SoFi vs. Upstart

SoFi vs. Upstart loan offerings

The following table compares SoFi and Upstart’s loan amounts, terms and preapproval options side by side:

SoFi’s loan offerings

SoFi offers unsecured personal loans for debt consolidation, home improvements, family planning, travel, weddings and other large purchases. You can borrow between $5,000 and $100,000 with terms ranging from two to seven years. There are no origination fees, late fees or prepayment penalties.

To see if you qualify, you can get preapproved through SoFi with no impact on your credit score and get your funds as soon as the same day you sign your loan.

If you‘re using your personal loan to consolidate debt, SoFi will pay your creditors directly through a program called Direct Pay. Without Direct Pay, the money would be sent to your account instead, and you would be responsible for paying off your creditors.

Upstart’s loan offerings

Upstart is a marketplace that partners with banks to offer personal loans. It offers unsecured personal loans ranging from $1,000 to $75,000 with terms of three and five years. You can use the loan for debt consolidation, student debt, medical expenses, home improvement projects or any other large purchase.

It charges between 0% and 15% as an origination fee and either 5% of the past-due amount or $15 as a late fee, but Upstart doesn’t charge prepayment penalties. You can receive your money in as little as one business day after signing.

Upstart uses AI-driven underwriting to evaluate applications, which helps some borrowers qualify who might not be approved elsewhere.

Because Upstart works with a variety of lenders, it can accommodate a wider range of credit profiles. You can get preapproved for a loan before you apply to see if you’ll qualify.

SoFi vs. Upstart eligibility and application process

Both SoFi and Upstart let you check your rates and terms through preapproval without affecting your credit score.

SoFi eligibility requirements

To qualify for a personal loan, you must:

• Be a U.S. citizen, permanent resident or nonpermanent resident alien
• Be at least 18
• Have sufficient income to repay the loan or have a job offer that starts within 90 days

You also must live in one of the following states:

• Alabama
• California
• Colorado
• Delaware
• 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
• Washington, D.C.
• Wyoming

You must also meet SoFi’s underwriting criteria, which include factors like credit history, income and overall financial stability. You can go through SoFi’s preapproval process before you apply to ensure that you’ll qualify for a loan. You’ll see an estimate of your loan terms before you complete your application.

Upstart eligibility requirements

With Upstart, to qualify for a loan, you must:

• Be at least 18 years old
• Have a valid U.S. address
• Have a personal bank account at a U.S. financial institution
• Have an email address
• Have income

You must also meet the minimum credit requirements for underwriting. You can get preapproved to see if you’ll qualify. This doesn’t impact your credit unless you decide to apply.

» FIND OUT: What to consider before borrowing

SoFi vs. Upstart fees and additional costs

The following table compares the fees and additional costs of SoFi and Upstart side by side:

SoFi fees

SoFi has annual percentage rates (APRs) between 8.99% and 35.49%. These rates reflect 0.5% in available discounts. There are no origination fees, late fees or prepayment fees.

Here are the available discounts:

Autopay: If you sign up for autopay, you can qualify for a 0.25% APR discount.

Direct deposit: You can qualify for a 0.25% APR discount if you set up autopay with your SoFi checking account and have at least $1,000 per month deposited to the account via direct deposit.

Direct Pay: If you are a new SoFi customer and use at least 50% of your loan balance to consolidate debt via the Direct Pay system, you can qualify for a 0.25% APR discount.

Returning customers: If you have previously paid a SoFi loan in full, you may qualify for a 0.50% APR discount.

Upstart fees

Upstart charges interest rates between 6.7% to 35.99% APR and origination fees of up to 15% of the loan amount. It also charges late fees of either $15 or 5% of the past due amount, whichever is greater. Like SoFi, Upstart doesn’t charge a prepayment penalty.

SoFi vs. Upstart customer experience and ratings

SoFi received poor reviews from the ConsumerAffairs community. Out of 180 reviews, 149 of them were one-star, and 16 were five-star reviews. Most negative reviews complained of poor customer service, but few were specifically about the personal loan department of SoFi. The positive reviews, however, stated that the personal loan process at SoFi was easy, and the loan terms were favorable.

Upstart only had 11 ratings from the ConsumerAffairs community, but nine of those reviews were one star, while one was a five-star review. The negative reviews mentioned poor customer service.

» COMPARE: Top-rated personal loan lenders