SoFi Personal Loans Review

Best for Good Credit

5.0 _/5

LendEDU Rating

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Personal Loans

Same-day funding may be available
Origination, prepayment, and late payment fees are not required
Check your rate in 60 seconds without affecting your credit score

The $5,000 minimum loan amount is higher than other lenders

Fixed rates (APR)	8.99% – 29.99% with all discounts¹
Loan amounts	$5,000 – $100,000
Term lengths	24 – 84 months
Minimum credit score	660

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 glance
Pros and cons
Applying for SoFi personal loans

SoFi personal loans: At a glance

SoFi personal loans
Loan amounts	$5,000 – $100,000
Term lengths	24 – 84 months
Fixed APRs	5.99% – 21.20% with all discounts
Fees	None required
Autopay rate reduction	0.25%
Direct deposit rate reduction	0.25%
Minimum credit score	660

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 among the best personal loans.

Borrowers can use funds as a home improvement loan, a vacation loan, to pay off credit card debt, or a variety of other purposes.

Pros & cons of a SoFi personal loan

Pros

Prequalifying doesn’t affect your credit score

See whether you qualify online in just 60 seconds.
SoFi’s well-regarded customer support is available 7 days a week.

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:

¹SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal/ . Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.

Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.

Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.