SoFi vs. LendingClub: Which Personal Loan Is Right for You?

In 2025, choosing a personal loan provider isn’t just about who offers the lowest interest rate—it’s about the entire borrowing experience. Two big names stand out in the fintech space when it comes to personal loans: SoFi and LendingClub. Both have solid reputations, modern digital platforms, and attractive offers for consumers—but which one is truly right for you?

Whether you’re consolidating debt, paying for home renovations, or covering unexpected expenses, this guide will break down everything you need to know about SoFi vs. LendingClub so you can make the best choice for your financial future.

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🔍 Overview of SoFi and LendingClub

SoFi (Social Finance, Inc.)

SoFi is a financial technology company that started with student loan refinancing and quickly expanded into personal loans, investing, credit cards, and banking. Known for its sleek app, low fees, and exclusive member benefits, SoFi is particularly attractive to professionals with solid credit.

LendingClub

LendingClub began as a peer-to-peer (P2P) lending platform and has since evolved into a full-fledged financial institution after acquiring a bank charter in 2021. LendingClub specializes in personal loans for borrowers with fair to good credit and focuses heavily on debt consolidation.

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📊 Quick Comparison Chart

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💰 Interest Rates & Fees

SoFi:

SoFi is known for no origination fees, which can save you hundreds of dollars compared to other lenders. Their APRs are competitive and tend to be lower for borrowers with excellent credit. No late fees and no prepayment penalties make it a borrower-friendly option.

LendingClub:

While LendingClub offers loans to people with lower credit scores, it charges an origination fee ranging from 3% to 8%, which is deducted from your loan amount. Their APRs can also go as high as 35.99%, making it more expensive for high-risk borrowers.

✅ Winner: SoFi, if you have a good credit score. But LendingClub is more accessible if your credit is average.

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📝 Eligibility & Application Process

SoFi:

• Minimum credit score: 680

• Verifies income, employment, and debt-to-income ratio

• Offers a soft credit check for prequalification

• Typically requires strong financial history

LendingClub:

• Minimum credit score: 600

• Accepts wider range of credit profiles

• Soft credit check for initial application

• Focuses more on debt-to-income ratio and employment status

✅ Winner: LendingClub, especially if you have less-than-perfect credit.

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⚙️ Loan Flexibility & Terms

SoFi:

• Loan terms range from 2 to 7 years

• Ideal for larger expenses (up to $100,000)

• Joint applications are allowed

LendingClub:

• Offers 3- or 5-year terms only

• Maximum loan amount is $40,000

• Joint loans not currently supported

✅ Winner: SoFi, for more flexible loan terms and higher loan limits.

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🎁 Extra Features & Benefits

SoFi:

• Unemployment protection: If you lose your job, SoFi pauses your payments and even helps with job placement.

• Member benefits: Career coaching, financial planners, networking events.

• Mobile app: Highly rated, easy to manage all SoFi accounts in one place.

LendingClub:

• Offers a consolidation calculator to estimate savings

• Allows direct payment to creditors for debt consolidation

• Access to free credit score and budgeting tools

✅ Winner: Tie – SoFi wins for premium perks, LendingClub wins for debt consolidation tools.

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⚡ Speed of Funding

Both lenders are relatively quick in disbursing approved funds.

• SoFi: 1–3 business days

• LendingClub: Often within 24–48 hours, depending on document verification

✅ Winner: LendingClub, slightly faster in most cases.

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👥 Customer Reviews & Reputation

• SoFi: Generally receives high marks for customer support, transparent terms, and digital experience.

• LendingClub: Mixed reviews. Many positive reviews for accessibility and ease of use, but some negative feedback regarding high fees and communication delays.

✅ Winner: SoFi, for stronger brand trust and service consistency.

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🧠 SoFi vs. LendingClub: Which Should You Choose?

Choose SoFi if:

• You have a good to excellent credit score

• You want no fees

• You’re borrowing a large amount

• You want extra member perks like career coaching and wealth building tools

Choose LendingClub if:

• You have fair credit

• You’re mainly looking for debt consolidation

• You want fast approval and funding

• You’re okay with paying an origination fee

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📌 Final Verdict

There’s no one-size-fits-all answer—the right lender depends on your financial situation. If you have a strong credit profile and value member perks, SoFi is hard to beat. But if you’re working to rebuild your finances and want quick access to a moderate-sized loan, LendingClub might be your best bet.

Before you apply, make sure to:

• Check your credit score

• Compare loan prequalification offers from both

• Read the fine print, especially regarding fees

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💡 Pro Tip:

Use a loan comparison tool or aggregator site to see multiple offers from SoFi, LendingClub, and others side by side. That way, you’ll get the best possible rate and terms for your situation.