- 1SoFi's in-house business loans range from $2,500 to $250,000 with a 36% maximum APR.
- 2Terms max out at two years, loans are personally guaranteed and funding can take 24 hours.
- 3Applicants who do not qualify are referred to SoFi's marketplace, which names Fundbox.
SoFi has become a direct small business lender, according to its most recent announcement.
Product terms
SoFi's in-house business loan carries a maximum APR of 36% and ranges from $2,500 to $250,000. Loans are personally guaranteed and have maximum terms of two years. Applicants do not need to be SoFi customers, and funding can happen in as little as 24 hours.
How the new program works
Under the new program, applicants are evaluated first for a SoFi business loan. Those who do not qualify are then referred to SoFi's marketplace, which names Fundbox as one possible destination.
A long runway
SoFi has been circling this market for some time. It first explored the idea in February 2023, then opened a marketplace in January 2024 as a stepping stone. In that model, SoFi referred its own customers to outside providers of capital, including MCA companies. The direct loan now sits in front of that marketplace rather than replacing it.
Source reporting: deBanked.
