Fiona vs. Sofi

Fiona: best for high loan amounts

Fiona is a marketplace for personal loans. Instead of lending directly, it matches borrowers with lenders in its network, which includes companies like SoFi.

J. Ryan Smolarz, MD, MBA and owner of the Medicine and Money Show, said, “Loan marketplaces like Fiona simplify the shopping process significantly. Instead of visiting multiple lender websites, you complete one form and receive offers from several lenders at once. This saves considerable time and effort.”

Fiona at a glance

Type of lender: Marketplace

APR: Starts at 5.99%

Loan amounts: $1,000 to $100,000

Terms: 6 months to 12 years

He went on to say, “It's helpful for people having fair credit, since marketplaces work with lenders serving different credit ranges.”

You can use Fiona to get personal loans up to $100,000. To see what you qualify for, you can enter your information into Fiona's website, and you'll be able to see prequalified offers from lenders. Exactly what offers you'll get depends on your specific circumstances.

Fiona pros and cons

Because Fiona works with multiple lenders, it can get approval for a wider range of applicants. The drawback is that it's difficult to know exactly what terms you'll be offered since the terms are set by the lender and not Fiona.

SoFi: best for recent college grads

SoFi is best known for its student loan refinancing programs, but it also offers personal loans. Annual percentage rates (APRs) start at 8.99% with a discount for autopay applied and go up to 35.49%. There are no origination fees, late fees or prepayment fees.

You can borrow between $5,000 and $100,000, with payment terms between two and seven years. $5,000 is a fairly high minimum loan amount. If you need less than that, you’ll probably need to go with Fiona.

SoFi at a glance

Type of lender: Direct

APR: 8.99% to 35.49%

Loan amounts: $5,000 to $100,000

Terms: 2 to 7 years

The application process at SoFi is easy, with 83% of borrowers reporting they received their funds on the same day they signed the loan documents.

If you’re using the personal loan to consolidate debt, the company offers a feature called Direct Pay, which will pay your old lenders directly. Without Direct Pay, you'll receive the money in your checking account, and then you’ll be responsible for paying off your old lenders.

SoFi pros and cons

SoFi offers quick funding and a discount on your interest rate if you sign up for autopay. However, it's only available in 30 states.

Comparing loan features and terms

Both Fiona and SoFi let you borrow up to $100,000 and prequalify without a hard credit check, but the way they structure loans is different. With SoFi, you’ll receive one offer directly from the lender. Fiona, by contrast, lets you compare offers from multiple lenders, including SoFi.

Fees are another key difference. SoFi doesn’t charge origination, late or prepayment fees. With Fiona, fees depend on the lender you’re matched with, so you could face higher costs.

Pro tip

Fiona’s marketplace includes SoFi, and there are no extra fees if you apply through Fiona. Checking offers this way lets you compare SoFi with other lenders that might have better rates.

Loan amounts also vary. Fiona’s lenders may approve loans as small as $1,000, while SoFi starts at $5,000. That makes Fiona better if you need a smaller loan, but SoFi works well if you’re borrowing a larger amount.

Loan terms are more predictable with SoFi, which offers repayment periods of two to seven years. Fiona’s partners provide a wider range of terms, sometimes extending up to 12 years, depending on the lender.

Funding speed is faster with SoFi. Most borrowers receive their money the same day. With Fiona, timing depends on the individual lender, though funds typically arrive within a few business days.

Eligibility and application process

Both Fiona and SoFi offer prequalification. Going through the prequalification process allows you to see the terms of a loan without your credit being impacted.

Applying to Fiona

Fiona asks for the following information when you apply:

• Loan purpose
• Name
• Email address
• Phone number
• Home address
• Housing status (own or rent)
• Date of birth
• Employment status
• Annual income
• Pay frequency
• Social Security number

You won't have to provide any documentation to get prequalified, but you will likely need to submit documents for verification when you apply for the loan.

When you have selected an offer, you’ll complete your application directly with that lender. The exact eligibility requirements will depend on the lender you work with. Typically, personal loan lenders look for credit scores above 640 and prefer a debt-to-income ratio of 35% to 36% or lower, though some will accept up to 45%.

Applying to SoFi

SoFi is a direct lender, and you’ll apply on its website. The application requires basic personal and financial information, including:

• Name
• Email address
• Loan amount requested
• Loan purpose
• Date of birth
• Citizenship status
• Home address
• Housing status
• Monthly rent or mortgage payment
• Income
• Co-borrower information (if applicable)
• Social Security number

This allows you to become prequalified. If you’re eligible for a loan, you’ll see the terms you are likely to qualify for. If those terms are acceptable, you can complete your application and submit documents for verification. At that point, SoFi will conduct a hard credit check.