LendingClub vs SoFi
Updated onCompare LendingClub and SoFi side-by-side. See how they stack up on features, pricing, and target market.
LendingClub is a U.S.-based digital marketplace bank (LendingClub Bank, N.A.) that offers online personal loans, auto refinancing, business loans, and consumer banking (checking, savings, CDs) by connecting borrowers with investor capital; common competitors include SoFi, Upstart, Prosper, Marcus by Goldman Sachs, Best Egg, Upgrade, LightStream, and Discover Personal Loans.
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SoFi Technologies, Inc. is a U.S.-based financial technology company and digital bank that offers consumer finance products including personal loans, student-loan refinancing, mortgages, checking & savings, credit cards, and investing through its app and platform.
Which should you choose?
LendingClub
Choose LendingClub if you mainly need straightforward personal loans or auto loan refinancing plus high‑yield online checking/savings from a digital‑only bank, and you have at least fair credit (~600+ FICO) with a primary goal of consolidating debt rather than using broader products like student‑loan refi, mortgages, or investing.
SoFi
Choose SoFi if you want a one‑stop, app‑centric platform that bundles checking & savings, large mostly fee‑free personal loans, student‑loan refinancing, mortgages, a credit card, and full investing/crypto in one ecosystem, and you have good‑to‑excellent credit and are comfortable managing everything online.
Key differences
| Category | LendingClub | SoFi | Why? |
|---|---|---|---|
| Banking Yields & Structure | LendingClub’s LevelUp Savings and CDs offer very competitive rates with deposit/activity requirements, while SoFi’s combined checking & savings also pays top‑tier APYs when you meet direct‑deposit or SoFi Plus criteria and adds up to ~$3M in FDIC coverage via a sweep program, so each can be more attractive depending on how you bank. | ||
| Customer Satisfaction & App Experience | LendingClub shows a higher Trustpilot score (about 4.7/5) and Google Play app rating (~4.7/5) than SoFi (around 4.1/5 on Trustpilot and 3.9/5 on Google Play), suggesting somewhat stronger reported user satisfaction even though both are praised for fast online applications and funding. | ||
| Pricing & Fees | Both advertise similar APR ranges, but SoFi emphasizes no late fees and can offer personal loans with no required origination fee plus stackable autopay/direct‑deposit discounts, whereas LendingClub personal loans generally carry an origination fee (0%–8%) even though its published starting APR is slightly lower. | ||
| Product Breadth & Ecosystem | SoFi offers a far broader retail product set—checking & savings, large personal loans, private and refinanced student loans, mortgages, a credit card, investing and crypto, and small‑business and auto‑refi marketplaces—whereas LendingClub is centered on personal loans, auto refi, patient financing, small‑business/SBA lending, and online deposits without consumer investing or new mortgages. | ||
| Target Borrower & Eligibility | LendingClub typically works with borrowers starting around a 600 FICO score for personal loans and auto refinance, while SoFi focuses on stronger credit profiles (mid‑600s to 700+ for its best offers), making LendingClub somewhat more accessible if your credit is only fair. |
Feature comparison
| Feature | LendingClub | SoFi | Notes |
|---|---|---|---|
| High‑yield savings account | LendingClub LevelUp Savings offers high APYs (around 3%–4%+) when you meet monthly deposit thresholds, and SoFi savings offers similarly strong rates that step up when you qualify for SoFi Plus or direct‑deposit requirements; neither charges monthly maintenance fees. | ||
| Max personal loan amount | LendingClub’s personal‑loan maximum is about $60,000, whereas SoFi can go up to $100,000, which is a key differentiator if you need to finance a very large project or consolidate high balances. | ||
| Online checking account | Both run fee‑free online checking: LendingClub’s Rewards/LevelUp Checking offers ATM rebates and potential cash‑back, while SoFi’s combined checking & savings pays interest on balances and supports early direct deposit and overdraft protection for qualified users. | ||
| Unsecured personal loans (general / debt consolidation) | LendingClub offers online personal loans mainly $1k–$60k aimed at debt consolidation and large expenses, while SoFi offers $5k–$100k loans with flexible terms and member perks; both fund quickly and allow direct payment to creditors for consolidation. | ||
| Consumer investing platform (stocks/ETFs/crypto) | SoFi Invest provides zero‑commission stock and ETF trading, robo‑portfolios, retirement accounts, and access to cryptocurrencies inside the SoFi app, whereas LendingClub does not offer a self‑directed retail brokerage or crypto product. | ||
| In‑school private student loans | SoFi offers private student loans for undergraduate, graduate, parent, and some international borrowers, but LendingClub doesn’t originate in‑school education loans. | ||
| Mortgages / home loans (new origination) | LendingClub services some legacy mortgages but states it does not currently originate new home loans, while SoFi offers home purchase and refinance mortgages as part of its retail platform. | ||
| Student loan refinancing | SoFi built its brand on refinancing federal and private student loans and remains a major refi provider, whereas LendingClub personal loans explicitly cannot be used for education expenses. | ||
| Auto loan refinancing | LendingClub directly refinances auto loans ($4,000–$55,000) via its own bank with a fully online process, while SoFi runs an auto‑refi marketplace (Lantern) that matches you to partner lenders rather than lending directly. | ||
| Certificates of deposit (CDs) | LendingClub sells FDIC‑insured CDs with terms from about 6 months to 5 years, while SoFi Bank currently focuses on its combined checking & savings product and does not widely offer consumer CDs. |
Review Consensus
LendingClub
"Across sources, LendingClub is seen as a strong, easy‑to‑use online lender and bank—especially for debt consolidation and high‑yield deposits—though experiences are mixed and some review sites surface notable complaints about pricing and servicing. "
Based on 9,393 reviews
- ● Consistently praised for fast, simple online loan applications and quick funding of personal loans.
