In this Review..
If you want to get a personal loan, there is a huge collection of online lenders that you are able to choose between. This review is going to compare what you can expect when it comes to personal loans from Rocket Loans, Marcus, and SoFi.
SoFi has been around for many years and is known as being one of the leading options. It does not charge any fees, has a flexible repayments system, and has a lot of loan options. Marcus is another top-quality online lender, being an offshoot from Goldman Sachs.
It is a great fit for anyone who has good credit and is looking to pay no fees and customize their repayment terms. Finally, Rocket Loans does not have a competitive offering in many regards than the other two options, but it has ultra-fast funding speed.
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APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 23.43% (with discounts) | 6.99% – 24.99%
| 9.11% – 29.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-84 months
| 36-72 months
| 36-60 months
|
Loan Amount | $5,000 – $100,000
| $3,500 – $40,000
| $2,000 -$45,000
|
Min Score | 680 | 660 | 640 |
When RocketLoans Shines
RocketLoans is one of the most well-known options amount borrowers. The company requires a credit score of at least 640 and requires a minimum income of $24,000. There are four total personal loan options when borrowing with RocketLoans: debt consolidation, home improvement, auto, and general. Their general loan cannot be used as a student loan or for illegal activity, but aside from those, the possibilities are endless.
RocketLoans allows borrows to use between $2,000-$35,000. These funds are able to be direct deposited into the borrower’s account on the same day the loan is taken out. Along with these personal loan options, RocketLoans offers a business loan too.
RocketLoans personal loan can be a better choice than SoFi and Marcus if:

- Need quick access to the funds
- Want an auto payment discount
- Desire a good range of loan sizes

When SoFi Shines
SoFi provides a range of personal loan options. Credit card consolidation, home improvement, family planning, travel, and even weddings are all possibilities. They don't charge any fees and are a good loan option for anyone with a credit score of at least 680.
This company provides competitive rates and also accepts joint applications. Unlike other lenders, SoFi offers unemployment insurance in the event of a job loss. They have competitive rates, only perform a soft pull inquiry upon application, and also provide an autopay discount.
SoFi personal loan can be a better choice than RocketLoans and Marcus if:
- You don’t want to deal with any fees
- Looking for a large loan size
- Want to get a discount when you automate payments
When Marcus Shines
Marcus, a Goldman Sachs company, is one of the most reputable online lenders you will come across. It promises no-fee personal loans as well as a variety of loan types.
Marcus personal loan can be a better choice than SoFi and RocketLoans if:
- Looking for no fees
- Want great flexibility for repayments
- Need to deal with a well-respected lender
Requirements
You can get loan sizes of $5,000 up to $100,000 from SoFi, which means that it is an ideal option for people who are seeking larger sums. Marcus offers loan sizes of $3,500 up to $40,000, while Rocket Loans can provide you with a loan of between $2,000 and $45,000.
You need to have a credit score of 680 or more if you are looking for a SoFi personal loan. For a Marcus personal loan, you will need a minimum credit score of 660, while Rocket Loans has the lowest acceptable credit score out of these three lenders at 640.
SoFi and Marcus do not publicize the debt-to-income ratio (DTI) that they require of borrowers, while Rocket Loans requires a max DTI of 40% and minimum annual income of $24,000. All of these lenders are only going to work with people who are at least 18 years old and are permanent residents of the US, citizens, or a holder of a relevant type of visa.
Rocket Loans - Pros & Cons
- Low Barrier to Entry
Rocket Loans has the lowest accepted credit score out of these options at just 640.
- Good Range of Loan Sizes
You can get a loan from Rocket Loans that is just $2,000 in size and as much as $45,000.
- Fast Funding
Rocket Loans will fund loans within one to three business days, which is faster than most online lenders.
- Discount Available
you are able to get a 0.3% discount on your payments if you set them up on an automatic schedule.
- Not Much Repayment Flexibility
You are not able to choose or change your repayment dates at Rocket Loans and you only have two term length choices.
- Fees
You will have to pay an origination fee of between 1% and 6% on your personal loan.
SoFi - Pros & Cons
- Flexibility of Loan Options
There is a great range of different term lengths and loan structures when it comes to SoFi’s offering. You also have the ability to get a co-signed loan.
- Good Repayment terms
It will take you usually a week before you get access to your funds from a SoFi personal loan.
- Large Loan Size
A lot of lenders cap their personal loans at around $40,000-$50,000. However, SoFi can provide you with a personal loan of up to $100,000.
- Free Advice
When you get a personal loan with SoFi, you will be able to access expert career and personal finance advice from the company’s experts.
- Slow Funding Time
It will take you usually a week before you get access to your funds from a SoFi personal loan.
