When comparing BHG Financial vs. SoFi for a personal loan, the right choice depends mainly on how much you need to borrow and how you want to repay it. BHG Financial serves borrowers who need larger loan amounts (up to $250,000¹) with longer terms to keep monthly payments predictable and manageable. SoFi is built for borrowers who need up to $100,000 and want the possibility of no origination fee or fast, app-based funding.

Before choosing either provider, understand how they differ and how that impacts your borrowing costs and monthly payments. Let’s look at when BHG Financial and SoFi best suit different borrowers, how requirements differ, and what to expect as a borrower.

Key TAKEAWAY

Consider BHG Financial if you need a large unsecured personal loan of up to $250,000¹ or prefer a term as long as 10 years^1,2 for manageable payments that protect your monthly cash flow. If you need to borrow no more than $100,000, want to potentially avoid an origination fee, or prefer a primarily digital experience, consider SoFi.

How do BHG Financial and SoFi compare?

BHG Financial and SoFi offer unsecured personal loans that feature fixed rates, don’t require risking something you own as collateral, and have no prepayment penalties. Both providers also offer relatively fast approval and funding times and allow you to check your rate without hurting your credit score.

But they differ in borrowing amounts, term options, rates, and origination fees. Ultimately, BHG Financial targets borrowers who need large unsecured loans and long repayment terms, while SoFi is designed for those seeking smaller, fast, and potentially low-fee personal loans.

Here’s a quick comparison of personal loans through BHG Financial and SoFi:

	BHG Financial	SoFi
Lean amounts	Up to $250,000¹	$5,000–$100,000
Max terms	10 years (120 months)^1,2	7 years (84 months)
APR range	6.49%–28.89%¹	6.99%–35.49%
Origination fee	1%–5%	0%–7%
Approval speed	As fast as 24 hours³	Typically, within 2 business days
Funding speed	As few as 5 days³	As soon as the same day
Soft-pull prequalification	Yes—no credit score impact⁴	Yes—no credit score impact
Prepayment penalty	None	None

Sources: SoFi, SoFi, SoFi, SoFi
Image is a representative example for illustrative purposes only and does not reflect actual customer information.

When you should choose BHG Financial

Depending on your income situation, borrowing needs, and goals, a personal loan through BHG Financial may be the better option. BHG caters to high-income professionals with more complex situations than those of the typical borrower, allowing for flexibility.

Here are scenarios in which you might choose BHG Financial over SoFi:

Higher borrowing needs: You need an unsecured loan that exceeds SoFi’s maximum of $100,000. BHG Financial's $250,000¹ maximum is more than what many mainstream providers allow for unsecured personal loans.
More flexible terms: You want a long term of up to 10 years^1,2 to reduce your monthly payment and protect your cash flow while you pay down debt or work on another goal.
Complex finances: You have multiple income streams and want a loan provider that evaluates your full financial picture rather than a single credit score.
Concierge support: You value having a dedicated, U.S.-based loan specialist who guides you through the application and funding process.
Debt consolidation: You're consolidating high-interest credit cards (21% average APR) or multiple personal loans into one fixed monthly payment to save on interest or simplify repayment. According to BHG internal research, 12% of high earners are currently using or planning to use a debt consolidation loan.

Fortune’s top pick for large loans

Explore unsecured personal loan options up to $250K^†

CHECK MY RATE

^† Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile. Not all applicants will qualify for the lowest rate.

When you should choose SoFi

On the other hand, SoFi might suit situations where your finances or borrowing needs are simpler. It may also be the better choice depending on how you prefer to interact with your lender and whether you prioritize certain benefits.

Here are cases where you might prefer SoFi over BHG Financial:

Smaller borrowing needs: You only need to borrow up to $100,000, which is on the high end for mainstream unsecured lenders.
Speedy funding: You want the fastest possible funding, with same- or next-day options available, depending on your application timing and the verification of your information and documentation.
Fewer fees: Depending on the SoFi personal loan, you might avoid an origination fee, which the lender would otherwise take out of your loan amount. The lender also has no late fees, though Equifax cautions that late or missed payments can still damage your credit.
Potential rate discounts: You’re interested in interest rate discounts, which may be available for completing certain tasks like enrolling in autopay, paying an origination fee, using the direct pay option, or joining SoFi Plus. However, note that SoFi’s top personal loan rate is higher than BHG Financial’s.
Digital banking focus: You prefer a primarily app-based experience with access to a broad suite of financial products (banking, investing, and insurance) on one platform and value member perks.

Eligibility through BHG Financial vs. SoFi

Eligibility for a personal loan through either BHG Financial or SoFi depends on meeting certain requirements, which may differ between the lenders. These include:

Credit score

BHG Financial requires a minimum credit score of 640 for personal loans, though the typical approved applicant has a FICO score closer to 740. While SoFi doesn’t disclose its minimum credit score on its website, an online reply from a representative suggested that it’s 680. Those with stronger credit profiles often qualify for better rates and larger loan amounts across providers. Both BHG Financial and SoFi allow you to add a co-borrower, whose credit and income might improve your loan offer or your odds of approval.

