Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans SoFi Personal Loans Review Updated Apr 03, 2024 3-min read Reviewed by Jeff Gitlen, CEPF® Reviewed by Jeff Gitlen, CEPF® Expertise: Student loans, personal loans, home loans, insurance, credit cards Jeff Gitlen, CEPF®, is the director of content operations at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware. Learn more about Jeff Gitlen, CEPF® Best for Good Credit 5.0 /5 LendEDU Rating View Rates Personal Loans Same-day funding may be availableOrigination, prepayment, and late payment fees are not requiredCheck your rate in 60 seconds without impacting your credit score The $5,000 minimum loan amount is higher than other lenders Fixed Rates (APR)8.99% – 29.99%Loan amounts$5,000 – $100,000Term lengths24 – 84 monthsMinimum credit score660 SoFi (short for Social Finance) was founded in 2011 by four students who met at the Stanford Graduate School of Business. Less than a decade later, it has grown to become a formidable player in the online lending industry. With an interface that is 100% online, highly competitive interest rates, and various financial products, a SoFi personal loan can be an excellent option for those needing financing. This SoFi personal loan review will help you decide whether SoFi is right for you. Table of Contents Skip to Section SoFi personal loans: At a glancePros and consApplying for SoFi personal loans SoFi personal loans: At a glance SoFi personal loansLoan amounts$5,000 – $100,000Term lengths24 – 84 monthsFixed APRs5.99% – 21.20%FeesNone requiredAutopay rate reduction0.25%Member rate reduction0.125%Direct deposit rate reduction0.25%Minimum credit score660 SoFi is an excellent lender for borrowers with good credit. With a minimum credit score of 660, not everybody will qualify. But those who do will enjoy a host of perks. SoFi’s upsides are many; the easy online application, variety of loan types, and other perks make its lending experience stand out amongst the best personal loans. Borrowers can use funds as a home improvement loan, a vacation loan, to pay of credit card debt, or a variety of other purposes. Pros & cons of a SoFi personal loan Pros Prequalifying doesn’t impact your credit score See if you qualify online in just 60 seconds. SoFi’s well-regarded customer support is available 7 days a week. Borrowers with more than one SoFi loan or product may qualify for a member rate discount of 0.125%. Cons $5,000 minimum loan amount The minimum loan requirement could be higher than some borrowers are looking for. Applying for a SoFi personal loan SoFi’s loan application process is seamless, quick, and simple. You’ll complete an online application that can be done from your desktop, phone, or tablet. In two minutes or less, you’ll learn if you pre-qualify and what your projected interest rate might be. During the pre-qualification process, SoFi does a soft credit pull that doesn’t affect your credit score. If you’re pre-qualified and you like the proposed terms, you can then choose to complete a full loan application. If you need help, SoFi has loan consultants who can offer advice and guidance during that process. Once you’re approved, you can sign your documents electronically, after which the funds are deposited right to your bank account. Eligibility requirements Before you apply, you’ll want to make sure you meet SoFi’s eligibility criteria: You must be a U.S. citizen, permanent resident, or visa holder (J-1, H-1B, E-2, O-1, or TN).If you’re a permanent resident or visa holder, you need to have at least two years remaining before your status expires.You are at least 18 years old.You are employed, have sufficient income from other sources, or have received an offer of employment to start within the next 90 days. In addition to those basic guidelines, SoFi also considers your career experience, debt-to-income ratio, financial history, creditworthiness, and other factors to determine your qualifications for a personal loan. Where to find SoFi alternatives While SoFi’s benefits are many, it’s not really considered a lender for the average borrower. Many people looking to get out from under high-interest debt might find themselves unable to get approved. If you’re not sure if SoFi is right for you, or if you want to see how its personal loans stack up against other lenders’, check out these comparison reviews: SoFi vs. LightStream Personal LoansSoFi vs. Best Egg Personal LoansSoFi vs. Marcus Personal LoansSoFi vs. Prosper Personal LoansSoFi vs. Upstart Personal LoansSoFi vs. Lending Club Personal Loans 5 SoFi Personal Loans