SoFi Personal Loans Review: What Borrowers Should Know

SoFi® personal loans come with flexible repayment terms, competitive rates, fast funding times without a required origination fee, making them a good option for borrowers with good credit or better. Loan amounts run from $5,000to $100,000 for qualified borrowers, with repayment terms of two to seven years.

Plus, SoFi loans also have additional benefits like free financial planning, unemployment protection, member rate discounts and access to exclusive member events. Here's a breakdown on all the details in this SoFi personal loans review.

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Key Takeaways

• SoFi personal loans offer flexible unsecured funding from $5,000 to $100,000 with fixed APRs ranging from 8.74% to 35.49% and repayment terms from 24 to 84 months. You can use the money for debt consolidation, home improvements or big purchases — but not real estate or higher education.

• You get more than a loan with perks like free financial planning, career coaching, unemployment protection, member rate discounts and no origination, prepayment or late fees. Funding can arrive the same day you're approved.

• Check your eligibility first with SoFi's soft credit pull that won't affect your score. You'll get the best rates with a FICO score of 670 or higher, so consider a co-signer if your credit needs work.

Summary generated by AI, verified by MoneyLion editors

SoFi Personal Loans: Pros and Cons at a Glance

Pros

• Loans up to $100,000 with fast approval and funding

• Flexible repayment options

• No required origination, late or prepayment fees

• Competitive rates and three stackable rate discounts

• Joint accounts allowed

• Application is free, simple and all-digital

• Perks such as career coaching and financial planning

Cons

• $5,000 loan minimum

• Good to excellent credit is the minimum requirement

• Minimum credit score or income not disclosed

• Funds can't be used for education or real estate

Key Features

If you're considering taking out a SoFi loan, here are some of the key features that make this a great option for personal loans.

APR and Rate Discounts

An APR, or annual percentage rate, is the yearly interest rate plus any extra fees, like origination fees, that come with a loan. SoFi personal loans have a fixed APR of *6.99% to 35.49% with all discounts.

There are three ways to stack a 0.25% discount, adding up to a possible 0.75% combined. Here's how:

• 0.25% discount to borrowers who agree to set up automatic payments through either a checking or savings account benefit from a rate discount of 0.25%.

• 0.25% discount to those who've signed up for SoFi Plus or those who have an eligible direct deposit set up

• 0.25% discount if 50% or more of your funds are directly paid to creditors on debt consolidation loans

_{*Fixed rates from 6.99% APR to 35.49% 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 11/03/25 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 to $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% to 7%, will be deducted from any loan proceeds you receive.}

As with most lenders, SoFi's rates are subject to change. However, once you take out a loan, your rate will remain the same for the life of that loan.

Rates may vary based on your credit score, income, debt-to-income ratio, and other factors. Generally, the better your credit score, the more likely you are to qualify for the lowest rates and highest loan amounts. Your rate is also based on the loan amount and repayment term you choose. If you don't qualify for the best rates on your own, consider applying with a co-signer or for a different loan amount or term.

Loan Amounts

SoFi personal loans come in amounts ranging from $5,000 to $100,000. You'll have to have good credit or better to qualify for the highest amounts.

If eligible, you can use the funds for almost anything you need. This could be things like a major home renovation project, family planning, travel or a wedding. You can also use the money to help pay off high-interest credit card debt, which could save you money over time.

What's great about SoFi loans is that they also come with fast funding times, potentially even the same day you apply and are approved. In most cases, however, you'll receive the money within a few business days.

Repayment Terms

SoFi personal loans come with flexible terms ranging from 24 to 84 months. Additionally, this lender lets you pay off your loan early without charging a prepayment penalty.

Keep in mind that a longer term typically means smaller monthly payments but higher overall interest charges. A shorter-term loan, meanwhile, may come with larger monthly payments, but you could save money on interest over time.

Fees

SoFi doesn't require you to pay origination fees, late fees or prepayment charges. The lender also doesn't charge late fees on loans originated after April 18, 2018. SoFi will still report payments that are at least 30 days past due to the credit bureaus.

How SoFi Personal Loans Stand Out

One key way SoFi stands out is with its streamlined online application process and fast approval and funding times. Along with this, once you take out a loan product, you automatically qualify for members-only benefits and features like free financial advising and referral bonuses.

Not only that, but SoFi lets you check your eligibility and rates in minutes. This process doesn't require a formal loan application, nor does it impact your credit score.

