Our Rating: 94.0%
SoFi Personal Loan Review
- Large loan amounts
- No fees
- Simple digital experience
- Allows joint applications
- Only good to great credit borrowers accepted
- Can take a while to receive funds
About SoFi Personal Loans
SoFi Personal Loan Snapshot
$5,000 - $100,000
5.99% to 21.11%
Minimum Credit Score:
Time to Funding:
Within a few days
Has Origination Fee:
Origination Fee: Not Applicable
What loan amount would you look to borrow?
Pros and cons of SoFi Personal Loans
Before signing up for a loan with SoFi, take a look at this breakdown of some of its benefits and drawbacks.
No fees: With SoFi, you will not be charged an origination or prepayment fee, there are also no fees for late payments.
Large Loan amount: SoFi offers persona loans up to $100,000 or as little as $5,000. Not many lenders offer personal loans up to $100,000.
Online Lending Experience: SoFi's entire borrowing process takes place completely online. SoFi also offers an app where you can apply for your loan, check your balances and also manage your payments.
Joint applications: If you're struggling to qualify or are looking for a lower interest rate, SoFi offers the option to apply with a co-applicant.
Only good to great credit borrowers accepted: SoFi requires a minimum credit score of 680 to be approved for a personal loan.
Time to receive loan: According to SoFi, once approved, borrowers will receive their funds within a few days. They do not offer same day funding.
Are SoFi Personal Loans Available in your State?
Residents in Arizona, Massachusetts and New Hampshire have a minimum loan rate of $10,001.
Kentucky residents have a minimum loan rate of $15,001.
SoFi loans are not available in Mississippi.
SoFi personal loans might have fixed or variable rates:
- Fixed: 5.99 to 21.11 percent (with autopay).
- Variable: 6.99 to 14.70 percent (with autopay).
the autopay reduction is 0.25 percent.
Maximum interest rates are lower in 12 states where residents can get a SoFi loan: Alaska, Colorado, Connecticut, Hawaii, Illinois, Kansas, Maine, Oklahoma, South Carolina, Texas, Virginia and Wyoming. Variable rates are not available to residents of Alaska, Texas, Virginia, or Wyoming (or in Illinois if your loan amount is greater than $40,000).
Fees and penalties
Thankfully to qualified borrowers, SoFi personal loans do not have any fees. It’s one of the few online lenders that doesn’t charge an origination fee, and there is no prepayment penalties for paying off your loan early.
With a SoFi loan you are not also charged for missing payments. However late payments may show up in your credit report and increase the interest on your loan
SoFi also offers unemployment protection. This means that if you lose your job, you can apply to have your loan payments suspended for up to 12 months, without affecting your credit. However, your interest will continue to be charged during this payment pause.
How to get a Personal Loan with SoFi
To apply for a SoFi personal loan you first need to create a username and password and provide some basic information to see if you pre-qualify on SoFi's website. The application is entirely online but you are able to reach SoFi's customer support at (855) 456-7634 Monday through Thursday from 4 a.m. to 9 p.m. Pacific, and Friday through Sunday from 4 a.m. to 5 p.m.
Before finalizing your loan, SoFi, like all lenders, will do a “hard” credit check. A hard credit check which can adversely impact your credit score.