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Personal Loans

SoFi Personal Loans Review

Updated May 30, 2023   |   5 mins read
Reviewed by Jeff Gitlen, CEPF®  
Updated May 30, 2023

Key points:

  • SoFi offers personal loans to borrowers with good to excellent credit.
  • Members who qualify can enjoy a host of benefits, including unemployment protection and member rate discounts.

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Editorial Rating

Editorial Rating

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Rates (APR)5.74% – 16.99%
Loan Terms2 – 7 years
Loan Amounts$5,000 – $100,000
FeesNone required
See how SoFi’s personal loan product stacks up with other options
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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 a variety of financial products, a SoFi personal loan can be an excellent option for those in need of financing.

This SoFi personal loan review will help you decide if SoFi is right for you.

In this review:

SoFi personal loans: At a glance

SoFi personal loans
Loan amounts$5,000 – $100,000
Term lengths24 – 84 months
Fixed APRs5.99% – 21.20%
FeesNone required
AutoPay 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 customer support is available seven days a week and is highly regarded.
  • The website offers lists of frequently asked questions and other resources for borrowers that can help you with any questions or concerns that may 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:

All rates, figures, estimates, terms, state availability, and savings calculations are current at the time this article was written. All of the above may update in the future. For the most up-to-date information, visit SoFi.com. See SoFi Disclaimers.