SoFi’s Small Business Loan Product Details

SoFi is now a small business lender, according to their most recent announcement.

But they’ve been in this market for a while. They first flirted with the idea in February 2023 and then launched a marketplace in January 2024 to warm up to it. As a marketplace, they referred their own customers to other direct providers of capital, including MCA companies. Under this new program, applicants will be evaluated for a SoFi business loan first and then referred to their marketplace if they don’t qualify, second. Fundbox is referenced by name as one of the possible destinations for these applicants.

SoFi’s in-house business loan comes with a max APR of 36% and dollar ranges of $2,500 – $250,000. They’re personally guaranteed and have max terms of 2 years. Applicants need not be a SoFi customer to apply and funding can take place in as little as 24 hours.