8 oct 2026 ·
Advertiser: Every figure below comes from the lender’s own website or a named independent source, and we explain our method at the end of the article.
SoFi and Upgrade are two of the biggest online personal lenders, but they’re built for different borrowers. SoFi targets good to excellent credit with large, no-fee loans. Upgrade is more open to fair credit and offers more ways to qualify, but every loan carries an origination fee.
Both let you check your rate with a soft credit pull, offer joint applications and fund quickly. Below we compare them side by side, using terms each published as of October 8, 2026.
Quick verdict
- Choose SoFi if your credit is good or excellent, you want to avoid origination fees, or you need more than $50,000.
- Choose Upgrade if your credit is fair, you need less than $5,000, or you want to secure the loan with your car to get a better rate.
- Smart move: if your credit is in the high 600s or better, prequalify with both. A no-fee SoFi offer can beat a slightly lower Upgrade interest rate once the fee is counted.
SoFi vs Upgrade at a glance
SoFi wins on fees and loan size; Upgrade wins on access and flexibility. Figures were checked October 8, 2026.
| Feature | SoFi | Upgrade |
|---|---|---|
| APR range (fixed) | 6.99% – 35.49% with autopay and member discounts | 7.74% – 35.99% |
| Origination fee | None on standard offers; optional fee up to 7% for a lower rate | 1.85% – 9.99% on every loan |
| Loan amounts | $5,000 – $100,000 | $1,000 – $50,000 |
| Repayment terms | 2 – 7 years | 24 – 84 months |
| Credit needed | No published minimum; reviewers cite about 690+ | No published minimum; reviewers cite about 580 |
| Rate check | Soft pull, no score impact | Soft pull, no score impact |
| Joint applications | Yes | Yes |
| Rate discounts | 0.25% autopay + 0.25% member + 0.25% Direct Pay | Autopay, direct pay to creditors, collateral |
| Secured option | No | Yes: your car, or home built-ins for homeowners |
| Funding speed | Usually same day if signed by 5:30 p.m. ET on a business day | Within 1 business day after verification |
| Prepayment penalty | None | None |
Sources: SoFi personal loans, SoFi rates, Upgrade personal loans, NerdWallet SoFi review, Finder Upgrade review.
Rates and fees: what a loan really costs
The APR ranges are almost identical at the top (35.49% vs 35.99%). The real difference is the origination fee: SoFi’s standard offers have none, while every Upgrade loan carries a fee of 1.85% to 9.99%, taken out before you get the money.
The fee in practice: a $15,000 example
Say both lenders offer you the same 14% interest rate on a three-year loan, and you need $15,000 in hand:
| Lender and fee | Amount to borrow | Monthly payment | Total cost above $15,000 |
|---|---|---|---|
| SoFi, no fee | $15,000 | About $513 | About $3,456 |
| Upgrade, 1.85% fee (its minimum) | About $15,283 | About $522 | About $3,804 |
| Upgrade, 5% fee | About $15,789 | About $540 | About $4,427 |
We calculated these with a standard loan formula; the rate is illustrative. In practice the two lenders will quote you different rates, so compare the APR on each offer, which already includes the fee.
Each lender’s own numbers
- SoFi: on a $30,000 loan with no origination fee, its lowest APR ranges from 6.99% on a two-year term to 12.95% on a seven-year term. Those rates include its autopay and member discounts (SoFi rates).
- Upgrade: a $10,000, 36-month loan at 17.59% APR (13.94% interest plus a 5% fee) puts $9,500 in your account, with payments of $341.48 and $12,293.46 repaid in total (Upgrade).
How to lower your rate
- SoFi: 0.25% off for autopay; another 0.25% with the member discount (for example, an eligible direct deposit into a SoFi account or a SoFi Plus subscription); and another 0.25% with Direct Pay if at least half the loan goes straight to your creditors. Some offers also let you choose an optional origination fee of up to 7% in exchange for a lower rate. Only take it if the APR is actually lower.
- Upgrade: set up autopay, send part of the loan directly to your creditors, or secure it with your car. Homeowners can secure it with built-in fixtures instead, without using the house as collateral.
Eligibility and credit score
Upgrade is the easier of the two to qualify with. SoFi tends to reserve approval for stronger profiles.
SoFi doesn’t publish a minimum score. NerdWallet says borrowers usually need good or excellent credit, around 690 or higher. You can apply with a co-borrower. If you’re declined, you must wait 30 days before reapplying with the same borrower(s), though you can retry sooner with a different co-borrower.
