Business Insider compared SoFi® Personal Loan to the best personal loan companies and found it to be an industry leader. SoFi® has a large maximum loan amount of $100,000, which is helpful for borrowers who need to fund a significant expense. This lender also doesn't charge any fees, and you can access your funds the same day your SoFi loan application is approved.
However, SoFi® doesn't offer in-person support. So, if you like the option of talking to a banker in person about your loan or making a payment in person, SoFi may not be the lender for you.
SoFi Personal Loan Pros & Cons
SoFi Personal Loan Pros
- Generous loan limits. You can borrow up to $100,000 with a SoFi personal loan.
- Avoids fees. SoFi® does not charge origination fees or late payment fees.
- Fully online loan application. Applying for a SoFi® personal loan is quick and easy, and you can check which rates you'll qualify for in as little as one minute.
SoFi Personal Loan Cons
- High minimum credit score requirement. While SoFi® doesn't disclose exact credit score requirements on its website, you'll likely need a credit score in the mid-600s to qualify.
- High minimum loan amount of $5,000. If you only need a few thousand dollars, you'll need to look elsewhere.
- No in-person support. No in-person support.SoFi® customer support is only available via phone or online chat.
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8.99% - 29.99% fixed (with all discounts)
$5,000 to $100,000
680
- High maximum loan limit
- No fees required
- Competitive APR
- High minimum credit score requirement
- High minimum loan amount
- No in-person support
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
Compare SoFi Personal Loans
6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)
$5,000 to $100,000
660
- Competitive APR
- Approval decisions should come shortly after applying
- Loans can be funded the same day
- Wide range of borrowing amounts and terms
- No fees
- Only available to people with good credit
- No pre-approval option
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
LightStream Personal Loan- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 12 years
- Apply online and you'll receive a response shortly during business hours.
- Receive your funds as soon as the same day
- Loans are made by Truist Bank, member FDIC
9.99% to 35.99%
$1,000 to $50,000
580
- Small minimum loan amount
- Quick access to funds
- Low minimum credit score
- Origination and late fees
Upgrade is a solid lender if you can qualify for its lowest interest rate. But if your credit isn't in great shape, you may be able to find a better deal elsewhere.
Upgrade Personal Loan- Loan amounts range from $1,000 to $50,000
- Loan term lengths range between 2 to 7 years
- You can get your money within one business day after your loan is reviewed and approved
- Loans made by Upgrade's lending partners
6.99% to 35.99%
$2,000 to $50,000
600
- Fast access to funds
- High customer satisfaction
- No prepayment penalty
- Origination fees
- High maximum APR
- Unavailable in a few states and DC
- Loan amounts range from $2,000 to $35,000
- Loan term lengths range between 3 to 5 years
- You may get your money by the next business day after your loan is reviewed and approved
- Loans made by Best Egg's lending partners
- Unavailable if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories
SoFi Personal Loan Overview
SoFi is an excellent option for personal loans from $5,000 up to $100,000 with flexible terms ranging from two to seven years. You can use a SoFi personal loan to consolidate credit card debt or fund major life expenses, such as weddings, home improvements, fertility treatments, travel, and more.
SoFi is a top pick in our guide to the best debt consolidation loans. This lender offers competitive fixed interest rates, which means your rate won't change for the entirety of your loan. You can consolidate multiple monthly payments into one and potentially save money by qualifying for a lower APR with SoFi. Another way to save money is by taking advantage of SoFi's 0.25% rate discount when you sign up for autopay. This discount can reduce the amount of interest you pay in the long haul.
How to Apply for a SoFi Personal Loan
SoFi® is a strong personal loan lender for those with high credit scores and who are looking for a large loan — you'll get multiple perks, and there are no fees required. These features also make it a solid home improvement loan option.
Eligibility
To be eligible for a SoFi personal loan, you must meet the following requirements:
- Be a U.S. citizen, permanent resident, or non-permanent resident alien
- Be the age of majority in your state or older
- Be employed, have sufficient income sources, or have an offer for employment with a start date within 90 days
- Be a resident of a state SoFi is licensed to lend in (not including Alaska, Arizona, Connecticut, Georgia, Hawaii, Kentucky, Massachusetts, Mississippi, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Utah, Virginia, West Virginia, Wisconsin)
In addition, SoFi takes your credit score, financial history, and debt-to-income ratio into consideration when determining whether or not to approve loan applications.
