Bankrate vs. SoFi Comparison

7.99-29.99%

8.99-29.99%

$600-$100K

$5K-$100K

• Marketplace

• Direct

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

• Unsecured Personal Loans

• Car
• Credit Card Refinance
• Debt Consolidation
• Home Improvement
• Major Purchase
• Medical Expenses
• Household Expenses
• Relocation
• Car Bike Loans
• Vacation
• Wedding
• Other

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

• Deals with trustworthy lenders
• Wide range of personal loans to check out
• Easy to use comparison tool
• More than four decades of experience

• 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

• Not a direct lender
• No live chat

• 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)

3.43-7.18%

4.29-4.67%

Min 2%

• Mortgage Purchase
• Mortgage Refinance
• Fixed
• Adjustable
• Home Improvement
• Home Equity Loan
• Home Equity Line of Credit
• FHA
• USDA
• VA
• Jumbo

• Mortgage Purchase
• Mortgage Refinance
• Jumbo

• Comprehensive online marketplace with many lenders to compare
• Simple application process
• Up-to-date information on mortgage rates and lenders available

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

• Website can be tricky to navigate and find specific information about mortgage loans
• Loan rates, terms, and eligibility vary widely across lenders – specifics aren’t always available
• Doesn’t contain all home loan types – ex. Jumbo loans

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

$1K

• Personalized comparison tool
• Helpful for comparing loans from many reputable lenders
• Prequalification provides an overview of eligible loans and their terms
• Options available for those with limited credit history

• You must create an account before you can compare your loan options
• Loan terms vary depending on the lender
• Specific fees depend on the lender

$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