SoFi vs. Upstart 2026: Best Personal Loan for Bad Credit?

Compare your offers, not an assumed approval cutoff

The earlier version of this article asserted fixed minimum credit scores, a guaranteed product advantage and an unemployment-protection benefit that this review has not verified for current applicants. Those claims have been withdrawn. Neither a published rate range nor an estimated credit score tells you which lender will approve you or offer the lower total cost.

SoFi: check the offer conditions

SoFi's public no-origination-fee rate table lists terms from two to seven years. The displayed APRs include qualifying autopay and member discounts; rates vary by term. Optional-fee offers require a separate comparison. See SoFi's rate disclosures for current conditions.

For Upstart, start with its official personal-loan page. This correction does not certify a current APR range, fee ceiling, minimum score or funding deadline for an Upstart offer.

Compare these figures for the same borrowing need

• Net proceeds: how much reaches you or your creditors after any deducted fee.
• APR and total payments: compare both using the same net amount and repayment term.
• Monthly payment: check whether it fits your budget without relying on a future refinance.
• Early repayment: check prepayment terms and whether an upfront fee remains a sunk cost.
• Hardship terms: ask the actual lender or servicer about eligibility, interest accrual and credit reporting; do not assume a payment pause.

An origination-fee example

For an illustrative $20,000 loan with a 12% fee deducted at funding, net proceeds are $17,600. To receive $20,000 with that same fee structure, the gross amount would be $20,000 ÷ 0.88, or about $22,727.27. This is a mathematical example, not a current fee quote from either provider.

A lower interest rate does not necessarily offset a large fee. Use the APR disclosed in the actual offer and compare total costs over the period you expect to keep the loan. Do not enter APR as an interest rate and then add the same fee again.

Use the personal-loan calculator or compare personal-loan resources. Review the calculator's assumptions before matching its estimate to an offer.