SoFi Personal Loans are better for borrowers with good credit seeking larger loan amounts and unemployment protection, while Universal Credit Personal Loans may be more accessible to borrowers with lower credit scores and offer debt consolidation with direct lender payments and a mobile app.
| Attribute | Universal Credit Personal Loans | SoFi Personal Loans |
|---|---|---|
| Loan amounts | $1,000 to $50,000. The smallest amount you can borrow is £100. You can get up to: £348 if you're single, £464 if you're part of a couple, £812 if you have children. | $5,000 to $100,000 (minimums may be higher in some states) |
| APR range | 11.69% to 35.99%. | 8.99% to 35.49% (with autopay and direct deposit discounts) |
| Credit score requirements | While Universal Credit doesn't publish a minimum credit score on its website, you may need a FICO score of at least 560 to qualify through Credible. Universal Credit is more likely than most lenders to approve your application if you have bad credit. | FICO score above 670 likely needed, 700+ common among approved applicants |
| Repayment terms | 36 to 60 months. | 2 to 7 years (24 to 84 months) |
| Origination fees | 5.25% to 9.99% of the loan amount. This fee is deducted from the loan proceeds. | Optional, 0% to 7% (9.99% for Cross River Bank originated loans) |
| Prepayment penalties | None. | None |
| Late payment fees | Up to $10. A $10 fee is charged if you're late, though this amount may vary by state. You usually have a 10-day grace period. | None (on loans funded on or after April 17, 2018) |
| Funding speed | You can receive funds as soon as one business day after approval and completion of verifying documents. Funds availability is dependent on your bank's transaction processing time and may take up to 2 weeks if sent directly to third party creditors. | Same-day funding possible |
| Debt consolidation options | Yes. Universal Credit offers to pay your lenders directly and may discount your rate if you elect to do so. If you're using a Universal Credit loan to consolidate other high-interest debts, the lender will directly pay off those debts and discount your rate by 1 to 3 percentage points. | Available |
| Unemployment protection | Not specified by Universal Credit directly, but SoFi personal loans have unemployment protection available. | Temporary payment pauses up to 12 months |
| Mobile app availability | Yes. | Not available |
| Customer service channels | Dedicated representatives are ready to help with any questions and you'll get 24/7 mobile access to your account. Universal Credit helpline: 0800 328 5644. | Simple online application with live support 7 days a week |