Content provided by Credible. Credible is solely responsible for this content and the services it provides. New York Post receives a fee if you click a link below and close a loan through Credible. WHY TRUST CREDIBLE: Our goal is to give you the tools and confidence you need to improve your finances. We do that by creating expert-curated and deeply-researched articles that adhere to our editorial guidelines. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS #1681276, is referred to here as "Credible."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.
Upstart vs. SoFi: The basics
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:
| Upstart | SoFi | |
|---|---|---|
| Required credit score | 300 | Does not disclose |
| APRs | 4.60% to 35.99% | 8.99% to 25.81% |
| Terms | 3 or 5 years | 2 to 7 years |
| Loan amount | $1,000 to $50,000 | $5,000 to $100,000 |
| Origination fee | Yes; up to 12% | No |
| Discounts | None | Direct deposit (0.25%) and autopay (0.25%) |
| Unique benefit | Effectively no minimum credit score requirement | Unemployment protection |
Pros and cons of Upstart personal loans
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.
| Pros | Cons |
|---|---|
| Ultra-low credit score requirement | Origination fees range up to 12% |
| Lowest APR available of 21 lenders | High potential APR (caps at 35.99%) |
| Funding in as little as 1 business day | 7-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:
- Less than 6 inquiries on your credit report in the last 6 months
- A DTI less than 50% (45% in Connecticut, Maryland, New York, and Vermont)
- No bankruptcies within the last 12 months
- No current delinquent accounts on your credit report
Pros and cons of SoFi personal loans
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.
| Pros | Cons |
|---|---|
| No fees | High 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 discount | Excellent-credit borrowers may find lower rates elsewhere |
| Potentially same-day funding |
7 scenarios to choose between Upstart and SoFi
Personal loans are not a one-size-fits-all product and different lenders can better suit certain borrowers. Consider where SoFi and Upstart excel:
| Scenario | Best choice | Why |
|---|---|---|
| You have excellent credit | Upstart | Upstart APRs start over 4% lower than SoFi’s |
| You have poor credit | Upstart | You can qualify with a 300 credit score |
| You want to borrow more than $50,000 | SoFi | SoFi offers loan amounts up to $100,000 |
| You want to borrow under $5,000 | Upstart | Upstart offers loan amounts starting at $1,000 |
| You’re aiming to avoid fees | SoFi | SoFi has no fees |
| You need funding ASAP | SoFi | Can receive funds the same day you sign |
| You need a repayment term longer than 5 years | SoFi | SoFi offers loan repayment terms up to 7 years |
How to apply for a personal loan with Upstart and SoFi
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. |
Upstart
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.
SoFi
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. |
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