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 Dec 05, 2023   |   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® Learn MorePowered by CredibleEditorial RatingEditorial RatingWhat we like:Career coachingRates (APR)5.74% – 16.99%Loan Terms2 – 7 yearsLoan Amounts$5,000 – $100,000FeesNone requiredSee how SoFi’s personal loan product stacks up with other optionsCompare the Best Personal Loans 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. In this review: SoFi personal loans: At a glancePros & cons of a SoFi personal loanApplying for a SoFi Personal LoanWhere to find SoFi alternatives 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 You can apply online in a matter of minutes. SoFi’s well-regarded customer support is available 7 days a week. The website offers FAQ and other resources for borrowers that can help you with questions or concerns that arise throughout the lending and repayment experience. SoFi loans come with an Unemployment Protection feature. If you lose your job through no fault of your own, SoFi will put your monthly payments on hold. The benefit is offered in three-month increments and can only be used for up to 12 months over the life of your loan. Borrowers who have more than one SoFi loan or product may qualify for a member rate discount of 0.125%. Cons Typically, SoFi takes on high-income, high-credit borrowers; its average borrower makes $150,000 or more, and as of 2014, the company had never had a borrower default on a loan. If you have fair credit or have missed payments on past debt, SoFi might deny your application. 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 4.87 SoFi Personal Loans