Editorial Score9.2Overview
SoFi’s business lending product provides access to a diverse marketplace of lenders, including both traditional and alternative financing options. Instead of funding loans directly, SoFi helps users compare loan offers from a pre-vetted list of third-party providers. This model benefits business owners seeking variety, speed, and competitive rates.
Among the loan types offered are SBA 7(a) loans, merchant cash advances, equipment financing, invoice factoring, and business lines of credit. Maximum loan amounts vary by lender but can reach $2 million, with repayment terms up to 25 years for SBA loans and 10 years for commercial loans.
The user journey starts with an intuitive application that performs a soft credit pull. After that, the user receives several customized offers. There are no obligations, and the tool is designed for transparency, efficiency, and speed.
SoFi’s ecosystem, including access to educational resources, financial planning tools, and strong brand recognition, enhances its small business loan offering by providing clarity and financial literacy.
Pros & Cons
Pros
- Compare multiple lenders in one place
- Soft credit pull won’t affect the score
- Loans up to $2 million
Cons
Features
- Loan Types: SBA loans, short-term loans, invoice factoring, business lines of credit, equipment financing
- Maximum Loan Amount: $2 million for most commercial loans
- Funding Speed: As fast as 24 hours for some options
- Repayment Terms: From 3 months to 25 years, depending on loan type
- Credit Pull: Soft inquiry for prequalification
- Marketplace Model: Offers quotes from multiple lenders in minutes
These features empower business owners to evaluate and compare multiple financing offers without incurring a commitment or damaging their credit score, a major USP for startups and small businesses.
Application Process
The application is designed to be completed in under 10 minutes. Applicants must:
- Provide basic business and personal information
- Select the desired loan type and amount
- Consent to a soft credit pull
Upon completion, applicants are presented with a range of offers from lenders that match their profile. Each offer includes key terms such as interest rate, repayment period, fees, and monthly payments.
Repayment Terms
Repayment terms are determined by the lender and vary based on loan type and borrower profile:
- SBA Loans: 7 to 25 years
- Business Term Loans: 1 to 10 years
- Invoice Financing: Typically 30 to 90 days
- Merchant Cash Advances: Repaid as a percentage of daily credit card sales
Interest rates, fees, and prepayment terms also depend on the selected lender. Some lenders may impose:
- Origination fees
- Late payment penalties
- Early payoff fees
Because SoFi is a marketplace, users must review each offer carefully and compare APR, total repayment cost, and flexibility of terms.
Customer Support
SoFi support can be reached via:
- Phone: (855) 456-7634
- Live Chat: Via website during business hours
- Email: support@sofi.com
While SoFi manages the platform, loan-specific support is provided by the third-party lender.
Bottom Line
SoFi’s business loan marketplace provides flexible, fast comparisons with a variety of lenders, loan types, and funding speeds. It’s ideal for users seeking transparency and soft prequalification checks.
AI was used in the creation of this content, along with human validation and proofreading.
