The main difference in between Sofi and Marcus loans is that SoFi loans have lower APR interest rates compared to Marcus loans. Sofi loans charge an interest in between 5% – 15% while Marcus loans charge a fixed interest rate in between 6.99% – 23.99%. Sofi offers both fixed and variable interest rate personal loans. Fixed rate personal loans are ideal for people who apply a loan with long loan term as it will give them a peace of mind. Sofi variable rate loan has fluctuating interest rate and is suitable for people who want to borrow a short-term loan.
SoFi allows borrowers to apply for a minimum loan of $5,000 up to a maximum of $100,000. With Sofi personal loans, you can opt for a loan term in between 3 – 7 years. Sofi allows borrowers to apply for forbearance every 3 months up to 1 year. Forbearance means that you only have to pay the interest rate every month instead of the monthly amount.
On the other hand, Marcus offers a loan amount in between $3,500 – $30,000. Marcus is flexible in that it gives the borrowers the option of choosing their own monthly payment and the loan term. The loan term for Marcus personal loan can be in between 36 – 72 months. Another advantage of Marcus is that it allows borrowers to skip a payment for 1 month if they consistently make a payment every month for 1 year. The extension of 1 month will not be charged with the additional interest rate.
Sofi takes 7 business days to release the funds. Marcus is faster in releasing funds and you can expect to receive the funds in typically 2 days after the loan gets approved. This makes Marcus a good option for those who urgently need to borrow a small loan for emergency expenses.
To get approved for personal loans at Sofi, your credit report on file maintain a credit score of 660 or above. Even though Sofi has a low credit score requirement, most of its borrowers have credit scores higher than 700. Just like Sofi, Marcus also has a low credit score requirement of 660. Marcus is typically suitable for their borrowers who have a credit score between 700- 740.
Sofi charges a late fee of 4% to a late payment but they may waive the fee if you have consistently make on-time monthly payment in the past months. The maximum late payment that Sofi will charge you is $5. The late payment fee will automatically apply to the borrower when the payment is late by 15 days. Marcus does not charge any fee on the personal loans although it may have a higher interest rate.