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SoFi vs. 5KFunds Comparison

Compare providers side-by-side, allowing for easy comparison of features, rates, and terms. The comparison tool encourages individuals to thoroughly review all aspects of each service before making a smart financial decision.

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Overview drop-down-btn

Personal Loans

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Mortgages

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Student Loans

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Online Banking

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Personal Loans

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Debt Relief

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Personal Loans drop-down-btn
Good For
Low Rates. No Fees are Required.
Good For
Fast & easy online application
Min Credit Score
680
Min Credit Score
500
APR

8.99-15.99%

APR

5.99-35.99%

Loan Amount

$5K-$100K

Loan Amount

$500-$35K

Lender Type
  • Direct
Lender Type
  • Marketplace
Loan Type
  • Unsecured Personal Loans
Loan Type
  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
  • Co-singer / Joint loans
Loan Purpose
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding
Loan Purpose
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Household Expenses
  • Relocation
  • Vacation
  • Wedding
  • Other
Repayment terms
24 to 84 months
Repayment terms
3-72 Months
Soft Credit Pull
Yes
Soft Credit Pull
No
Pros
  • Personal loan application process is easy and only takes a few minutes to complete
  • Soft credit check that doesn’t affect your credit score and gives you personalized rates
  • Fixed and variable rate loans available ranging from $5,000 to $100,000
  • No late or origination fees required
  • Excellent customer support team
  • Online autopay comes with a discount on interest
  • Exclusive benefits for members (ex. networking events and access to financial advisors)
  • Unemployment Protection feature comes with a temporary payment pause (up to 12 months)
  • No prepayment penalties
Pros
  • Quick & simple online application
  • An extensive network of lenders
  • Use your loan for any purpose
Cons
  • cons May take up to 4 days to receive funds after approval (longer than other online lenders)
  • cons High eligibility requirements (ex. good credit and sufficient income)
Cons
  • cons Not BBB Accredited; F rating on BBB
  • cons Loans may contain origination fees
  • cons Highly thorough initial application
Mortgages drop-down-btn
Min Credit Score
657
APR

4.29-4.67%

Loan Type
  • Mortgage Purchase
  • Mortgage Refinance
  • Jumbo
Prepayment Fee
None
Origination Fee
None
Pros
  • Fast online prequalifications
  • Interest rates fall below the national average
  • Custom rate with soft credit inquiry
Cons
  • cons Doesn’t offer FHA or USDA loans
  • cons No branch locations (everything happens online or in the app)
  • cons Rate lock not available for all loans
Not provided

Service isn't provided

Student Loans drop-down-btn
Good For
Loan Amount: $5K+
Min Credit Score
650
Loan Amount

$5K-$500K

Fixed Rate
4.49-9.99%
Variable Rate
5.99-9.99%
Funding Time
7 days
Loan Type
  • Private student loans
  • Student loan refinance
Soft Credit Pull
No
Pros
  • Student loans have competitive rates and no hidden fees
  • Qualified education loans are eligible for refinancing
  • Membership benefits and discounts
  • Flexible repayment plans and deferment available
Cons
  • cons Higher eligibility requirements than other student loan lenders (ex. 650 minimum credit score)
  • cons Not all student loans come with a cosigner release option (though you may be able to remove the cosigner by refinancing)
Not provided

Service isn't provided

Online Banking drop-down-btn
Good For
The Future of U.S Banking
Account types
  • Checking
  • Savings
Pros
  • You can earn up to 0.50% APY on your checking account balance
  • You can earn up to 4.60% APY on your savings account balance
  • No monthly maintenance fees
Cons
  • cons SoFi does not have any physical branches
  • cons SoFi Savings is not available in all states
Min Deposit
No minimum
ATM Network
Allpoint ATMs nationwide
Not provided

Service isn't provided

Debt Relief drop-down-btn
Good For
Minimum debt: $500
Minimum Debt Amount

$500

Min Credit Score
500
Free Consultation
No
Soft Credit Pull
No
Pros
  • Quick way to compare debt consolidation loans across up to 100 loan providers
  • Wide range of repayment terms and APRs available
  • Debt consolidation loans provided are unsecured
Cons
  • cons Application has a hard credit pull which may harm your credit score
  • cons No visibility of specific lenders until after application process
  • cons Large level of personal information required at the initial application
Not provided

Service isn't provided

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