SoFi vs. 5KFunds Comparison

8.99-29.99%

5.99-35.99%

$5K-$100K

$500-$35K

• Direct

• Marketplace

• Unsecured Personal Loans

• Secured Personal Loans
• Unsecured Personal Loans
• Fixed-Rate Personal Loans
• Variable-Rate Personal Loans
• Co-singer / Joint loans

• Credit Card Refinance
• Debt Consolidation
• Home Improvement
• Major Purchase
• Medical Expenses
• Relocation
• Vacation
• Wedding

• Debt Consolidation
• Home Improvement
• Major Purchase
• Medical Expenses
• Household Expenses
• Relocation
• Vacation
• Wedding
• Other

• 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

• Quick & simple online application
• An extensive network of lenders
• Use your loan for any purpose

• May take up to 4 days to receive funds after approval (longer than other online lenders)
• High eligibility requirements (ex. good credit and sufficient income)

• Not BBB Accredited; F rating on BBB
• Loans may contain origination fees
• Highly thorough initial application

4.29-4.67%

• Mortgage Purchase
• Mortgage Refinance
• Jumbo

• Fast online prequalifications
• Interest rates fall below the national average
• Custom rate with soft credit inquiry

• Doesn’t offer FHA or USDA loans
• No branch locations (everything happens online or in the app)
• Rate lock not available for all loans

$5K-$500K

• Private student loans
• Student loan refinance

• 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

• Higher eligibility requirements than other student loan lenders (ex. 650 minimum credit score)
• Not all student loans come with a cosigner release option (though you may be able to remove the cosigner by refinancing)

• Checking
• Savings

• 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

• SoFi does not have any physical branches
• SoFi Savings is not available in all states

$500

• 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

• Application has a hard credit pull which may harm your credit score
• No visibility of specific lenders until after application process
• Large level of personal information required at the initial application