LendingPoint vs SoFi

The short version

LendingPoint and SoFi both lend to borrowers with fair-to-good credit, but from opposite ends of the loan-size spectrum. LendingPoint’s loans are funded through banks including FinWise Bank and Coastal Community Bank, or directly by LendingPoint where it holds its own license, and top out at $36,500 over as long as 72 months. SoFi’s loans are originated by its own bank, SoFi Bank, N.A., and run from $5,000 up to $100,000 over 24 to 84 months — a much larger ceiling for a borrower who needs it. Neither lender publishes a hard minimum credit score: LendingPoint says it weighs more than your FICO score alone, though third-party analyses put the practical floor around 640, while SoFi says eligibility depends on your financial history, credit score, and monthly income versus expenses.

APRs, as of September 2026, run 7.99% to 35.99% at LendingPoint and 6.49% to 35.49% at SoFi. LendingPoint’s origination fee runs 0% to 10% of the loan amount, deducted from your proceeds; SoFi’s origination fee is optional rather than automatic, and SoFi doesn’t publish what it costs, so you won’t know the number until you have an offer in hand.

Rates and fees

LendingPoint’s published range is 7.99% to 35.99% APR, with an origination fee of 0% to 10% of the loan amount deducted from your proceeds, and no prepayment penalty. SoFi’s published range is 6.49% to 35.49% APR; the floor rises with the term you choose, from 6.49% on a 2-year loan up to 11.90% on a 7-year loan, and those floor rates already bake in a 0.25% Autopay discount and a 0.25% Member Rate Discount. SoFi’s origination fee is optional: some members see loan options with no fee at all, while others can choose one in exchange for a lower rate, but SoFi doesn’t publish what that fee costs. SoFi says it does not charge late fees or prepayment penalties, though a missed payment can still be reported to the credit bureaus; LendingPoint doesn’t publish its late-fee amount on the pages we checked, though it charges no prepayment penalty either.

Take a $10,000 loan over 36 months at the midpoint of each lender’s published APR range (and, for LendingPoint, its fee range), to compare the two on equal footing.

LendingPoint, 21.99% APR (midpoint of 7.99%-35.99%), using the midpoint of its 0%-10% fee range (5%). The fee is $500.00, so you’d receive about $9,500.00 in cash. An APR already includes the origination fee by definition, so we amortize the cash you actually receive at the APR rather than counting the fee a second time: a payment of about $362.76 a month, total payments of about $13,059.36, and a total cost of roughly $3,559.36 over the $9,500.00 you actually received. These are our own amortization figures, not a lender quote. The LendingPoint review’s own illustration (our math, not a LendingPoint quote), at 29.99% APR with a 6% fee over 60 months, put the payment at about $304.06 a month and total payments at about $18,244.

SoFi, 20.99% APR (midpoint of 6.49%-35.49%). SoFi’s origination fee is optional and its cost isn’t published, so — matching the no-fee path SoFi’s own rate-page example uses — we’re assuming no fee here. An APR already includes the origination fee by definition, so on a loan with no fee at all, we simply amortize the full $10,000 you receive at 20.99% APR over 36 months. That comes to a payment of about $376.70 a month, $13,561.20 total paid, and a total cost of about $3,561.20 in interest. If you’re offered SoFi’s fee option instead, your cash in hand would be lower and your true cost higher than this figure shows. These are our own amortization figures, not a lender quote. For a sense of SoFi’s larger end, its own rate-page example uses $30,000 over 5 years (60 months) at 9.50% APR, which runs 60 payments of $630.06 for a total of $37,803.35.

On this midpoint comparison, LendingPoint’s monthly payment and total cost both land slightly below SoFi’s, though SoFi’s fee option — whose cost isn’t published — could change that if you’re offered and accept it.

Who qualifies

LendingPoint asks for verifiable annual income of at least $35,000, an active US bank account, and an age of at least 18; it doesn’t publish a hard minimum credit score, though third-party analyses put the practical floor around 640. Checking your rate is a soft pull that doesn’t affect your credit score, with a hard pull only following a completed application. SoFi’s published requirements are: the age of majority in your state; US citizenship, eligible permanent residence, or non-permanent resident alien status, including DACA recipients and asylum seekers; being employed, having sufficient income from another source, or a job offer starting within 90 days; and living in a state where SoFi is authorized to lend. SoFi also doesn’t publish a minimum credit score, saying only that eligibility depends on your financial history, credit score, and monthly income versus expenses. Checking your rate with SoFi is a soft pull as well; a hard pull follows only if you continue the application.

LendingPoint isn’t available in Connecticut, Iowa, Maryland, Maine, Nebraska, Nevada, Vermont, West Virginia, or DC. SoFi doesn’t publish a list of excluded states on the pages we checked, saying only that restrictions may apply and that the minimum loan amount can run higher than $5,000 in specific states.

Speed and funding

LendingPoint says decisions are often available within minutes to hours of completing an application, with funds typically sent by ACH as soon as the next business day after you e-sign the final loan agreement. SoFi calls its version Same Day Funding: most borrowers get funds the same day when the loan is approved and the agreement is signed by 5:30 p.m. Eastern on a business day. SoFi is explicit that this target isn’t assured every time, that delays can happen, and that it doesn’t apply to loans originated through a bank other than SoFi Bank itself.

Where each one wins

• LendingPoint — a fee floor of 0%, so some borrowers pay no origination fee at all, where SoFi’s optional fee cost isn’t published.
• LendingPoint — decisions often within minutes to hours of applying, a speed SoFi doesn’t quote on the pages we checked.
• SoFi — a higher loan ceiling ($100,000 versus LendingPoint’s $36,500) for a larger need.
• SoFi — terms up to 84 months versus LendingPoint’s 72-month ceiling, for a lower payment on a large balance.
• SoFi — no late fees or prepayment penalty at all, where LendingPoint doesn’t publish its late-fee amount on the pages we checked.

Bottom line

If you’re in a state LendingPoint serves and might qualify for its 0% fee floor, or you want a decision within hours, it’s worth checking your rate there first. If you need a larger loan, a longer term, or live in one of the states LendingPoint excludes, SoFi’s wider ceiling and published no-late-fee policy make it the one to compare against it. Origination fees and prepayment penalties, decoded is useful context before you accept either offer. Read the full LendingPoint review and SoFi review, then start a loan request to see what you might actually qualify for.