Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans SoFi vs Marcus Personal Loans: Which Is Best? Updated Apr 11, 2024 4-min read Written by TJ Porter Written by TJ Porter Expertise: Credit, credit cards, investments TJ Porter is a Boston-based freelance writer specializing in credit, credit cards, and bank accounts. He graduated with a degree in business from Northeastern University. Learn more about TJ Porter Sometimes, you just need to borrow a bit of money. Whether you need to cover an unexpected expense, get a head start on a project, or refinance credit card debt, a personal loan can get you the money you need. Two leading online personal loan lenders are SoFi and Marcus by Goldman Sachs. Both offer low-cost loans with a lot of flexibility. This comparison will look at each lenders’ offerings and help you decide which is right for you. 5.0 View Rates 4.6 Invite Only Rates (APR) 8.99% – 25.81% Not disclosed Rates (APR) Rates (APR) 8.99% – 25.81% Not disclosed Loan amounts $5,000 – $100,000 Not disclosed Loan amounts Loan amounts $5,000 – $100,000 Not disclosed Repayment terms 2 – 7 years Not disclosed Repayment terms Repayment terms 2 – 7 years Not disclosed Min. credit score 660 Not disclosed Min. credit score Min. credit score 660 Not disclosed See the best personal loans. SoFi vs Marcus: Which is right for you? Originally known for student loan refinancing, SoFi now offers other financial services that compete with the likes of Marcus, the online consumer arm of Goldman Sachs. SoFi and Marcus offer similar personal loans. Neither charges late fees, prepayment penalties, or other pricy fees, and both have competitive rates. Here are a few situations where one lender may be a better choice than the other. If you have great creditIf you have fair creditIf you earn less than $40,000If you want to borrow a low amountIf you want to borrow a large amountIf you need a longer repayment termIf you need money quickly If you have great credit If you have a good-to-great credit score, a SoFi loan is probably your best bet. You can borrow a lot of money from SoFi in a short amount of time and pay low interest rates. SoFi’s minimum credit score is 660, so check your credit report and make sure your score meets that requirement before beginning the loan application process. If your credit score exceeds that minimum, you could get a great rate on a SoFi loan. >> Ready to apply with SoFi? Click here. If you have fair credit If you need a personal loan for fair credit, Marcus comes out ahead. Similar to SoFi, Marcus has a minimum credit score requirement of 660. But if you’re close to that minimum, Marcus may look more positively on your creditworthiness and is more likely to give you good terms than SoFi. >> Ready to apply with Marcus? Click here. If you earn less than $40,000 Marcus advertises that you may be denied a loan if you cannot show an annual income greater than $40,000. Marcus is also sensitive to lending to people with a high debt-to-income ratio. SoFi does not post a minimum income requirement, so it’s possible you may still be denied, but that will likely depend on your credit and outstanding debt. >> Ready to apply with SoFi? Click here. If you want to borrow less than $5,000 Sometimes, you don’t need to borrow a huge amount of money. If you’re looking to borrow less than $5,000, you’ll want to apply with Marcus. SoFi has a minimum loan amount of $5,000, while Marcus will let you borrow as little as $3,500 at a time. >> Ready to apply with Marcus? Click here. If you want to borrow more than $40,000 SoFi loans can go up to $100,000, while Marcus will only let you borrow $40,000 at a time. So you’ll have to use SoFi if you want to borrow more than $40,000 in one go. >> Ready to apply with SoFi? Click here. If you need a longer repayment term When you get a personal loan, you can choose the loan’s term, or the amount of time you’ll have to repay. The longer the loan’s term, the lower your minimum monthly payment will be. Having a lower monthly payment means more flexibility in your monthly budget. SoFi lets you borrow money for up to 84 months, and Marcus offers terms as long as 72 months. >> Ready to apply with SoFi? Click here. If you need money quickly If you’re applying for a personal loan because you have an immediate need for cash, Marcus is the lender for you. Like SoFi, you can apply online, but Marcus can approve and fund your loan directly into your bank account in one to four business days. Being able to get money quickly is important when you’re trying to cover an unexpected expense or need some extra cash to get started on a project. >> Ready to apply with Marcus? Click here. Additional resources If you’d like to compare additional options, you can check out our guide to the best personal loans. Interested in seeing how SoFi stacks up against other personal loan lenders? Check out our comparison of SoFi vs Upstart, SoFi vs LendingClub, SoFi vs Best Egg, and SoFi vs LightStream.