SoFi vs. Comparable Personal Loan Options

Although SoFi is a great option for people who need an unsecured personal loan, it's not the only lender on the market. Here are a few other options to consider.

Discover

Like SoFi, Discover also offers unsecured personal loans. Loan amounts are smaller, capping out at $40,000, but they can still be used for the same reasons. These loans also don't come with prepayment penalties or origination fees.

LightStream

LightStream also lets you take out anywhere from $5,000 to $100,000, based on your creditworthiness. You can use the funds for almost anything, aside from higher education or real estate. Plus, the application process is easy and comes with the potential for same-day funding.

👉 Best Personal Loans

How To Apply

SoFi personal loans come with a simple online application process, which looks a little something like this:

1. Check your rate: Click the "View Your Rate" button to see what you might qualify for. It's a soft credit pull that doesn't affect your credit score. This takes no more than two minutes.

2. Select your preferred term: You can choose between two- and seven-year repayment terms.

3. Wait for the decision: SoFi typically makes its decision within a few hours or days of receiving your application. If approved, review and sign the loan documents.

4. Receive your funds and start making payments: SoFi will wire the funds to your bank account. You can then start using them as intended. If you're using the money for credit card debt consolidation, the lender can pay off your debt directly.

If you have any questions about SoFi loans or other products, you can contact its customer support team at 855-456-7634. Assistance is available Monday through Friday from 5 a.m. to 7 p.m. PT or Friday through Sunday from 5 a.m. to 5 p.m. PT.

Is SoFi Right for You?

SoFi personal loans are best for borrowers with good credit or better who qualify for the lowest rates and need a large amount of money for things like debt consolidation, home improvements or other big-ticket items. This lender may also be good for those who want to take advantage of the exclusive perks that are available to current members.

Final Take

With SoFi, you can apply for either an individual or co-signed loan ranging from $5,000 to $100,000. All personal loans through this lender are unsecured, meaning they don't require collateral in exchange for funds. Once you do have the money in your account, you can use it for nearly anything you need, aside from things like education or property.

These loans also come with flexible repayment terms and competitive rates for borrowers with the highest credit scores and income. This makes them convenient enough to fit into many people's budgets. Before applying, though, calculate exactly how much you need and make sure you can realistically afford repayment.

FAQs

What is the minimum income for a SoFi loan?

SoFi doesn't disclose the minimum income requirements for its personal loans. However, the lender will review your income and debt-to-income ratio to determine your ability to pay back what you owe. The higher your income, the better your chances of getting approved for funds.

How easy is it to get approved for a SoFi personal loan?

It's relatively easy to get approved for a SoFi loan, provided you meet certain criteria. Before you apply, check your credit score, debt and income situation.

What credit score do I need for a SoFi personal loan?

Although SoFi doesn't specifically state its credit score requirements, you'll have better odds of approval with good credit or better, that is, a FICO credit score of 670 or higher.

What happens if I lost my job while repaying a SoFi loan?

If you lose your job while paying your SoFi loan, it's best to get in touch with SoFi loan to discuss hardship options. Though not guaranteed, you can still discuss the possibility of temporary payment assistance. You may need to show documentation, such as job loss or other hardships that contribute to your inability to pay.

Does SoFi allow a co-signer or only a co-borrower?

No, SoFi doesn't allow co-signers on personal loans, but co-borrowers are allowed. You apply as a joint borrowers with your co-borrower, and both of you are responsible for paying back the loan. You can't remove the co-borrower from the account, unless you decide to refinance or the loan gets paid.

Key Terms

• Annual percentage rate (APR): The yearly cost of borrowing, shown as a %. It includes the interest rate and certain loan fees.

• Unsecured personal loan: A loan that doesn’t require collateral. Approval is usually based on your credit, income and overall finances.

• Debt consolidation: Combining multiple debts into one new loan with one monthly payment. This can simplify repayment but doesn’t erase what you owe.

• Fixed-rate loan: A loan with an interest rate that stays the same for the full term. Your principal and interest payment won’t change.

• Origination fee: A fee some lenders charge for processing a new loan. It’s often taken out of your loan funds before you receive them.

Sources

• https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/glossary/

• https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-origination-fee-en-733/

• https://www.consumerfinance.gov/ask-cfpb/what-is-a-fixed-interest-rate-en-1453/

Summary generated by AI, verified by MoneyLion editors

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