SoFi Personal Loan Review

See if SoFi personal loan rates are right for you

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SoFi was incorporated in 2012 and is well-known for its student loan refinancing. However, SoFi offers a variety of other financial products, including personal loans. SoFi personal loans set themselves apart because they offer up to $100,000 in unsecured funds. Learn whether a SoFi personal loan might be right for you.

  • APR Range 5.99% to 18.83%
  • Recommended Minimum Credit Score 670
  • Loan Amounts Minimum $5,000-$100,000
  • Loan Terms 2 to 7 Years
  • Pros and Cons
  • Fees
Pros and Cons
  • Multiple perks for members

  • Borrow up to $100,000

  • No fees

  • Unemployment protection

  • A strong credit profile is recommended

  • Must borrow at least $5,000

  • No refinance option


SoFi charges no prepayment or origination fees. Additionally, there are no late fees.

Pros of SoFi Loans

  • Multiple perks for members: Those who use SoFi products are referred to as “members” and have access to extra benefits like one-on-one career coaching, action plans to increase your value in the market, exclusive events, and more.
  • Borrow up to $100,000: SoFi is one of the few lenders that will allow borrowers to get an unsecured personal loan of up to $100,000, which is higher than some other lenders.
  • No fees: SoFi doesn’t charge prepayment or origination fees. Additionally, there are no late fees.
  • Unemployment protection: Receive up to 12 months of forbearance if you lose your job through no fault of your own. To get this perk, though, you need to work with SoFi’s team to help you find new employment.

Cons of SoFi Loans

  • Requires a higher credit score than other lenders: While SoFi looks at a variety of factors when it makes its loan decisions, its 670 credit score requirement is higher than other personal loan lenders. For example, if you have fair credit, a lender like LendingPoint, which requires a minimum credit score of just 585, may be a better fit than SoFi. 
  • Must borrow at least $5,000: The loan minimum is $5,000. For those who need smaller personal loan amounts, such as $1,000 or $2,000, SoFi might not be best.
  • No refinance option: You cannot refinance a SoFi personal loan through SoFi. So, if your credit score increases and you might be eligible for a lower rate, you can’t refinance the loan with SoFi to save money.

Loan Rates & Terms

SoFi charges an annual percentage rate (APR) that ranges from 5.99% to 18.83% (with AutoPay), depending on your creditworthiness and other factors.

Signing up for SoFi’s autopay program will help you get the 0.25% discount that is reflected in SoFi’s lowest rates.

Loan repayment is available for two to seven years. While other lenders also offer loans for up to 84 months (seven years), this isn’t very common. In addition to providing a variety of repayment terms, SoFi also has unemployment protection that allows for forbearance up to 12 months if you lose your job.

Loan Amounts

You need to borrow at least $5,000 when you get a SoFi personal loan. However, SoFi also offers loans of up to $100,000. How much you can borrow depends on SoFi’s specific criteria, and you might not be eligible to borrow as much as advertised, dependent on your financial information. For loans of more than $20,000, SoFi might have additional underwriting requirements. 

You can use your loan for many major life events, home improvements, and debt consolidation. SoFi also offers student loans and student loan refinancing.

Loan Fees

There are no fees with SoFi personal loans. You don’t have to worry about application or origination fees, or prepayment penalties. SoFi doesn’t even charge late fees, although if you don’t make your payments or don’t make in-full payments, that could cause you to default on your loan.

How to Apply

You can apply for a SoFi personal loan online by setting up an account and providing basic information. You can see what rate and terms you prequalify for within a few minutes and SoFi won’t perform a hard credit check unless you agree to go forward with the full application. After you verify your information, funds typically arrive via direct deposit within a few business days.

SoFi personal loans are not available to residents of Mississippi.

Final Verdict

For those with good credit scores of 670 or higher, it’s possible to get a large personal loan with flexible repayment terms from SoFi. There are no fees, and members can enjoy perks and unemployment protection.

However, if you only need a small personal loan, or if your credit score needs work, SoFi might not be the right lender for you and you may want to check out other personal loans.

Article Sources

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  1. SoFi. "SoFi Personal Loans." Accessed July 17, 2020.

  2. SoFi. "Legal." Accessed July 17, 2020.

  3. SoFi. "Legal." Accessed July 17, 2020.

  4. SoFi. "Frequently Asked Questions." Accessed July 17, 2020.