SoFi Personal Loan Review

See if SoFi personal loan rates are right for you

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overall rating
4.3

SoFi is one of our top-rated lenders in large part because its average APR is one of the lowest among the lenders we surveyed. It also has no origination, prepayment, or late fees, no membership requirements, and allows you to prequalify. Plus, it offers unsecured loans of up to $100,000 with the potential for seven-year repayment. SoFi personal loans may not be available to borrowers with a less-than-good credit profile.

  • Product Specifications
  • Pros and Cons
  • Fees
  • Company Overview
Product Specifications
  • APR Range 5.99% to 18.28%
  • Loan Amounts $5,000-$100,000
  • Loan Terms 2 to 7 Years
  • Recommended Minimum Credit Score 670
Pros and Cons
Pros
  • Multiple perks for members

  • Borrow up to $100,000

  • No fees

  • Unemployment protection

Cons
  • A strong credit profile is recommended

  • Must borrow at least $5,000

  • No refinance option

Fees
  • SoFi charges no prepayment or origination fees. Additionally, there are no late fees.
Company Overview

SoFi was founded in 2011 and is well known for its student loan refinancing. SoFi also offers investing and banking products, including personal loans. To date, SoFi has funded more than $50 billion in loans and has more than a million members.

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, a free will-drafting service, 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.
  • 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, you need to work with SoFi’s team to help you find new employment.

Cons of SoFi Loans

  • A strong credit profile is recommended: 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 585, may be a better fit. 
  • Must borrow at least $5,000: The loan minimum is $5,000 (the minimum in your state might be higher). Those who need a smaller loan amount should look elsewhere.
  • No refinance option: You cannot refinance a SoFi personal loan through SoFi. For instance, if your credit score increases, making you 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 18.28% APR (with AutoPay), depending on your creditworthiness and other factors.

Sign up for SoFi’s autopay program to 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 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 because it depends 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, you could default on your loan.

How to Apply

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—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

If you have good credit, you could qualify for a large personal loan, at a competitive interest rate, with flexible repayment terms from SoFi. There are no fees and, as a member, you’d enjoy a range of perks, including unemployment protection.

However, if you only need a small personal loan, or if your credit score needs work, you may want to check out other personal loans.

Methodology

We look at 40 data points from dozens of financial institutions to evaluate lenders for our personal loan reviews. Because a loan’s APR can dramatically impact the total cost you pay, we weight that feature the heaviest. But since a great APR usually requires at least a good credit score, we also give points to lenders who may have a higher potential APR but offer loans to people with less-than-perfect credit scores. 

Along those lines, we favor lenders who allow you to see if you prequalify before applying for a loan, so you won’t harm your credit score just by applying. Origination, prepayment, and late fees all get counted in our assessment. And lastly, we deduct points from the ratings of lenders with restricted access—for instance, those who require you to first have another type of account with them or to join a nonprofit organization.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. SoFi. "About Us." Accessed Nov. 10, 2020.

  2. SoFi. "Personal Loans." Accessed Nov. 10, 2020.

  3. SoFi. "Frequently Asked Questions." Unemployment Protection Program. Accessed Nov. 10, 2020.

  4. SoFi. "SoFi Personal Loans." Accessed Nov. 10, 2020.

  5. SoFi. "Legal." Fast Funding. Accessed Nov. 10, 2020.

  6. SoFi. "Frequently Asked Questions." How Long Does It Take to Receive the Funds? Accessed Nov. 10, 2020.