SoFi® and Upstart are popular online lenders offering competitive rates and terms on personal loans, but each targets a different type of borrower. SoFi tends to require good credit from borrowers, while Upstart accepts bad credit scores.
View Rates
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View Rates
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| Rates (APR) |
8.99% – 29.99% fixed rate APRs1 (with all discounts applied) |
7.80% – 35.99% |
| Rates (APR) | Rates (APR) | |
|
8.99% – 29.99% fixed rate APRs1 (with all discounts applied) |
7.80% – 35.99% | |
| Loan amounts | $5,000 – $100,000 | $1,000 – $75,000 |
| Loan amounts | Loan amounts | |
| $5,000 – $100,000 | $1,000 – $75,000 | |
| Repayment terms | 24 – 84 months | 36 or 60 months |
| Repayment terms | Repayment terms | |
| 24 – 84 months | 36 or 60 months | |
| Min. credit score | 660 | 300 |
| Min. credit score | Min. credit score | |
| 660 | 300 | |
| See the best personal loans | ||
Scenarios in which SoFi or Upstart is better
If approved for a personal loan from either lender, you can cover various expenses, including medical bills, weddings and events, automobile financing, and debt consolidation. Both lenders offer an easy online application process, rate quotes, and fast funding.
Here are a few scenarios in which one lender might make more sense, to help you determine which is right for your situation.
| Scenario | Winner |
| If you need to borrow a large amount | SoFi |
| If you have good credit | SoFi |
| If you already use other SoFi products | SoFi |
| If you have fair credit or below | Upstart |
| If you’re a visa holder | SoFi |
Scenario #1: If you need to borrow more than $75,000
If you need to borrow more than $75,000, then SoFi is likely your best bet. With a SoFi personal loan, you can borrow between $5,000 and $100,000. Upstart, on the other hand, caps loans at $75,000.
Winner
SoFi
Scenario #2: If you have good credit
If you have good credit, then you may be able to score better terms through SoFi. SoFi’s minimum credit score is 660, which is substantially higher than Upstart’s minimum score requirement of 300. But Sofi’s rates are also lower than Upstart’s—if you can qualify.
Winner
SoFi
Scenario #3: If you have fair or bad credit
Contrary to the previous point, Upstart’s low minimum credit requirement of 620 means that even borrowers with fair or bad credit may still be eligible for a loan from the lender.
Upstart also looks at an applicant’s education and employment as well as their current and potential income, which is another perk if you have the potential to earn but are still working on your credit score.
Scenario #4: If you’re a visa holder
If you need a personal loan but are a visa holder, then SoFi will be the best option for you. SoFi will originate loans for eligible J-1, H1B, E-1, O-1, or TN visa holders.
Only applicants with valid social security numbers will be eligible for loans through Upstart.
Winner
SoFi
Our choice between SoFi and Upstart personal loans
If you have a credit score of 660 or above, we recommend SoFi. It has a better online experience and can offer several member benefits, including a rate discount on other financial products you may need.
If you have a credit score below 660, then Upstart is your choice between these two lenders. Like SoFi, Upstart was rated highly in our evaluation, so we view it as a great option for fair or bad credit borrowers.
Both lenders let you check your rates with a soft credit check, which is a benefit when comparing your options.
|
View Rates
|
View Rates
|
|
| Rates (APR) |
8.99% – 29.99% fixed rate APRs (with all discounts applied) |
7.80% – 35.99% |
| Rates (APR) | Rates (APR) | |
|
8.99% – 29.99% fixed rate APRs (with all discounts applied) |
7.80% – 35.99% | |
| Loan amounts | $5,000 – $100,000 | $1,000 – $50,000 |
| Loan amounts | Loan amounts | |
| $5,000 – $100,000 | $1,000 – $50,000 | |
| Repayment terms | 24 – 84 months | 36 or 60 months |
| Repayment terms | Repayment terms | |
| 24 – 84 months | 36 or 60 months | |
| Min. credit score | 660 | 300 |
| Min. credit score | Min. credit score | |
| 660 | 300 | |
| See the best personal loans | ||
About our contributors
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Written by Jeff Gitlen, CEPF®Jeff Gitlen, CEPF®, is the director of growth at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware.