SoFi vs. Upgrade: Which Personal Loan Is Right for You?

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Edited byAshley Jacobs
Edited byAshley Jacobs

Updated: July 25, 2023

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MoneyGeek gathered information to help the average borrower compare SoFi vs. Upgrade personal loans to find the best lender.

SoFi offers high loan limits and relatively low APRs, but you need a high credit score to qualify for its personal loans. Upgrade, on the other hand, accepts borrowers with fair credit scores, but APR rates can be high. Overall, SoFi is a good option for those with good credit, while Upgrade is more flexible for those with average credit.

MoneyGeek collects up-to-date information to create comparisons. We are a trusted source when comparing the biggest personal loan lenders in the U.S., and we ensure all our data is current.

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SoFi or Upgrade: Overview

SoFi personal loans are a good option if you have good credit and need to borrow large sums. This lender also offers relatively low APRs compared to Upgrade. However, borrowers need a minimum credit score of at least 680 to be eligible for a SoFi personal loan.

Compared to SoFi, Upgrade loans are more accessible to borrowers with average credit since this lender accepts credit scores starting from 560. Upgrade also offers loan limits ranging from $1,000 to $50,000, which can be ideal if you need to borrow small amounts of money.

Both lenders offer flexible repayment terms, but Upgrade loans could be more costly since they have higher APRs.

SoFi

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Upgrade

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APR Range

Lender
APR Range

SoFi

5.74% to 20.28%

Upgrade

5.94% to 35.47%

SoFi offers APRs that range from 5.74% to 20.28%. Upgrade’s rates typically range from 5.94% to 35.47%, depending on your creditworthiness.

Since the annual percentage rate is an indicator of the annual interest and fees payable on your loan, a lower APR usually means that the cost of your loan will be lower. It is important to compare APRs when shopping for personal loans since they can vary widely depending on the lender.

Keep in mind that while lenders have a fixed APR range, your individual rate will also depend on profile factors like your credit score, loan amount and repayment term.

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MONEYGEEK’S VERDICT

SoFi’s APR range is more favorable when compared to Upgrade’s. This is because the maximum APR you can pay for your SoFi personal loan is capped at 20.28%. In comparison, Upgrade's rates can be as high as 35.47%, meaning that borrowers will, on average, get better APRs from SoFi.

When choosing a lender, a low APR is important since it means you will pay less in interest. However, it is also important to consider other factors like loan limits, repayment terms and minimum requirements when choosing the best lender for your needs.

Minimum Credit Score

Lender
Credit Score

SoFi

680

Upgrade

560

SoFi personal loans require a minimum credit score of 680, while Upgrade accepts borrowers with fair credit starting from 560. This makes it easier for borrowers to get a loan with Upgrade.

Your credit score is usually based on factors like your payment history, debts owed and the length of your credit history. This data is used to rate your creditworthiness on a scale from 300 to 850, with higher scores implying better creditworthiness.

Having good-to-excellent credit makes you more eligible for loans and you can even borrow more if you have good credit. You will also get better APRs if your credit score is high.

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MONEYGEEK’S VERDICT

Upgrade has a more flexible credit score requirement of 560 or higher compared to SoFi. This means that if you have average credit, Upgrade is a good choice. To qualify for SoFi personal loans, you need to have a credit score of at least 680.

While lenders like Upgrade will accept borrowers with fair credit, keep in mind that the lower your credit score is, the higher the APRs will be. Low credit scores will also impact how much you can borrow and your repayment terms.

Don’t forget to evaluate all factors of your potential loan’s terms before applying.

Loan Amount Range

Lender
Loan Amount Range

SoFi

$5,000 to $100,000

Upgrade

$1,000 to $50,000

You can borrow a personal loan between $1,000 and $50,000 from Upgrade, while SoFi offers much higher limits of $5,000 to $100,000. This means if you need large sums, SoFi offers better flexibility. However, since the minimum amount you can borrow from SoFi is also high at $5,000, this lender may not be ideal if you are looking for funds for small expenses.

