Who offers better personal loans?


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Whether you need to consolidate your credit card debt or finance a large purchase, SoFi and LendingClub offer personal loans that can help you reach your goals.

Both offer competitive interest rates, so it can be difficult to choose between the two companies. In this breakdown of SoFi vs LendingClub, learn about the pros and cons of each.

In this post:

SoFi vs. LendingClub

Here is a comparison of loan options and eligibility requirements for each business.

loan club
Amount of the loan $ 5,000 to $ 100,000 $ 1,000 to $ 40,000
Loan conditions 2-7 years 3 or 5 years
Min. credit rating Do not disclose 600
It’s time to fund 3 working days Usually takes about 2 days??
Original fees Nothing 3% to 6% of the total loan amount
Authorized co-signers Yes Yes
Returned Employed, have sufficient income from other sources or have a job offer to start within 90 days You must have a verifiable bank account
  • U.S. citizen, permanent resident, or visa holder
  • Not available in MS
  • U.S. citizen, permanent resident, or visa holder
  • Not available in Guam or Puerto Rico
Advantages Can defer payments if you lose your job and SoFi will help you find a new one Lower minimum credits, increasing your chances of qualifying
??Between April 2021 and June 2021, personal loans were funded within 48 hours of loan approval, on average. The time it takes for a loan to be funded is not guaranteed and individual results will vary depending on several factors including, but not limited to, investor demand.

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SoFi personal loans

Best for:

  • Borrowers with good to excellent credit
  • Those who need big loans
  • People who want to avoid costly fees

If you have excellent credit, you may be able to qualify for a low interest loan from SoFi. You can borrow up to $ 100,000 and have up to seven years to pay off your debt. In addition, SoFi offers additional benefits such as unemployment protection, career coaching and exclusive events for members.

Find out more: Upstart vs Sofi: which personal loan is right for you?


  • Automatic payment discount: If you sign up for automatic payments, you’ll get a 0.25% interest rate discount.
  • No origination fees: SoFi personal loans have no origination fees.
  • Higher maximum loans: SoFi allows you to borrow up to $ 100,000, which is more than double the LendingClub maximum.
  • Offers variable rate loans: You can choose between fixed and variable rate loans. The interest on a fixed rate loan stays the same for the life of your loan. Variable interest rate loans tend to start at a lower rate than fixed rate loans, but can fluctuate over time. Those looking to repay their debt aggressively may prefer an adjustable rate loan to take advantage of a lower interest rate.
  • Unemployment protection: If you lose your job, SoFi offers you up to 12 months payment deferral. And, the company even offers job placement assistance.
  • Co-signatories accepted: SoFi allows you to add a co-signer to your application. Having a co-signer can increase your chances of qualifying for a loan and getting a lower interest rate.

The inconvenients

  • Only those with good to excellent credit will be eligible: With a minimum credit score requirement of 680, you will need good credit to qualify for a SoFi loan.
  • High minimum loans: If you only need a few thousand dollars to fix your car or consolidate a small credit card balance, SoFi probably isn’t for you. SoFi’s minimum loan is $ 5,000.
  • Not available for all residents of the United States: SoFi does not make loans to residents of Mississippi.

For more information, see our SoFi review.

LendingClub personal loans

Best for:

  • Borrowers Who Need Small Personal Loans
  • Those whose credit is not perfect

LendingClub is a peer-to-peer marketplace, which means investors invest in your loans through LendingClub Notes or Certificates of Trust. Borrowers who do not have excellent credit scores can often qualify for loans through LendingClub and may get lower rates.


  • Lower credit requirements: While SoFi has a minimum credit score of 680, LendingClub’s minimum is only 540. If your credit isn’t that good, you’re more likely to qualify for a LendingClub loan than SoFi.
  • Smaller loan options: If all you need is a small personal loan, LendingClub allows you to borrow as little as $ 1,000.
  • Co-signatories accepted: LendingClub allows you to apply for a loan with a co-signer. Having one increases your chances of getting approved for a loan and qualifying for a lower interest rate, even if your debt-to-income ratio is high.

The inconvenients

  • High assembly costs: LendingClub has origination fees of up to 6%. To put this in perspective, if you take out a personal loan of $ 10,000, you may have to pay up to $ 600 in origination fees.
  • Longer processing time: Because LendingClub is a peer-to-peer lender, it may take some time to connect you with investors who are willing to lend you. It may take about seven days to receive your loan.
  • Not available for all residents of the United States: LendingClub is not available to residents of Guam or Puerto Rico.
  • Fewer repayment term options: LendingClub only offers loan terms of three to five years, while SoFi offers terms of two to seven years.
  • No discount on automatic payment: Signing up for automatic payments does not come with an interest rate deduction.

For more information, see our LendingClub review.

Choosing a personal loan lender

Both companies offer personal loans for good credit borrowers. If you are facing high interest credit card debt or need to fund a major repair, taking out a personal loan can be a smart financial decision.

When you compare SoFi vs. LendingClub, it’s important to take into account their eligibility requirements, how much you need to borrow, and the fees they charge so that you can choose the right loan for you.

Before borrowing, estimate how much you’ll pay for a loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

Total payment

Total interest

Monthly payment

With a

loan, you will pay

monthly and a total of

interest over the life of your loan. You will pay a total of

over the life of the loan.

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It’s also a good idea to shop around to make sure you get the best rate on a loan. Credible makes it easy for you: you can compare quotes from SoFi, LendingClub, and other companies with just one form.

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Compare More: LendingClub vs. Prosper

About the Author

Kat Tretina

Kat Tretina

Kat Tretina is a freelance writer covering everything from student loans to personal loans to mortgages. His work has been featured in publications like The Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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