SoFi vs Upgrade: Comparing Personal Loan Options

Side-by-Side Comparison

Key Differences Between SoFi and Upgrade

The most significant difference between SoFi and Upgrade is their target audience. SoFi caters to borrowers with stronger credit profiles, requiring a minimum score of 680, and rewards them with no origination fees and a lower maximum APR of 29.99%. Upgrade, on the other hand, accepts scores as low as 580, making it accessible to a much wider range of borrowers, though at the cost of higher potential origination fees and APR.

SoFi offers substantially higher loan amounts, up to $100,000, compared to Upgrade's $50,000 maximum. However, Upgrade offers a lower minimum of $1,000, making it more accessible for borrowers who need smaller amounts. Both lenders offer terms up to 84 months.

Choosing Between the Two

If you have a credit score of 680 or higher and want to avoid origination fees, SoFi may offer you more value. The no-fee structure means every dollar of your loan goes toward your intended purpose. SoFi's unemployment protection is also a meaningful differentiator if job stability is a concern.

If your credit score is below 680, Upgrade is likely the more practical option. The ability to add a co-borrower through a joint application may help you secure a more competitive rate. Upgrade's free credit monitoring is also a useful tool for tracking your credit improvement over time.