Sofi vs. Upgrade
SoFi is best for large, no-fee loans and Upgrade is better for fair-credit borrowers
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SoFi and Upgrade are two of the most widely used online lenders for personal loans, but they serve different types of borrowers. SoFi offers larger loan amounts with no origination fees, making it a strong option for people with good credit and stable income. Upgrade provides smaller loans with higher fees but is more accessible to borrowers with fair credit.
Both lenders fund quickly, often within one business day, and both offer discounts for auto pay and debt consolidation.
SoFi offers higher loan amounts and no origination fees, making it ideal for borrowers with good credit.
Jump to insightUpgrade provides more accessible loan options for those with fair credit, albeit with higher fees.
Jump to insightBoth lenders offer competitive APRs and discounts for auto pay and debt consolidation.
Jump to insightDetailed personal loan comparison
Here’s how SoFi and Upgrade compare on loan amounts, rates, terms and fees:
| SoFi | Upgrade | |
|---|---|---|
| Loan amounts | $5,000 to $100,000 | $1,000 to $50,000 |
| Annual percentage rate (APR) | 8.99% to 35.49% APR, with all discounts | 7.99% to 35.99% APR |
| Terms | 2 to 7 years | 24 to 84 months |
| Origination fees | None | 1.85% to 9.99% of loan amount |
SoFi overview
SoFi offers personal loans between $5,000 and $100,000, with interest rates ranging from 8.99% to 35.49% APR, including all applicable discounts. Loan terms range from two to seven years. You can get preapproved through the company website to see how much you could qualify for. If you decide to apply, the application is easy and you may have your funds within one business day.
If you’re using the personal loan to consolidate debt, you can use SoFi's Personal Loan Direct Pay feature, which pays your old creditors directly. Using this feature also qualifies you for a 0.25% interest rate discount. An additional 0.25% discount applies if you set up a direct deposit of $1,000 or more each month. Finally, you get another 0.25% discount for using the auto pay feature.
Upgrade overview
Upgrade offers personal loans ranging between $1,000 and $50,000 with interest rates from 7.99% to 35.99% APR, including any discounts. Loan terms are between 24 and 84 months. You can qualify for discounts by setting up auto pay, using at least part of the loan to consolidate debt or securing the loan with your home or car.
Upgrade personal loans can be used for a variety of purposes, including debt consolidation, major purchases or unexpected expenses.
You can get preapproved on the website with no impact on your credit. If you decide to officially apply, you should have your funds within one business day after approval.
» COMPARE: Top-ranked personal loans
Borrower requirements and approval
Both SoFi and Upgrade have similar approval requirements.
SoFi requirements
SoFi considers your credit score and financial history. The company will also look at your debt-to-income ratio to determine if you have enough available income to make the loan payments. If you’re not currently employed, you must have a job offer that starts within the next 90 days.
If you don’t qualify, you may consider adding a co-borrower, but cosigners aren’t allowed.
You must also be a legal adult and either a citizen of the U.S., permanent resident or nonpermanent resident alien. You must also live in one of the following states:
- Alabama
- California
- Colorado
- Delaware
- Washington, D.C.
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Louisiana
- Maine
- Maryland
- Michigan
- Minnesota
- Missouri
- Montana
- Nevada
- North Dakota
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Vermont
- Washington
- Wyoming
» FIND OUT: What to consider before borrowing
Upgrade requirements
Upgrade analyzes your credit score, credit history, credit usage and payment history to determine your eligibility. It also considers the amount of the loan, the loan term and what you plan to use the loan for.
If you don’t qualify, you may apply with a co-borrower. You may also consider securing the loan with your car or home; this may make you more likely to get approved.
To apply, you must be a U.S. citizen, permanent resident or living in the U.S. on a valid visa. You must also be at least 18 years old and have a bank account and a valid email address.
Fees and additional charges
Understanding the fees you may incur is an important part of selecting a personal loan. Common fees for personal loans include origination fees and late fees.
| SoFi | Upgrade | |
|---|---|---|
| Origination fees | None | 1.85% to 9.99% of loan amount |
| Late fees | None | $10 |
| Prepayment fees | None | None |
SoFi doesn't have any additional charges, including origination fees, late fees or prepayment penalties.
Upgrade charges an origination fee of between 1.85% and 9.99%. This fee will be taken from the loan proceeds before the loan is disbursed to you. So if you borrow $2,000 with a 5% origination fee, you’ll only receive $1,900. There are no prepayment fees, but Upgrade charges a $10 fee if your payment is late.
Customer experiences and support
SoFi has mostly negative reviews, with most customer complaints centered around poor communication and customer service. The customers who did leave positive reviews liked how easy the loan process was and how quickly the funds were received.
Upgrade has mostly positive reviews. Many customers said getting a loan with Upgrade was easy and the debt consolidation process was smooth. Many people also mentioned that they were offered a fair interest rate. The customers who did leave negative reviews cited poor customer service.
FAQ
Is SoFi better than Upgrade loans?
Not necessarily. Upgrade earns stronger reviews, while SoFi sees more complaints despite fast funding. Since neither lender performs a hard credit check for preapproval, it makes sense to check rates from both and choose the better offer.
Is SoFi a good bank to build credit?
Yes, SoFi reports to all three credit bureaus and doesn’t charge origination fees on its personal loans. This means you only repay the principal and interest. If you pay the loan off quickly, you could build credit without extra fees or high interest costs.
Are there any discounts for using auto pay with SoFi or Upgrade?
Yes, with SoFi, you can receive a 0.25% discount for enrolling in auto pay. You can also get a 0.25% discount for setting up direct deposit of $1,000 or more each month into a SoFi checking account and another 0.25% for using its Direct Pay feature.
How does Upgrade's savings account compare to SoFi's?
With Upgrade’s savings account, you can earn 4.02% annual percentage yield (APY) on balances of $1,000 or more with no monthly fees. Meanwhile, at SoFi you can earn 3.80% APY on all balances with no monthly fees.
