SoFi Business Loans: Good Option for Good Credit Borrowers

Is SoFi legit?

SoFi’s lending model is a departure from traditional lending, but it’s legit. Here’s some more background:

• SoFi Bank is registered as a national bank, meaning it must meet strict regulatory standards.
• SoFi is authorized to offer an array of online financial services, including:
  • Credit cards
  • Investments
  • Life insurance
  • Mortgage loans
  • Personal loans
  • Student loans
  • SoFi checking and savings account

However, SoFi had some trouble in the past. In 2019, it entered a settlement with the Federal Trade Commission (FTC), which accused SoFi of inflating the potential savings while misrepresenting the monthly cost of its student loan refinancing product. SoFi agreed to make savings claims backed by concrete evidence only.

What makes SoFi shine?

The SoFi business loans marketplace stands out for its quick, streamlined and simplified application process. Unlike other marketplaces that require a lot of information, including your Social Security number, SoFi features a simplified application process that only takes a few minutes.

To get started, you just need to set up an account with your email and answer a few basic questions about yourself and your business. Based on the information you provide, SoFi matches you with available lender offers. And if you want to update your application, it’s easy to go back and start over.

Where SoFi falls short

The SoFi small business loans marketplace only has a limited number of lending partners, and depending on the information you provide, you may only receive a small number of offers. You may find more business loan options by going through another marketplace — like Lendio, for instance, which has 75+ partners in its network, including traditional banks.

SoFi is also lacking in details about its loan offers. While rates and loan terms vary by lender, SoFi doesn’t state any possible ranges you might encounter with its lenders. You’ll have to apply before you can get an idea of what these loans might cost, how long you’ll have to repay them and other details.

SoFi loan details

SoFi contact info

How to qualify for SoFi business loans

To qualify for a loan with one of SoFi’s small business lending partners, you’ll generally need to meet these minimum requirements:

• US citizen or permanent resident
• Live in an eligible state
• Be in business for at least six months
• Have a minimum credit score of 600
• Have a minimum annual revenue of $50,000

However, these are general guidelines only. Each lender has its own eligibility requirements, which can vary widely depending on the type of loan you’re after.

How to apply

Using SoFi’s marketplace is simple:

1. Create an account with your email.
2. Fill out the form to prequalify online.
3. Review your loan offers, then choose one or more to compare.
4. Apply with the lender of your choice with a formal credit check.
5. Wait for approval and funding.

How SoFi compares to other lenders

Compare SoFi’s rates, terms and features to those of other popular loan providers.

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Product	Finder Score	Min. Amount	Max. Amount	APR	Requirements
Promoted Fundera business loans	Finder score 8.6 Great	$2,500	$5,000,000	Varies by lender	$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months	Get connected with short-term funding, SBA loans, lines of credit and more.	Go to siteMore Info Compare	loading Fetching your data...
Promoted Lendzi	Finder score 9.5 Excellent	$5,000	$20,000,000	Varies by lender	Minimum credit score of 500, minimum annual revenue of $120,000, preferably one to two years in business	Compare lending options and get funded fast.	Go to siteMore Info Compare	loading Fetching your data...
Promoted Lendio business loans	Finder score 9.6 Excellent	$1,000	$5,000,000	Varies by lender	Operate business in US for 6 months or more, have a business bank account, minimum 580 personal credit score, at least $8,000 in monthly revenue.	Submit one simple application to potentially get offers from a network of over 75 legit business lenders.	Go to siteMore Info Compare	loading Fetching your data...
BusinessLoans.com	Finder score 8.8 Great	$5,000	$3,000,000	Varies by loan type and lender	Must have been in business between 1 to 2 years, have a minimum revenue of $75,000 to $250,000 and have a minimum credit score of 500 to 650.	Complete a three-minute form to see loans that fit your business’s needs. Compare offers without a hard credit check.	Go to siteMore Info Compare	loading Fetching your data...
National Funding business loans	Finder score 9.6 Excellent	$5,000	$500,000	Undisclosed	In business 6+ months and make at least $250,000 in annual sales. Other loan types have additional requirements.	Working capital loans and equipment financing, some high-risk industries may be eligible.	Go to siteMore Info Compare	loading Fetching your data...

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SoFi reviews and complaints

SoFi gets mostly poor reviews on the BBB, although those complaints are largely about SoFi banking products and personal loans — not its business loans. Many complain of poor customer service and banking issues, but a few customers praise the company for its fast and easy application process, quick funding and competitive rates.

It has a far better rating on Trustpilot, but again, all the reviews and complaints seem to be about banking and personal loan issues. Satisfied customers compliment the fast funding and decent rates for personal loans, but many customers are dissatisfied with their banking experiences, lack of customer support and excessive solicitation efforts.

Frequently asked questions

Does SoFi Bank do business loans?

While SoFi Bank isn’t a direct lender of business loans — only personal loans — SoFi Lending Corp. runs a business loans marketplace that allows you to compare some of the top lenders in the business space. It’s simple and free to use with no impact on your credit score. However, if SoFi still doesn’t meet your needs, compare your options with some of the best business loans on the market.

Is it hard to get approved for a SoFi loan?

It depends on the type of loan and the lender. Some business loans, like SBA loans, require minimum FICO scores in the mid-600s with at least a year or two in business. Other types of financing, like business cash advances, may accept scores as low as 500 and just three months in business — as long as you have sufficient revenue.