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Personal Loans

SoFi Personal Loans Review

Best for Good Credit

5.0 /5
LendEDU Rating
Personal Loans
  • Same-day funding may be available
  • Origination, prepayment, and late payment fees are not required
  • Check 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 – $100,000
Term lengths24 – 84 months
Minimum 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.

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 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


  • 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.

  • Borrowers with more than one SoFi loan or product may qualify for a member rate discount of 0.125%.


  • $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: