SoFi Business Loans Review

SoFi's small business loans marketplace simplifies the process of finding the right financing by allowing business owners to search and compare loan options from multiple providers in one place. While SoFi doesn’t offer business loans directly, its platform helps entrepreneurs match with potential lenders based on their goals. With loan amounts ranging from $1,000 to $5 million and potential same-day funding, it’s a convenient and fast way to explore financing without impacting your credit score.

SoFi pros and cons

Pros

• Compare multiple financing quotes in one place
• No impact on credit score to shop for quotes¹
• Fast, simple online process

Cons

• SoFi does not fund loans directly
• Loan terms and interest rates vary by provider
• Limited transparency on lender network details

SoFi highlights

Loan products from $1K to $5M

Funds may arrive as soon as the same day²

Credit score as low as 620 (and lower) may qualify

One simple application for multiple loan quotes

About SoFi

SoFi’s small business financing marketplace helps business owners find funding options through a quick and streamlined process. Rather than offering loans directly, SoFi partners with external providers to present borrowers with matched offers based on their business needs. Whether looking to cover startup costs, equipment, payroll, or working capital, SoFi’s marketplace provides a user-friendly tool to connect with lenders—often in minutes.

Business loan types

• Working capital loans: For general business expenses and cash flow
• Startup financing: For newer businesses that need initial capital
• Equipment loans: To buy or lease equipment and machinery
• Expansion loans: Ideal for growing operations or locations
• Payroll financing: To help cover staff wages during tight periods

Other business products

• Business Checking: Checking accounts designed specifically for businesses
• SoFi at Work: Used by 1,000+ organizations to empower your employees with financial education benefits and discounts

To explore further, visit SoFi, hover over 'Products' in the top left corner, and select 'Business Solutions' from the menu.

How to get a SoFi loan

What do I need to apply and get approved?

Minimum credit score: 620 (some lenders may go lower)
Monthly revenue: Varies
️ Time in business: Typically 6 months or more

Documents required

• Recent bank statements
• Business financials (P&L, balance sheet)
• Business tax returns, personal tax returns may be required
• Proof of business ownership

Steps to getting a SoFi loan

1. Start Your Search:
   Use SoFi’s online marketplace to explore available business loan quotes.
2. Compare Financing Options:
   Get matched with one or more providers based on your business needs.
3. Choose a Loan:
   Select the option that fits your timeline, budget, and goals.
4. Apply with the Lender:
   Complete the process with the matched provider—documentation and approval time may vary.
5. Get Funded:
   Funds may be available as soon as the same day, depending on the lender.

The bottom line

SoFi’s business loans marketplace is a fast and efficient tool for small business owners looking to compare financing options in one place. With access to funding up to $5 million and no credit score impact to shop, it’s an appealing option for entrepreneurs seeking flexible, quick funding solutions. Although SoFi doesn’t fund loans directly, the platform can be a valuable first step in finding the right business financing.

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