Laurel Road and SoFi are online lenders that offer personal loans with similar competitive APR ranges. Established in 2013, Laurel Road is a digital banking platform that offers various financial products in addition to personal loans, such as mortgages, student loans and high-yield savings accounts. Similar to Laurel Road, SoFi offers various lending products.

Both of these lenders are good options if you have good credit. However, since each has different advantages and disadvantages, you have to compare them to assess which is best for you.

Laurel Road vs. SoFi at a glance

Although Laurel Road and SoFi are top personal loan options for applicants with strong credit profiles, there are some crucial differences to consider when deciding between the two, like loan amount, repayment terms and minimum credit score requirements.

Laurel Road SoFi
Bankrate Score 4.3 4.8
Better for Applicants with a co-signer

Borrowers with slightly lower credit scores

Large loan amounts

Quick funding

Loan amounts $5,000-$45.000 $5,000-$100,000
APRs 8.99%-24.25% (with autopay) 8.99%-25.81% (with autopay)
Loan term lengths 36-60 months 24-84 months
Fees $28 late fee or 5% of the payment due, whichever is less Optional fees
Minimum credit score 660 680
Time to funding Up to a week As quick as the same business day

Laurel Road personal loans


  • Competitive APR range.
  • No origination fees.
  • Co-signer loans available.


  • High minimum loan amount.
  • Longer funding speed.
  • Late fee.

Laurel Road offers general unsecured personal loans with a $45,000 maximum loan amount for most borrowers and specialized loans up to $80,000 for medical professionals. Approved borrowers can use funds for several purposes, like debt consolidation, travel and weddings. But Laurel Road doesn’t permit borrowers to use funds to cover post-secondary education expenses.

However, a potential major downside is that approval generally takes up to seven business days after approval. As a result, it’s not a good option if you need money immediately. In addition, unlike SoFi, Laurel Road does charge a late fee of $28 or 5% of the late payment amount, whichever is less.

SoFi personal loans


  • Fast funding.
  • Flexible repayment terms.
  • Unemployment protection.


  • Need good credit to qualify.
  • Higher maximum APR.
  • Doesn’t allow co-signers.

SoFi offers personal loans up to $100,000 to borrowers with at least a 680 credit score. It doesn’t charge any fees, though you can choose to pay an origination fee in exchange for a lower rate. The lender offers flexible repayment terms from two to seven years, allowing consumers that choose an option that best fits their budget.

However, some downsides are that it has a higher maximum APR than Laurel Road, and while you can apply with a co-borrower, co-signer loans aren’t available.

How to choose between Laurel Road and SoFi

Laurel Road and SoFi are both standout options for borrowers with good credit, but the best option varies based on your situation.

Laurel Road is better for applicants with a co-signer, lower credit score

Laurel Road offers unsecured personal loans up to $45,000 to borrowers with good credit. Applicants who don’t meet the credit requirements may apply with a co-signer that does, which may help them get approved.

Laurel may also be a better option for applicants with slightly lower credit scores. While SoFi’s minimum credit score requirement is 680, borrowers can get approved for a loan with Laurel with a credit score as low as 660.

SoFi is better for larger loans and quick funding

If you want to borrow more than $45,000, SoFi is the better option. It offers loans up to $100,000, which you can use for a variety of reasons, like home repairs and debt consolidation.

SoFi is also the better option if you need funds fast to cover an emergency expense. While Laurel Road may take up to seven days to issue your funds after approval, you may receive funds from SoFi much sooner —  in some cases, as soon as the same business day.

Compare lenders before applying

SoFi and Laurel Road offer attractive personal loan options for borrowers with stellar credit profiles. But SoFi is the better choice if you need funds fast and want to take out a larger loan. On the flip side, Laurel Road may be a better option if you have bad credit and want to apply for a loan with a co-signer.

To assess which lender may be best for you, consider prequalifying to compare rates and terms. Keep in mind that prequalifying doesn’t guarantee approval.