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

SoFi is going to be a better fit if you have a good credit record and you are looking for relatively higher loan sizes. Upstart is going to be more focused on lower score borrowers and is known for providing quick access to 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 Comparison

With so many different online lenders operating in the personal loan space, people can have trouble figuring out the various options.

This guide has chosen two of the leading options for a closer look – Upstart and SoFi.

sofi logo

Upstart logo

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)
5.60% – 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
Loan Amount
$5,000 – $100,000
$1,000 – $50,000
680
600

When Upstart Is Better?

Upstart is a unique type of proposition as it uses an artificial intelligence (AI) based system rather than mainly relying on FICO scores. It has been proven to be a reputable lender by the Consumer Financial Protection Bureau. Upstart is a good fit for people who might not have the longest credit history and those who want quick access to funds.

When to consider Upstart?

Upstart provides you with your borrowed funds on the next business day, which is faster than most lenders. It also accepts applications from people who do not have a sufficient credit history to get a FICO score. Finally, you have the ability to choose and change the repayment dates.

Upstart logo

When SoFi Shines?

SoFi has been in business since 2011 and it has served over 2.5 million people in the intervening years and funded loans worth over $50 million. It is known as being one of the best in the business and as a great fit for people with strong credit scores.

When to consider SoFi?

SoFi loan is a good fit if you are someone who has a good credit score and you are looking to pay minimal fees. It also allows you to get access to competitive rates and large loan sizes.

sofi logo

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Requirements

Upstart provides a great range of loan sizes, starting at $1,000 and going up to $50,000. In contrast, SoFi has a significantly higher minimum loan size of $5,000 on offer as well as providing a higher max loan size of $100,000.

Upstart largely uses an AI-based system to process the application of potential borrowers, but it still does take into account FICO scores as part of this process. Usually, Upstart will be looking for people who have a credit score of at least 600. It will also consider applications from people who do not have enough credit history to have a FICO score. Unlike Upstart, you will need pretty strong credit to get a SoFi loan, with the minimum acceptable score being 680.

The minimum gross annual income someone needs to have to apply for an Upstart personal loan is $12,000. SoFi is not very transparent with regard to its exact income requirements when it comes to getting a personal loan. Both Upstart and SoFi will only deal with people who are at least 18 years old, as well as having a source of regular income, and having a US residence.

Upstart - Pros & Cons

There are numerous advantages associated with getting an Upstart personal loan. It is an ideal fit for those people who have insufficient credit histories to get a loan elsewhere as Upstart will consider applications from people who do not have a FICO score.

The entire application process is also very fast and Upstart aims to have the funds in the hands of the borrower on the following business day. There is also a low minimum loan size and you have the ability to change the date of your repayments.

However, you will need to often pay an origination fee when you get an Upstart personal loan, which can often rise as high as 8%. There are also no joint loan options and its mobile app does not currently allow you to manage your loan.

SoFi - Pros & Cons

SoFi is one of the best options for people with decent credit scores as there are competitive rates and no origination fees. You also get access to income protection and an autopay discount. There is the option to change your payment date and you have access to bigger loan sizes than most other lenders.

On the other hand, there is a quite high minimum loan size on offer at SoFi, as well as the credit score requirement being stricter than many competitors. It can also take you a few business days to get access to your funds.

Repayment Options

Upstart only has two different repayment term lengths – 3 years and 5 years. You are given the option to change the due date for your payments and there is the option to send direct payments to creditors if you are consolidating debt. Upstart does not currently have an autopay discount and it doesn’t charge any prepayment penalty.

SoFi offers a variety of term lengths between 2 and 7 years. Like Upstart, there is the ability to alter your repayments date and you can manage more than one loan at the same time. You will not be charged any late fees and there is a 0.25% autopay discount for you to utilize.

Customer Experience

Upstart
SoFi
iOS App Score
N/A
4.8
Android App Score
N/A
4.2
BBB Rating
B+
A+
WalletHub Rating
4.2
3.1
Contact Options
phone/mail
phone/social
Availability
6 am – 5 pm (PT)
5 am – 7 pm (PT)

The Upstart is very clear and concise, walking you through the unique type of AI-based offering. There are a few different ways that you can contact the support team, with these lines being open seven days per week. Unfortunately, the Upstart mobile app is not going to be an option if you are looking to quickly manage your loan. Finally, the Better Business Bureau has granted a B+ rating to Upstart.

The main way that you can resolve an issue or get an answer to a query with SoFi will be to ring by phone. This support team will be working 7 days a week and the mobile app will always be available if you want to manage your loan. If you are a SoFi member, you are able to access all sorts of great financial education resources. SoFi is no longer accredited by the Better Business Bureau as there are significant government actions ongoing over the marketplace conduct of the lender.

Which Personal Loan is The Winner?

These two online lenders will be suitable for contrasting types of people. SoFi is going to be a better fit if you have a good credit record and you are looking for relatively higher loan sizes.

Upstart is going to be more focused on people with lower credit scores or insufficient credit histories and is known for providing quick access to funds.

sofi logo

Upstart logo

credible logo

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)
5.60% – 35.99%
5.24%-35.99%,
Best Rate Guarantee *
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 – $50,000
Up to $100,000
Apply Now
on SoFi website
Apply Now
on Upstart website
Compare
on Credible's website

* $200 giftcard if you find and close with a better rate elsewhere

Read More 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?

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

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

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 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 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?

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?

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 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?

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 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?

Compare Personal Loan With Our Partners

Credible

  • Get a personalized rate quickly
  • Variety of lenders
  • Best rate guarantee (terms apply)

Bankrate

  • Get prequalified loan offers
  • 2 minutes or less
  • NOT affect your credit score

Personalloans.com

  • $1,000 to $35,000
  • Get funding fast
  • No hidden fees

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Best Rate Guarantee – $200 giftcard if you find and close with a better rate elsewhere (terms apply)

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

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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