Step-by-Step SoFi Loan Application Guide for Personal Loans
1. Check your rate. SoFi allows borrowers to prequalify for loans by applying through its website. That means you'll be able to get your rate without impacting your credit score. You'll need to input your name, email address, state of residence, desired loan amount and purpose, and other information.
2. Look over your loan offerings and choose the one that makes sense. After you submit your initial information, SoFi will send you potential loan terms. A shorter term length means bigger monthly payments — but you'll save more in interest. You'll need to send in a formal SoFi® loan application, which may require additional documents like W-2s, pay stubs, or bank statements.
3. Confirm your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've added your loan payments into your budget.
SoFi Personal Loan Interest Rates and Fees
SoFi® is a well-known lender with competitive interest rates available for high loan amounts and shorter repayment terms. If you borrow from SoFi, you won't pay an origination fee at the start of the loan, and SoFi doesn't charge a fee for late payments. However, interest will still accumulate on late payments, and a late payment could still be reflected on your credit report.
Regular APR: 8.99% - 29.99% fixed (with all discounts) Annual Percentage Rate
Loan amounts: $5,000 to $100,000
Fees: None required
Term lengths: 2 to 7 years
SoFi Personal Loans Customer Experience
SoFi has excellent reviews on the well-known consumer review site Trustpilot. The lender boasts an average 4.4-star rating out of five. Customers loved how easy it was to get a loan and how quickly their loan was funded.
Most of the negative reviews were from people whose loan applications were denied. Many claim it was unclear why they were denied despite having a good credit history.
Is SoFi Trustworthy?
SoFi currently boasts an A+ rating from the Better Business Bureau. This indicates that the lender responds to customer complaints in a timely manner.
In May 2024, SoFi agreed to a $1.1 million settlement with FINRA regarding customer fraud and identity theft. This doesn't ensure you'll have a bad experience with the lender, but it is something to be aware of. It's also important to do your own research and take steps to reduce your risk of identity theft when possible.
SoFi Personal Loan Alternatives
SoFi Personal Loans vs. LightStream Personal Loans
SoFi® and LightStream Personal Loan both cater to borrowers with good credit. However, for borrowers who don't meet SoFi's relatively high credit requirements, LightStream may be the better choice.
LightStream's interest rates start lower than SoFi's rates. Neither lender charges origination fees or prepayment penalties. Your choice could depend on which lender offers you the better rate.
SoFi Personal Loans vs. Upstart Personal Loans
While SoFi® does not require a origination fee, Upstart Personal Loan does charge an origination fee of up to 12% on its personal loans. Upstart has a much wider range of interest rates than SoFi, and SoFi's interest rates stop much lower than Upstart's interest rates. See the best personal loans with no origination fee.
Why You Should Trust Us: How We Rated SoFi Personal Loans
We rate all personal loan products in our reviews and guides on a scale of 1 to 5. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but they are not directly tied to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans »
SoFi Personal Loan Frequently Asked Questions
How do SoFi personal loans stand out from competitors?
Compared to other personal loan lenders, SoFi stands out for competitive interest rates and no fees.
How do I qualify for a SoFi personal loan?
Your credit score, income, employment status, and other financial factors determine whether or not you qualify for a SoFi personal loan. SoFi credit score requirements cater more toward borrowers with good to excellent credit.
Can I use a SoFi personal loan for debt consolidation?
SoFi personal loans can be used for a wide range of purposes, including debt consolidation. SoFi's competitive rates and no-fee lending model can make it a good option for consolidating high-interest debt if you qualify for the best rates.
What are the repayment terms for SoFi personal loans?
SoFi offers personal loans with terms ranging from two to seven years.
Do SoFi personal loans have any fees?
One of the significant benefits of SoFi personal loans is their no-fee policy, meaning there are no origination fees, prepayment penalties, or late fees.
How fast does SoFi approve personal loans?
It typically takes two days for SoFi to decide whether or not a personal loan application will be approved. This process may take longer if you are self-employed or apply with a co-applicant.
SoFi Personal Loan Disclosures: Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000— $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi's underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
