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26 Jul 2023


NextImg:Upstart vs. SoFi: Which is the right personal loan for you?

Both Upstart and SoFi are great options for personal loans. But which one is best depends on your needs and credit profile. For example, Upstart can be a good fit for borrowers with low credit scores, while SoFi makes more sense for good-credit borrowers in need of a large loan amount. But those aren’t the only ways these two lenders differ. Learn more about each below. 

When you’re considering a personal loan, comparison shopping is key. The goal is to find a good lender who can meet your needs at a favorable price. 

To help you better evaluate Upstart and SoFi, check out how they compare across key categories: 

UpstartSoFi
Required credit score300Does not disclose
APRs4.60% to 35.99%8.99% to 25.81%
Terms3 or 5 years2 to 7 years
Loan amount$1,000 to $50,000$5,000 to $100,000
Origination feeYes; up to 12%No
DiscountsNoneDirect deposit (0.25%) and autopay (0.25%)
Unique benefitEffectively no minimum credit score requirementUnemployment protection

Upstart offers some of the best personal loans for bad credit due to its ultra-low credit score minimum. While the company considers other factors, such as your debt-to-income ratio (DTI), a low score alone won’t be cause for rejection. 

But Upstart is also a great choice for borrowers with excellent credit — this is because the lowest APR offered, at 4.60%, is lower than 20 other lenders we reviewed. If you have excellent credit, you could save hundreds or even thousands of dollars in interest with Upstart.

ProsCons
Ultra-low credit score requirementOrigination fees range up to 12%
Lowest APR available of 21 lendersHigh potential APR (caps at 35.99%)
Funding in as little as 1 business day7-year term unavailable

You can qualify for an Upstart personal loan with a credit score as low as 300 as long as you meet other requirements, including: 

While SoFi doesn’t disclose its minimum credit score requirement, it’s best suited for good-credit borrowers seeking a loan term up to seven years and a loan amount up to $100,000. Notably, SoFi charges no fees of any kind — no origination fees and no late fees. Plus, SoFi offers unemployment protection. If you lose your job, you can contact SoFi to modify your payments and help you find your next role. 

That being said, SoFi personal loans are not a good choice if you need to borrow less than $5,000. SoFi also doesn’t allow cosigners on personal loans. (Neither does Upstart, but you’re less likely to need one). If you have a low credit score, you may find it difficult to qualify for a SoFi loan. 

ProsCons
No feesHigh minimum loan amount ($5,000)
Large loan amounts (caps at $100,000)Does not disclose minimum credit score
0.25% autopay rate discount; 0.25% direct deposit discountExcellent-credit borrowers may find lower rates elsewhere
Potentially same-day funding

Personal loans are not a one-size-fits-all product and different lenders can better suit certain borrowers. Consider where SoFi and Upstart excel: 

ScenarioBest choiceWhy
You have excellent creditUpstartUpstart APRs start over 4% lower than SoFi’s
You have poor creditUpstartYou can qualify with a 300 credit score
You want to borrow more than $50,000SoFiSoFi offers loan amounts up to $100,000
You want to borrow under $5,000UpstartUpstart offers loan amounts starting at $1,000
You’re aiming to avoid feesSoFiSoFi has no fees
You need funding ASAPSoFiCan receive funds the same day you sign
You need a repayment term longer than 5 yearsSoFiSoFi offers loan repayment terms up to 7 years

Before you apply for a personal loan, understand the eligibility requirements and application process of each lender you’re considering. Then, prequalify with all companies that meet your criteria.

Tip: When you prequalify for a personal loan, the lender runs a soft credit check, which does not hurt your credit score. 

The Upstart personal loan application process is simple. Start by prequalifying to check your potential rate. Based on the rate and terms, decide whether you want to work with Upstart before officially applying. If you decide to apply, choose your preferred loan amount and loan term. Once approved, you’ll likely receive the money one business day after signing the loan agreement. 

To qualify for a personal loan with Upstart, you need to be at least 18 years old and have a current U.S. residential street address (though you can’t live in Iowa or West Virginia). You also need a verifiable name, date of birth, and Social Security number, as well as a personal banking account at a U.S. financial institution with a routing transit number. Loan recipients need to earn a minimum annual income of $12,000 and have a credit score of at least 300.

Start by prequalifying to check your rate and terms. If you’re satisfied, choose the loan terms you prefer and apply. SoFi funds personal loans quickly — as soon as the same day your loan is approved. 

Borrowers must be U.S. citizens, permanent residents, or non-permanent residents, be at least 18 years old, live in an eligible state, and meet credit requirements, such as credit score and income minimums (not disclosed) to qualify. 

Important: Once you officially apply for a personal loan, the lender will run a hard credit check which could temporarily ding your credit score by a few points.