Personal loans: Upstart Personal Loans vs. SoFi Personal Loans
Quick Verdict
Upstart may be better for those with lower credit scores needing smaller loans, while SoFi is advantageous for those seeking larger loans with autopay discounts and no late fees.
- Upstart has lower minimum credit score requirements and smaller loan amounts.
- SoFi offers autopay discounts and potentially same-day funding, with larger loan amounts available.
- SoFi does not charge late payment fees for loans funded after April 17, 2018, while Upstart does.
Key features – Side-by-Side
| Attribute | Upstart Personal Loans | SoFi Personal Loans |
|---|---|---|
| Loan Amounts | $1,000 to $50,000 (certain states have specific minimums: GA $3,100, HI $2,100, MA $7,000). Applicants can now apply for loan amounts over $50,000. | $5,000 to $100,000 (average funded in 2023 was around $33,000) |
| APR Range | 6.70% - 35.99%. The full range varies by state. | 8.99% to 35.49% (includes 0.25% discount for autopay and 0.25% discount for direct deposit) |
| Credit Score Requirements | Minimum FICO or Vantage score of 300. Considers applicants with insufficient credit history. | No specific minimum, average borrower score is 745, other sources state minimum of 680, generally 610 required to qualify |
| Origination Fees | 0% to 12% (deducted from loan amount upon disbursement). | Optional, ranging from 0% to 7% (9.99% for Cross River Bank originated loans) |
| Loan Terms | 36 or 60 months. | 2 to 7 years (24 to 84 months) |
| Funding Speed | Typically the next business day if approved and loan terms accepted by 5 p.m. Eastern time. | Same day if loan agreement signed before 7 p.m. ET on a business day |
| Late Payment Fees | 5% of the unpaid amount or $15, whichever is greater. | Zero for loans funded on or after April 17, 2018 |
| Prepayment Penalties | None. | None |
| Debt Consolidation Options | Yes. | Yes, most common loan purpose |
| Unemployment Protection | Not available. | Contact SoFi directly to inquire |
| Discounts for Autopay | Not available. | 0.25% interest rate reduction |
| Customer Service Availability | Accessible; answers to questions available on the lender's website. | 855-456-7634, Monday to Thursday, 5 a.m. to 7 p.m. PT, and Friday to Sunday, 5 a.m. to 5 p.m. PT, online chat support available |
Overall Comparison
Loan Amounts: SoFi wins; APR: Similar ranges; Credit Score: Upstart wins; Fees: SoFi wins (no late fees)
Pros and Cons
Upstart Personal Loans
Pros:
- No notable advantages reported.
Cons:
- No major disadvantages reported.
SoFi Personal Loans
Pros:
- No prepayment penalties
- Discounts for autopay
- Loans can be used for debt consolidation
- Potential for same-day funding
Cons:
- APR can be high (up to 35.49%)
- Optional origination fee (up to 7% or 9.99% for Cross River Bank loans)
- Customer service issues reported in some reviews
User Experiences and Feedback
Upstart Personal Loans
What Users Love
- No highlights reported.
Common Complaints
- No major complaints reported.
Value Perception
- No value feedback reported.
SoFi Personal Loans
What Users Love
- Ease of application
- Speedy funding
Common Complaints
- Issues with customer service
Value Perception
- No value feedback reported.