Income

BHG Financial typically requires a minimum annual income of $100,000. However, it evaluates your full financial picture (income sources, credit history, and overall profile), which can work in your favor if you’re a six-figure earner with complex or multiple income streams. While SoFi doesn’t state a specific income requirement, you’ll need to have a sufficient, stable income that can cover your expenses alongside your personal loan payment. Both BHG and SoFi require income documentation, such as W-2 forms, 1099s, and bank statements.

Debt-to-income (DTI) ratio

While neither SoFi nor BHG Financial discloses a maximum DTI ratio for personal loan borrowers, providers often like your total monthly debts divided by your total monthly income not to exceed 36%. A higher DTI ratio might be allowed if you have significant cash reserves, an excellent credit score, or a high income.

Residency

You’ll need to be a U.S. citizen or eligible resident/non-resident and live in an eligible state or U.S. territory to get a personal loan through SoFi or BHG Financial. While SoFi offers personal loans in all 50 states and the District of Columbia, BHG Financial limits its personal loan options in some states.

Applying with BHG Financial vs. SoFi

Both loan providers offer soft-pull prequalification, so you can check your rate and compare offers without affecting your credit score. Each will perform a hard credit inquiry when you're ready to accept the loan and receive funding. According to Experian, that step typically temporarily lowers your credit score by less than five points.

The application processes are also similar. You’ll accept the personal loan option you want, provide more information, and upload documents verifying your identity, residency, and income. For funding purposes, you’ll need to provide your bank details for a deposit or information about other lenders if you’re consolidating debt.

While BHG Financial approves applications as fast as 24 hours,³ it can take two business days with SoFi. After approval, typical funding timelines are as little as five days³ for BHG Financial and as soon as the same day for SoFi. Note that complicated financial situations and delays in providing documentation can slow down the timeline.

Why borrowers choose BHG Financial for a personal loan

High-income borrowers often face a problem that mainstream lenders aren't built to solve. They have a strong income, multiple monthly obligations, and a need for a loan large enough to actually move the needle—not just cover a fraction of what they owe.

Personal loans through BHG Financial address that problem directly. Our unsecured loans up to $250,000¹ require no personal collateral, offer flexible terms from two to 10 years,^1,2 and feature fixed rates for a predictable monthly payment. Our tailored underwriting is also designed for complex financial profiles, and we offer dedicated U.S.-based support throughout the whole borrowing process.

Ready to see your options? Check your rate today with no impact on your credit score.⁴

Check my rate

See your offer ^† real fast

Just a few easy steps to get prequalified!

CHECK MY RATE

^† This is not a guaranteed offer of credit and is subject to credit approval.

BHG Financial vs. SoFi (FAQs)

Which is better for personal loans, BHG Financial or SoFi?

Neither is universally better, and the right choice depends on your loan size and priorities. If you need more than $100,000¹ or want a repayment term longer than seven years,^1,2 personal loans through BHG Financial are a better fit, with a maximum loan amount of $250,000¹ and extended terms up to 10 years.^1,2 If your need is $100,000 or less and you want the option of no origination fee or same- or next-day funding, consider SoFi.

How easy is approval for a personal loan through BHG Financial?

BHG Financial uses a holistic underwriting approach that evaluates your income, credit history, and overall financial profile rather than just a single credit score. The minimum credit score requirement is 640, and approval decisions can come as fast as 24 hours after applying.³ Plus, the process requires minimal documentation, and prequalifying takes seconds without any impact on your credit score.⁴

What credit score does SoFi require for personal loans?

SoFi doesn’t explicitly state a specific minimum credit score requirement for personal loans on its website. However, you'll generally need good to excellent credit—typically a FICO score of 680 or higher—to maximize your approval odds.

Which provider offers larger maximum personal loan amounts?

BHG Financial offers a higher maximum of up to $250,000¹ for qualifying unsecured personal loan borrowers. SoFi caps its personal loans at $100,000. If you need more than $100,000¹ in a single unsecured loan, a personal loan through BHG is the better choice.

Not all solutions, loan amounts, rates or terms are available in all states.

Advertised rates are subject to change without notice.

¹ Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile. Not all applicants will qualify for the lowest rate.  

² Personal Loan Repayment Example: A $60,000 personal loan with a 7-year term and an APR of 17.06% would require 84 monthly payments of $1,191.38.

³ This is not a guaranteed offer of credit and is subject to credit approval.

⁴ There is no impact on your credit for applying. For personal loans, a complete credit history, which will appear as an inquiry on your credit report, will be performed upon acceptance and funding of the loan and may impact your credit.

Consumer loans funded by Pinnacle Bank, a Tennessee bank, or County Bank. Equal Housing Lenders. Equal Housing Lenders icon

For California Residents: Personal loans made or arranged pursuant to a California Financing Law license - Number 603G493.