- ● Many reviewers highlight clear terms and helpful customer service when consolidating credit‑card or other debt.
- ● Borrowers like being able to manage loans and bank accounts together via the website and mobile app.
- ● Some users report occasional issues with how payoffs or creditor payments are handled.
- ● A minority cite confusion over rates and origination fees compared with teaser offers.
- ● As with many lenders, a subset of reviews mention denials or lower‑than‑expected approved amounts.
Data as of 1/9/2026
- ● Rated as a top option for debt consolidation with direct payment to creditors and potential rate discounts.
- ● Offers pre‑qualification with a soft credit check and usually very fast funding (often about one day).
- ● Supports co‑borrowers and a wide range of loan sizes and terms, improving flexibility for qualified borrowers.
- ● Charges an origination fee that can be as high as 8%, increasing total borrowing cost for some users.
- ● APR range extends into high‑teens and above for weaker credit profiles, so not always the cheapest option.
- ● Loans are not available in every circumstance or state, and some borrowers may find better rates elsewhere.
Data as of 9/8/2025
- ● High‑yield savings and competitive CD rates, especially for online‑only customers comfortable banking digitally.
- ● No monthly fees and ATM‑fee rebates make checking attractive for frequent ATM users.
- ● Overall institution rating is strong, reflecting good digital experience and value for rate‑focused customers.
- ● No branch network, so all servicing is online or by phone, which some customers may dislike.
- ● Longer‑term CD rates are competitive but sometimes lag the very highest‑yield online banks.
- ● No formal overdraft program can be a drawback for users who occasionally overdraw accounts.
Data as of 6/17/2025
Based on 418 reviews
- ● Editorial summary notes a quick online application and funding in as little as 24 hours in successful cases.
- ● Borrowers can access multiple loan types including personal, auto refi, medical, and small‑business loans.
- ● Fixed‑rate installment structure with no prepayment penalty is viewed positively by some reviewers.
- ● Many reviewers complain about high APRs relative to expectations or competing offers.
- ● Some report dissatisfaction with customer service responsiveness and dispute handling.
- ● A portion of users feel marketing made rates and terms seem more favorable than what was ultimately offered.
Data as of 1/5/2026
SoFi
"Reviews depict SoFi as a leading digital bank and lender with high‑yield deposits, large and often fee‑light personal loans, and an all‑in‑one money and investing app, best suited to strong‑credit, app‑comfortable users who can meet deposit conditions and tolerate occasional service or promo hiccups. "
Based on 10,417 reviews
- ● Many reviewers praise SoFi’s fast, mostly automated personal‑loan process and next‑day funding.
- ● Users like being able to manage loans and bank accounts through an intuitive website and mobile app.
- ● Competitive rates for debt consolidation and the ability to handle everything digitally are common positives.
- ● Some customers report frustrations with documentation requests and longer approval times than expected.
- ● A subset complains about issues receiving advertised bonuses (such as bank‑account or direct‑deposit promos).
- ● There are occasional complaints about payment processing or support responsiveness, especially during disputes.
Data as of 1/9/2026
- ● Very high APYs on savings when direct‑deposit or SoFi Plus conditions are met, plus interest on checking balances.
- ● No monthly or overdraft fees and access to a large fee‑free ATM network.
- ● Strong digital experience with tools like savings vaults, round‑ups, and automation for building savings.
- ● Requires qualifying deposits or subscription to earn the maximum savings APY, adding some complexity.
- ● No physical branches, so all service occurs online or by phone, which not all customers prefer.
- ● Combo account structure may not suit people who want stricter separation between checking and savings.
Data as of 1/16/2025
- ● Offers very large loan amounts (up to $100k) with flexible terms and fast funding for qualified borrowers.
- ● Provides multiple rate discounts (autopay, direct deposit, SoFi Plus) and extensive member perks like financial planning.
- ● No late fees and an option to structure loans with or without an origination fee, giving cost flexibility.
- ● Best rates are geared to borrowers with strong credit and income; weaker profiles may see high APRs or denials.
- ● Origination fee up to 7% may apply if you choose the lowest‑rate option, raising effective cost.
- ● Online‑only model may not appeal to customers who value in‑person banking relationships.
Data as of 8/26/2025
Based on 49,800 reviews
- ● Single app lets users bank, borrow, invest, and trade crypto in one place, which many find convenient.
- ● High overall download count and active user base indicate broad adoption among mobile‑first customers.
- ● Users frequently praise the breadth of features for tracking spending, saving, and investing together.
- ● Average rating under 4.0 suggests more technical issues and bugs than top‑tier finance apps.
- ● Some reviews mention slower performance and occasional login or connectivity problems.
- ● Feature richness can make the interface feel complex or confusing for new users.
Data as of 1/9/2026
- ● Highlights strong yields on combined checking and savings with no monthly or overdraft fees.
- ● Notes early direct deposit, ATM network access, and periodic cash‑bonus offers for new accounts.
- ● Positions SoFi as a good choice for rate‑seekers who want to manage finances in a single digital hub.
- ● Top APYs require direct deposit or other qualifiers, so casual users may earn lower rates.
- ● Lack of a broader menu of deposit products (like CDs) can be a drawback versus some competitors.
- ● Online‑only model means no in‑person support or branch services for complex issues.
Data as of 10/21/2025
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