Upgrade doesn’t publish a minimum either; Finder reports about 580. It looks at your credit score, credit usage, payment history, loan amount and term. You must be a U.S. citizen, permanent resident or living in the U.S. on a valid visa, be at least 18 and have a verifiable bank account. Joint applications are allowed.
Loan amounts, terms and funding speed
Loan size. SoFi lends $5,000 to $100,000; Upgrade lends $1,000 to $50,000. Need $3,000 for a car repair? Only Upgrade fits. Need $75,000 for a big project? Only SoFi does.
Terms. Both offer two to seven years, so this is a tie.
Funding. Both are fast:
- SoFi: most borrowers get their money the same day if the loan is approved and signed by 5:30 p.m. ET on a business day. Direct Pay transfers to creditors can take about three business days.
- Upgrade: funds are sent within one business day after you clear verification. Money sent directly to creditors can take up to two weeks.
Secured loans. Upgrade lets you secure the loan with your car, or with built-in home fixtures if you own a home, which can lower your rate. SoFi offers only unsecured personal loans, according to NerdWallet.
Which one is right for you?
| Your situation | Better fit | Why |
|---|---|---|
| Good to excellent credit (690+) | SoFi | No-fee loans and stackable discounts |
| Fair credit (580–669) | Upgrade | Wider approval range |
| You need less than $5,000 | Upgrade | $1,000 minimum vs SoFi’s $5,000 |
| You need more than $50,000 | SoFi | Lends up to $100,000 |
| You need the money today | SoFi | Same-day funding typical with a 5:30 p.m. ET cutoff |
| You want a lower rate in exchange for collateral | Upgrade | Car or home-fixture secured options |
| You bank with SoFi or can set up direct deposit there | SoFi | Extra 0.25% member discount |
| Consolidating credit card debt | Tie | Both offer direct pay to creditors with a rate discount |
SoFi pros and cons
Pros
- No origination fee on standard offers
- Up to three 0.25% rate discounts
- Loans up to $100,000
- Same-day funding in most cases
- Joint applications
Cons
- $5,000 minimum loan
- Usually requires good to excellent credit
- No secured loan option
Upgrade pros and cons
Pros
- Accessible with fair credit
- Loans from $1,000
- Secured options with your car or home fixtures
- Several ways to lower your rate
- Joint applications
Cons
- Every loan has an origination fee of 1.85% to 9.99%
- Maximum loan of $50,000
- Direct payments to creditors can take up to two weeks
If neither fits
If you have excellent credit and want no fees at all, compare LightStream and PenFed in our guide to low-APR personal loans for excellent credit. If your credit is fair or limited, see best personal loans for fair credit.
How we compared these lenders
We compared both lenders on five factors: APR range, fees, eligibility, loan amounts and terms, and funding speed. Every figure we could find comes from the lender’s official website, checked on October 8, 2026. Where a lender doesn’t publish a figure, such as a minimum credit score or loan amount range, we cite the independent reviewer that reports it.
We didn’t apply for these loans ourselves. Rates and terms change often, so we review this comparison at least once every quarter.
Frequently asked questions
Is SoFi or Upgrade better?
SoFi is usually better for borrowers with good to excellent credit, because its standard loans have no origination fee and it lends up to $100,000. Upgrade is usually better for fair credit, small loans or borrowers who want a secured option.
Is it easier to get approved by Upgrade or SoFi?
Upgrade is generally easier. Independent reviewers report a minimum score of about 580 for Upgrade, versus about 690 or higher for SoFi.
Does SoFi charge an origination fee?
Not on its standard offers. Some offers let you choose an optional fee of up to 7% in exchange for a lower interest rate. Compare the APR with and without the fee before choosing.
Does checking my rate hurt my credit?
No. Both SoFi and Upgrade use a soft credit pull to show your rate. A hard inquiry only happens when you move forward with a loan.
Which lender funds faster?
Both are fast. SoFi typically funds the same day if you sign by 5:30 p.m. ET on a business day. Upgrade sends funds within one business day after verification.
Can I apply with a co-borrower?
Yes. Both lenders accept joint applications, and both borrowers are responsible for repaying the loan.
Disclaimer
This article is for general information only and is not financial advice. We are not a lender or a financial advisor. APRs, fees and requirements shown are those published by each lender, or reported by the sources cited, on the date above and may change at any time. Your actual offer depends on your credit, income, state and other factors. Always read the full loan agreement and compare several offers before you borrow.