Upstart vs. SoFi: Which Is Our Choice for a Personal Loan?

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.

	5 View Rates	4.8 View Rates
Rates (APR)	8.99% – 29.99%	7.80% – 35.99%
Rates (APR)	Rates (APR)
8.99% – 29.99%	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	580
Min. credit score	Min. credit score
660	580
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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.

To help you determine which is right for your situation, here are a few scenarios where one lender might make more sense.

Scenario #1: If you need to borrow more than $50,000

If you need to borrow more than $50,000, 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 $50,000.

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 620. 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.

Winner

Upstart

Scenario #4: If you already use other SoFi products

Existing SoFi customers can enjoy a 0.125% rate discount when they take out another loan. If you already use SoFi to finance your mortgage or student loans, then you may want to consider becoming a repeat customer to save on interest.

Winner

SoFi

Scenario #5: 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.

	5 View Rates	4.8 View Rates
Rates (APR)	8.99% – 29.99%	7.80% – 35.99%
Rates (APR)	Rates (APR)
8.99% – 29.99%	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	580
Min. credit score	Min. credit score
660	580