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Personal Loans

SoFi vs Marcus Personal Loans: Which Is Best?

Marcus no longer offers personal loans. The information below references product details that were available before the product was terminated.

Two leading online personal loan lenders are SoFi and Marcus by Goldman Sachs. Both offer low-cost loans. This comparison will examine each lender’s offerings and help you decide your best option.

View Rates

No Longer Offered

Rates (APR) 8.99% – 29.99% fixed rate APRs with all discounts applied Not disclosed
Rates (APR) Rates (APR)
8.99% – 29.99% fixed rate APRs with all discounts applied 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

SoFi vs Marcus: Which is right for you?

SoFi is an online bank that offers almost every financial product, including excellent personal loans for borrowers with good credit. Marcus used to offer personal loans with competitive rates but as of June 2024, it no longer lists the product on its website.

Here are a few situations where one lender may be a better choice than the other.

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.

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.

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.

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 UpstartSoFi vs LendingClub, SoFi vs Best Egg, and SoFi vs LightStream.