SoFi is a US-based online lender that offers personal loans, mortgages and a wide range of banking products. It’s known for its competitive interest rates and member benefits like financial planning. But you’ll need to consider other options if you’re a Canadian resident, so keep reading for an in-depth look at five sites like SoFi.
Is SoFi in Canada?
No. Unfortunately, SoFi is not available in Canada. So if you’re searching for an online loan with a competitive interest rate, you’ll need to compare SoFi alternatives that provide loans in Canada.
Loans like Sofi
The best site like SoFi for you will depend on factors like your employment and income situation, your credit score and how quickly you need a loan. Let’s take a closer look at five loans like SoFi and why they might be a good fit for you.
For self-employment or non-employment income: LoanConnect
LoanConnect is an online loan search platform where you can compare multiple loan offers by filling out a single application. Like SoFi, you can check loan offers in as little as 60 seconds, and there's no impact to your credit score when you apply.
But unlike SoFi, LoanConnect also provides access to lenders that work with borrowers who have all types of credit, so you may still qualify for funding if you have bad credit. There are secured and unsecured loans available, and it's possible to get funded as soon as the same day.
Compare multiple offers
Bad credit is OK
Easy online application process
Better Business Bureau accredited with an A+ rating
Loans Canada is a loan search platform that provides access to the largest network of lenders in Canada. There's a wide range of loan types available, including personal loans, car loans and home equity loans, while options for good and bad credit are also available. It's quick and easy to apply online, and the Loans Canada platform is free to use.
Spring Financial offers online loans with rates starting from 9.99%. Like SoFi, it offers a quick and easy online application process, with approvals provided within minutes and same-day funding via e-Transfer. And because Spring Financial reports payments to the credit bureaus, you can improve your credit score by paying back your loan.
Mogo offers online lines of credit of up to $3,500 to Canadian borrowers. Like SoFi, it offers fast pre-approvals without affecting your credit score, and you can get the funds you need quickly. Once you have the line of credit, Mogo will send you regular reminders to let you know when your next repayment is due.
Fig offers online personal loans with interest rates starting from 8.99%. Unsecured loans of up to $35,000 are available, and you have up to 5 years to repay your loan. You won't have to wait a long time to get funded either, with funding available in as little as 1 business day. However, take note that you'll need income of at least $5,000/month to qualify.
Competitive interest rates if you have good credit
No prepayment penalty
Better Business Bureau accredited
A subsidiary of Fairstone Bank
High minimum income requirement
You may not qualify with fair or bad credit
Loan amount
$2,000 – $35,000
APR
8.99% – 24.99%
Term
24 - 60 months
Min. credit score
700
Fees
NSF fee: $45
Turnaround time
Up to 5 business days
Serviced provinces
Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan
SoFi is a US bank that is headquartered in San Francisco and offers a long list of financial products to its customers. It’s perhaps best known for its personal loans, which allow you to borrow up to $100,000 at competitive rates.
SoFi’s other products include:
A hybrid chequing and savings account
Mortgage loans
Private student loans and student loan refinancing
A credit card
An online investing platform with commission-free trades
Financial insights, budgeting tools and credit score monitoring
How do SoFi personal loans compare?
You can head over to Finder USA to check out our full review of SoFi for a detailed guide to what this lender offers. But for a quick rundown, consider SoFi’s pros and cons.
Pros
Borrow up to $100,000
Free credit monitoring
Online pre-approval within minutes without affecting your credit score
Same-day funding
No origination, prepayment or late fees
Cons
Strict eligibility criteria
Minimum loan amount of $5,000 may be more than some borrowers need
Newly self-employed borrowers not eligible
Is SoFi legit?
Yes, SoFi is legit. Founded in 2011, SoFi is a nationally chartered bank that is FDIC insured. It’s also legally authorized to offer a wide range of financial services, including chequing accounts, mortgage loans, student loans and investments.
Summary of SoFi reviews
Site
Details
Trustpilot
4.5/5 based on 8,726 SoFi reviews
Google
2.4/5 based on 128 SoFi reviews (San Francisco headquarters)
BBB accreditation
No
BBB rating
A+
BBB reviews
1.47/5 based on 344 SoFi reviews
Reviews as of September 10, 2024
What do SoFi reviews say?
SoFi reviews are generally quite positive on Trustpilot but much more mixed on the Better Business Bureau website. Customers who leave positive reviews mention factors such as a quick and easy application process, fast loan funding and SoFi’s user-friendly app. But those who leave negative reviews complain about factors such as having their account frozen and poor customer service.
Bottom line
SoFi is not available in Canada, but there are several other lenders that offer fast loans, easy online applications and options for good and bad credit. Compare the five sites like SoFi above to find the right lender for your needs.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
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