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      June 2, 2020

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SoFi vs Upstart

Best Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of SoFi and Upstart.

To see ALL of our reviews for the Best Personal Loans, please Click Here

Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

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2020

Personal Loan Reviews

5 stars
SoFi

SOFI

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Loan:

From $1,000 to $100,000

TopConsumerReviews.com Best-In-Class Blue Ribbon Award SoFi, short for "Social Finance", bills itself as a modern personal finance company, and its clean, crisp, easy-to-use website definitely matches that description. And, with more than $11 billion in loans funded to date and 165,000 borrowers (described as "members"), they're clearly making an impact in the lending industry. SoFi currently has a variety of products, including personal loans, mortgage loans and refinancing, student loan refinancing, and more.

Easy to apply

SoFi's application process is straightforward: enter your personal information, such as your name and address, current employer and annual wages/salary, and post-secondary education information, and if SoFi is able to confirm your information you'll be able to see the loan and terms for which you qualify. If they're not able to confirm your data, you will be asked to enter your Social Security Number.

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Competitive loan rates

We love that SoFi publishes its personal loan rates and that there are no prepayment penalties or origination fees: "what you see is what you get". Their loan rates are consistently very competitive with other loan companies.

Loan terms of 3, 5, and 7 years were available for both fixed and variable interest rate loans, in amounts ranging from $5,000 to $100,000.

Unemployment protection

SoFi also has several unique perks that we like, from referral bonuses for new members referred by current borrowers (both parties get a cash benefit), to unemployment protection that suspends payments required from borrowers - for up to 12 months over the course of the repayment term - who lose their job through no fault of their own. SoFi even provides help through its Career Strategy department to assist borrowers in their search for a new job!

Upfront eligibility criteria

There is an easy-to-miss link at the bottom of the site called "Eligibility Criteria". There are state-specific details that you may be interested in, and some states are excluded from their personal loan program. Also, it states that personal loan recipients must be US citizens or permanent resident aliens, be of the age of majority in their state of residence, and must be currently employed.

Highest rating

If you're in the market for a personal loan, you'll definitely want to take a look at what SoFi has to offer. We give them a strong recommendation because of their low interest rates, transparency, and lack of loan fees. They earn our highest rating.

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4 stars
Upstart

UPSTART

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Loan:

From $1,000 to $50,000

Upstart is a peer-to-peer lending platform founded by former Googlers. At first glance, the site is neat and includes finance-related images such as pie charts and percentage signs to emphasize their purpose, which is to help people achieve their financial goals. The fonts are large, allowing easy reading, very helpful since financial information can be overwhelming. The site allows one to process information while pacing the reader through use of space and letter size.

Professional look

Professional in look, the site however does not hope to impress in graphics or photos of people enjoying newfound financial freedom. Instead, the site uses facts and figures to communicate a serious, all-business tone. The only downside to this setup is that if a customer is not familiar with loans or borrowing lingo, they might be lost until they scroll to the bottom of the Home page to click on "Contact Us".

Getting started

For customers who aren't sure where to begin, Upstart has a "Get Started" icon which asks them what they want to do. Upstart offers help with loan consolidation, paying off credit cards, paying medical bills, buying a car or other big purchases. Such a wide range of services is comforting to those seeking financial advice. The site also provides education to help you prepare for future financial decisions.

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Fast turnaround

With respect to personal loans, Upstart is efficient. You can apply online and find out your rate within a few minutes. You're asked simple questions about your income and education history. Upstart then presents you with loan terms and options for payment. Once a customer agrees to the terms of the loan, funds are issued - sometimes, by the next business day. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Solid reputation

Upstart's reputation is very solid - you'll quickly see links to articles on prominent sites like Fox, Bloomberg, and other news agencies, along with testimonials from satisfied clients. Their underwriting model uses machine learning and artificial intelligence techniques to underwrite borrowers based on many variables, including but not limited to credit score, income, education, and employment. Such details helped us gain more confidence in the success of this company's services.

Helpful articles

We found the blog articles very helpful. With topics ranging from selecting health insurance to saving money on groceries, a person seeking financial security could benefit from the wisdom these articles offer. Unfortunately, this tool is found at the bottom of the Home page. The website would function more effectively if they included this option at the top of the page along with "Contact" and "Team" information because it is on these pages where we found answers to our initial questions.

High marks

While Upstart's website is good, it could use some enhancements to make it more user friendly. Still, Upstart earns high marks for their quick processing of loan applications and many helpful financial features.

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Continued from above

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

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