- Higher Barrier to Entry
The minimum accepted credit score by SoFi is 680, which is higher than many competitors.
Marcus - Pros & Cons
- Great Reputation
As Marcus is associated with Goldman Sachs, people feel comfortable dealing with this online lender.
- Discounts Available
If you automate your repayments, you will be able to get a 0.25% discount.
- Zero Fees
You do not need to pay any sort of origination fee or late fee through personal loans from Marcus.
- Flexible Repayment Options
You have a lot of choices when it comes to the ways that you make your Marcus repayments.
- Not the Biggest Loan Choice
The Marcus repayment terms are not going to be the most diverse as you cannot get the likes of co-signed loans, joint loans, or secured loans.
- Not the Fastest Funding Speed
When it comes time to get your hands on your personal loan funds, it can often take as long as a week with Marcus.
Repayment Options
SoFi does not charge any late fees if you are overdue with payment, while people with fixed-rate loans will be able to change their payment due dates as they please. Forbearance of up to three months is possible if you lose your job, while you are able to make early repayments without getting charged any sort of penalty.
If you set up automatic repayment, you will be able to get a 0.25% discount on your Marcus payments. There is the ability to directly make payments to creditors if you have a debt consolidation loan, while the repayment term lengths vary widely between three and six years. Finally, if you have made your payments on time for 12 consecutive months, you are able to engage a payment deferral option.
Rocket Loans is not as flexible as SoFi or Marcus when it comes to its repayment terms. While you can get a 0.3% discount when you set up automatic payments, you are unable to change your repayment dates. There are also only three-year or five-year payment term lengths available. Finally, you do not have to pay any prepayment fee if you are making payments earlier than supposed to.
Customer Experience
Rocketloans | SoFi | Marcus | |
---|---|---|---|
iOS App Score | 4.9 | 4.8 | 4.9 |
Android App Score | 4.8 | 4.2 | 4.4 |
BBB Rating | A+ | A+ | A+ |
WalletHub Rating | 4.5 | 3.1 | 2.9 |
Contact Options | phone/mail | phone/social | phone |
Availability | 9 am – 7 pm (ET) | 5 am – 7 pm (PT) | 8 am – 10 pm |
SoFi has a comprehensive help center that allows you to learn a lot of different things about personal loans and personal finance in general. You can ring the customer service team seven days per week during opening hours. You can also send an email or a message via social media. The Better Business Bureau rating for SoFi is A+, while it also has a very strong mobile app that allows you to manage all aspects of your loan.
Marcus provides you with plenty of aid through the help center, as well as financial education. You can get in touch via phone with the Marcus customer service team every day of the week during operating hours. The mobile app is top-notch and provides you with a great range of functions and the FAQ section is super informative. Finally, the Better Business Bureau rating for Marcus is A+.
There is a learning center at Rocket Loans that has a lot of great resources when it comes to personal loans and other types of financial education. The customer service team for new loans and existing loans will be open six days a week and you can ring them by phone during working hours on these days. Currently, you cannot manage your loan through a Rocket Loans app and the lender has an A+ rating from the Better Business Bureau.
Which Personal Loan Lender Wins?
All three of these online lenders have their own strengths and weaknesses. SoFi and Marcus are two of the best options in the business when you have good credit as they
do not charge fees and have plenty of repayment flexibility. Rocket Loans is better suited to people with lower credit scores and who want quick access to their funds.
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APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 8.99% – 23.43% (with discounts) | 6.99% – 24.99%
| 9.11% – 29.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-84 months
| 36-72 months
| 36-60 months
|
Loan Amount | $5,000 – $100,000
| $3,500 – $40,000
| $2,000 -$45,000
|
Apply Now
on SoFi website | Apply Now
on Marcus website | Apply Now
on RocketLoans website |
FAQ
It may take several days to fund your loan and another few days to send your money. If you need money quickly, there are other lenders who can process your application much faster. Furthermore, SoFi has more restrictions on how personal loans can be used.
There are no origination or late fees with SoFi personal loans. They also do not have a prepayment penalty, so the loan can be paid off early without incurring any additional fees. SoFi also offers very competitive rates for strong borrowers and allows joint borrowers on personal loans.
Marcus personal loans are distinguished by the availability of prequalification. If you are unsure whether you will be eligible for a loan, you can fill out a simple, short form. This is only a soft credit check, so you avoid triggering a hard credit check and potentially jeopardizing your credit score. Prequalification allows you to research and compare Marcus loan options.
You can also make direct payments to your creditors if you have consolidated your debt. There is also the option of deferring payments for a period of 12 months after meeting your repayments.
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SoFi vs Discover
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Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.
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Marcus Terms & Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.
SoFi Terms & Conditions
Fixed rates from 8.99% APR to 23.43% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/23 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.