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SoFi vs. Ally Bank 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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Personal Loans

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Mortgages

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Student Loans

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Online Banking

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Online Banking

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Personal Loans drop-down-btn
Good For
Low Rates. No Fees are Required.
Min Credit Score
680
APR

8.99-15.99%

Loan Amount

$5K-$100K

Lender Type
  • Direct
Loan Type
  • Unsecured Personal Loans
Loan Purpose
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Relocation
  • Vacation
  • Wedding
Repayment terms
24 to 84 months
Soft Credit Pull
Yes
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
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)
Not provided

Service isn't provided

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
Good For
Save Smarter and Faster
Account types
  • Checking
  • Savings
Account types
  • Checking
  • Savings
  • Certificates of Deposit (CD)
  • Money Market Deposit Account (MMDA)
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
Pros
  • No maintenance fees on some accounts
  • Earn more with excellent APYs
  • Multiple options to fund accounts
Cons
  • cons SoFi does not have any physical branches
  • cons SoFi Savings is not available in all states
Cons
  • cons No physical branches
  • cons Some negative reviews
  • cons No way to conduct cash deposits
Min Deposit
No minimum
Min Deposit
No minimum
Min APY Checking
Min APY Checking
0.10
Min APY Savings
Min APY Savings
4.20
ATM Network
Allpoint ATMs nationwide
ATM Network
75,000+ Nationwide
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