5 sites like SoFi

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

Go to site Read review

$500 – $60,000

Loan Amount

8.99% – 46.96%

APR

3 - 120 months

Term

• Info
• Pros/cons
• Details

How it's similar to SoFi

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
  

• Not a direct lender
• You're limited to its network of lenders
• High rates for bad credit

Loan amount	$500 – $60,000
APR	8.99% – 46.96%
Term	3 - 120 months
Min. credit score	300
Fees	No application, origination or brokerage fees
Turnaround time	Receive funds in as little as 24 hours.
Serviced provinces	All provinces

For fair or bad credit: Loans Canada

Go to site Read review

$300 – $50,000

Loan Amount

9.9% – 46.96%

APR

4 - 60 months

Term

• Info
• Pros/cons
• Details

How it's similar to SoFi

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.

• Bad credit is OK
• Easy to apply
• Compare multiple loan offers
• Wide range of loan types available

• High rates for bad credit
• Not a direct lender
• You're limited to its lending network

Loan amount	$300 – $50,000
APR	9.9% – 46.96%
Term	4 - 60 months
Min. credit score	300
Fees	No application, origination or brokerage fees
Turnaround time	Receive funds in as little as 24 hours.
Serviced provinces	All of Canada

For same-day funding: Spring Financial

Go to site Read review

$500 – $35,000

Loan Amount

9.99% – 46.99%

APR

6 - 60 months

Term

• Info
• Pros/cons
• Details

How it's similar to SoFi

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.

• Borrow up to $35,000
• Same-day funding via e-Transfer
• No prepayment penalty
• Established lender

• High rates for bad credit
• You may be offered a credit builder loan instead
• You may need to provide references

Loan amount	$500 – $35,000
APR	9.99% – 46.99%
Term	6 - 60 months
Min. credit score	550
Fees	No fees except $30 NSF fee
Turnaround time	Within 24 hours
Serviced provinces	All of Canada

For an easy online quote: Mogo

Go to site Read review

$1,000 – $3,500

Loan Amount

Up to 47.42%

APR

Open

Term

• Info
• Pros/cons
• Details

How it's similar to SoFi

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.

• Get pre-approved within three minutes
• Easy online application process
• No prepayment penalty
• Licensed lender

• High rates for bad credit

Loan amount	$1,000 – $3,500
APR	Up to 47.42%
Term	Open
Min. credit score	600
Fees	None
Serviced provinces	BC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT

For low rates: Fig

Go to site Read review

$2,000 – $35,000

Loan Amount

8.99% – 24.99%

APR

24 - 60 months

Term

• Info
• Pros/cons
• Details

How it's similar to SoFi

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

What does SoFi do?

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.

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

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.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

Writer

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