Lenders typically have maximum and minimum loan limits, which restrict how much you can borrow. Depending on your needs, you can choose a lender with a higher or lower loan limit depending on the purpose of your loan. However, keep in mind that the amount you can borrow will also depend on your creditworthiness.

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MONEYGEEK’S VERDICT

SoFi offers better flexibility in terms of loan limits since borrowers can borrow loans of up to $100,000. However, this is only ideal if you need to borrow a large sum of money. SoFi does not lend amounts lower than $5,000. As a result, if you need to borrow sums between $1,000 and $5,000, Upgrade is the best option.

Before applying for a loan, it is important to figure out how much you need to borrow since this will guide you on the best lender for your needs. However, apart from loan limits, also consider APR ranges, repayment terms and minimum requirements when shopping for a personal loan.

Repayment Terms

Lender
Repayment Terms

SoFi

12 to 60 months

Upgrade

36 to 60 months

Repayment terms refer to the length of time over which you will pay back your loan. SoFi’s repayment terms range from 12 to 60 months, while Upgrade’s terms range from 36 to 60 months.

Repayment terms are important since they will determine how high or low your monthly payments will be. With a longer repayment term, you can have low monthly payments spread over a longer time. Shorter terms will have higher monthly payments, but you will be able to pay your loan off faster.

Your repayment term will also depend on factors like your credit score and loan amount. It is important to note that APRs can be higher for longer repayment terms.

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MONEYGEEK’S VERDICT

SoFi has the edge in this comparison because it offers the ability to repay your loan in as little as one year, while it is a minimum of three years for Upgrade.

If you can afford high monthly payments, you can opt for a shorter repayment period. This will attract lower APRs and allow you to pay off your loan faster. However, a longer repayment term can be better if you borrow a huge sum and want lower monthly payments.

Make sure to consider other factors about your loan terms aside from just the repayment period.

Time to Receive Funds

Lender
Time to Receive Funds

SoFi

Two days

Upgrade

Same day

Same-day funding is available for Upgrade personal loans. SoFi, on the other hand, provides funding after two days for most loans.

The time to receive funds is an important consideration when choosing a lender because it determines how quickly you will be able to access your funds. Some lenders fund loans within a day, but others will take longer. This can be inconvenient if you have an emergency or urgent need.

Other factors other than disbursement time that you should use when comparing lenders are APR ranges, minimum requirements and loan limits.

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MONEYGEEK’S VERDICT

On average, Upgrade disburses funds faster than SoFi. For borrowers who need funds quickly, that may be an advantage. Upgrade’s disbursement time can be on the same day as application approval, while SoFi will release funds after a few days.

Funding time is an important consideration for those who need funds urgently. However, aside from processing time, make sure to assess the lenders' loan limits and repayment terms, minimum requirements and factors like APR ranges.

Final Thoughts

When comparing SoFi vs. Upgrade to find the best lender, the most important factors will be how much you need to borrow, your credit score and average APRs.

For borrowers with good credit, SoFi offers better options in terms of higher loan limits and lower maximum APR. SoFi is also relatively low on fees and does not charge any origination, early payment or late fees. In comparison, Upgrade will be more costly for borrowers since it has a higher APR range and also charges origination and late fees.

That said, Upgrade is the better choice for borrowers with fair or average credit since it has a lower minimum credit score requirement of 560. SoFi requires borrowers to have a minimum score of 680, so those with average scores may not qualify.

Depending on your unique needs and profile, you should choose the lender that offers the most favorable terms for you. For instance, SoFi may be cheaper overall, but if you don’t meet the minimum requirements, you are better off with Upgrade.

Frequently Asked Questions About Personal Loan Lenders

To help you learn more about how SoFi personal loans compare to Upgrade, MoneyGeek answered the frequently asked questions below.

What documents do I need to provide to personal loan lenders?
How do I know what my credit score is?
Do lenders conduct a hard inquiry?
Are interest rates on personal loans the same for all lenders?
Do lenders charge fees for personal loans?
What are the advantages of applying for a personal loan online?
Is prepayment allowed on personal loans?
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.