50,000. PenFED has perhaps the smallest possible loan size you will find with an online lender of just $500. The biggest loan you can get is $20,000.

You need to have good credit in order to get a SoFi personal loan, requiring a credit score of 680 or more. There is also quite a high minimum credit score of 700 required by both PenFED and Axos.

SoFi and PenFED do not really outline the exact income and debt requirements that are in place for borrowers. Axos only allows applications from people who have a debt-to-income ratio of no more than 40%. You also will have to showcase some proof that you have been continually employed for the past two years. All of these lenders will cater to people who are 18 years old or older, as well as being a US resident, visa holder, or citizen.

Repayment Options

SoFi has a great range of repayment term lengths, ranging between two and seven years. Both Axos and SoFi offer you the chance to change your due dates for repayments. SoFi also allows you to have more than one loan simultaneously. No late fees are in place, while you will also get a 0.25% autopay discount.

There is a $15 late fee in place if you miss an Axos payment. You will not get a discount for setting up autopay and there is no way to send direct payments to creditors. Unlike SoFi and Axos, PenFED does not allow you to change your payment due dates or to send funds directly to creditors. It also does not have an autopayment discount or ant prepayment fees.

Customer Experience

PenFed
SoFi
Axos
iOS App Score
4.2
4.8
4.7
Android App Score
4.2
4.2
4.6
BBB Rating
A+
A+
A+
WalletHub Rating
N/A
3.1
2.6
Contact Options
phone/mail
phone/social
phone/chat
Availability
7 am – 11 pm (ET)
5 am – 7 pm (PT)
24/7

SoFi has a phone line that is reachable seven days of the week. It also has a high-quality mobile app that gives you the chance to manage the obligations of your loan. SoFi members can utilize many top-tier financial education resources. 

The Axos website has a lot of resources that can add to your personal finance knowledge. The customer support team works five days of the week and has a range of contact options. You can use the Axos loan when managing your loan through your mobile device, while there is an A + rating for Axos from the Better Business Bureau.

PenFED has a comprehensive set of FAQs to answer a lot of key questions that a borrower might have about this offering. There is also a support team on hand seven days a week. You can easily manage all of your PenFED loan obligations directly through the mobile app. Finally, PenFED no longer is accredited with the Bette Business Bureau, but it previously had an A+ rating.

Which Personal Loan is The Winner?

Each of these lenders like to mainly deal with borrowers with good credit scores. SoFi is the ideal option for people who are seeking low-cost personal loans due to the absence of any origination fee.

Axos is flexible when it comes to making repayments, while PenFED offers some of the smallest loans in the online lending space.

sofi logo
penfed personal loan
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)
7.15% – 17.99%
8.49% – 17.99%
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
12 – 60 months
Loan Amount
$5,000 – $100,000
$5,000 – $50,000
$600 – $50,000
Apply Now
on SoFi website
Apply Now
on Axos website
Apply Now
on Credible's website

FAQ

PenFED does have a rate checking tool that allows you to see what APR you could expect on your loan.

While this isn’t technically prequalification, it does streamline the application process and will not impact your credit. This initial inquiry only uses a soft credit check and only if you decide to proceed with your loan will a hard credit check be triggered.

There are no early repayment fees associated with a PenFED personal loan. This means that you can make additional payments or repay the entire loan before the end of the loan term without incurring any penalties.

This makes it an attractive option if there is a possibility that your financial situation may change before the end of your loan.

PenFED does offer personal loans for up to $50,000, which is a plus for those looking for a debt consolidation loan.

However, this lender does not have specific features for debt consolidation loans including direct creditor payments. So, you will need to wait for the funds to arrive and then make separate payments to each of your accounts.

PenFED is a credit union, so you need to be a member to complete the loan application. This means that the PenFED is likely to require supporting documentation to confirm both your ID and income status.

While PenFED opens up your credit union account at the same time as processing your loan, this may slow the overall process as they verify all your details.

Axos has a fairly comprehensive line of financial products. This includes checking and saving accounts, mortgages, auto loans, and investment options.

This means that if you’re looking for a personal loan lender who can also help you with your day to day banking needs, Axos could be a good option for you.

Unfortunately, Axos does not allow co-signers on its loan applications. You cannot add a co-signer with a better credit profile to increase your chances of approval.

Axos also does not permit joint applications, so it is not possible to rely on a second party in this way either. So, if you don't have a good or excellent credit score, you may be better off choosing a different lender.

More Personal Loan Reviews

Compare Alternative Lenders

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 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?

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?

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?

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?

Universal Credit is a lender that works with people who have bad or fair credit, and it is a subsidiary of Upgrade, another online lender. Figure is a major online lender that focuses on people with good credit and larger loan amounts. PenFED credit union is a well-known credit union in the United States, offering personal loans online. It is best suited for people looking for a small loan.

Read Full Comparison: Universal Credit Vs FIGURE Vs PenFED: Compare Personal Loan Providers

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?

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Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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