SoFi Personal Loans Review: Rates, Terms and How To Qualify
Loan limit ranges from $5,000 to $100,000: Eligible borrowers can receive onsecured funding from $5,000 to $100,000. Fixed APRs range from 6.99% to 35.49%, with repayment terms from 24 to 84 months. You can use the money for debt consolidation, home improvements or big purchases — but not for real estate or higher education.
SoFi personal loans offer perks: Some of those perks include free financial planning, career coaching, unemployment protection, member rate discounts and no origination, prepayment or late fees. Funding may be available the same day you're approved and sign your loan documents.
Check your eligibility first: SoFi's soft credit pull won't affect your score. Borrowers with stronger credit profiles are more likely to qualify for lower rates, so consider a co-borrower if your credit needs work.
SoFi® personal loans work well for borrowers with good credit or better, offering unsecured loans with amounts ranging from $5,000 to $100,000 for qualified borrowers and fixed annual percentage rates (APRs) starting at 6.99%.
Quick Facts
APR: 6.99% to 35.49%
Loan amounts: $5,000 to $100,000
Terms: 2 to 7 years
Origination fee: $0 required, but an optional fee of 0% to 7% may be offered in exchange for a lower rate
Funding speed: May be available the same day you sign
Credit profile: Stronger credit profiles may qualify for lower rates
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 of all the details in this SoFi personal loans review.
MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.
SoFi Personal Loans: Pros and Cons at a Glance
Pros
Loans up to $100,000 with fast approval and funding
Flexible repayment options
No late, prepayment or required origination fees
Competitive rates and potential for rate discounts
Co-borrowers allowed
Free, simple and all-digital app
Perks such as career coaching and financial planning
Cons
$5,000 loan minimum
Borrowers with low or limited credit may have difficulty qualifying
Minimum credit score or income not disclosed
Funds can't be used for education or real estate
SoFi Personal Loans Company Overview
SoFi offers a wide range of financial services, including personal loans, banking, investing and credit cards. SoFi customers have the opportunity to use perks such as financial planning and career coaching.
SoFi may suit borrowers who have good to excellent credit, need to borrow a fairly large amount and don't mind the membership model. Its maximum loan amount is $100,000.
Key Features
If you're considering taking out a SoFi loan, here are some of the key features that make this an option worth considering for personal loans.
APR and Rate Discounts
APR is the yearly cost of borrowing that includes the interest rate and certain fees, such as origination fees, that come with a loan. SoFi personal loans have fixed APRs ranging from *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:
Autopay discount: Borrowers who agree to set up automatic payments through a checking or savings account benefit from a rate discount of 0.25%.
SoFi Plus or direct deposit setup: Borrowers who sign up for SoFi Plus or have an eligible direct deposit set up may receive a 0.25% discount.
Pay directly to creditors: Borrowers can receive a 0.25% discount if 50% or more of their funds are directly paid to creditors on debt consolidation loans.
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-borrower 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 need 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.
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.
Funding Speed
SoFi loans may also come with fast funding times, potentially the same day you're approved and sign your loan documents. In most cases, however, you'll receive the money within a few business days.
Fees
SoFi doesn't charge late fees or prepayment penalties. Origination fees aren't required, though a fee of 0% to 7% may apply in exchange for a lower interest rate. SoFi will still report payments that are at least 30 days past due to the credit bureaus.
Eligibility Criteria
Here's what you need to know about SoFi's personal loans and increasing your chances of approval.
Credit score: No minimum score disclosed, but FICO considers scores of 670 and higher to be good or better.
Income and employment: You may need to show proof of employment and a source of steady income.
Co-borrowers vs. co-signers: SoFi does allow you to apply with a co-borrower, but not a co-signer. You and the co-borrower would be equally responsible for repaying the loan.
Returning Borrower Pricing
If you've previously paid off a SoFi loan in full, you may be eligible for Returning Borrower special pricing if you choose to apply for another loan in the future. Approval is subject to meeting the eligibility requirements and other terms.
How SoFi Personal Loans Stand Out
What stands out | Why it matters |
|---|---|
Streamlined online application | Apply online with fast approval and funding times — no need to visit a branch or wait for paperwork to process. |
Members-only perks | Once you take out a loan, you may have access to benefits such as free financial advising and other member offers. |
Fast eligibility check | See your rate in minutes with a soft credit pull — checking your rate doesn't require a hard credit inquiry and it won't affect your credit score. |
SoFi vs. Comparable Personal Loan Options
Although SoFi may suit 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.
Upstart
Upstart offers loans from $1,000 to $75,000 and is geared more toward borrowers with fair or limited credit. It uses an AI-powered underwriting tool to evaluate applicants, looking at factors such as education, income and employment, beyond just credit score.
How To Apply
SoFi personal loans come with a simple online application process, which looks a little something like this:
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.
Select your preferred term: You can choose between two- and seven-year repayment terms.
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.
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 Thursday 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 may suit 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 loan or a loan with a co-borrower 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 strong credit profiles and a solid source of 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.
Key Terms
Annual percentage rate (APR): The yearly cost of borrowing, shown as a percentage. 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
Consumer Financial Protection Bureau (CFPB): Financial terms glossary.
CFPB: What is the difference between a loan interest rate and the APR?
Parts of this article were created with AI assistance. MoneyLion editors reviewed, fact-checked and edited the final version and are responsible for its accuracy.
Photo Credit: Prostock-Studio / iStock.com
*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 by either 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 Oct. 14, 2026, and are subject to change without notice. Not all rates and amounts are 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 creditworthiness and income. 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 any applicable origination fee. Loans originated by Cross River Bank have an origination fee of 9.99% of your loan amount, which will be deducted from any loan proceeds you receive. Loans originated by SoFi Bank have an origination fee of 0% to 7%, will be deducted from any loan proceeds.
FAQs
Yes, SoFi is a legitimate online lender for personal loans and has offered personal loans for several years. Personal loans are issued by SoFi Bank, N.A. or Cross River Bank, each of which is FDIC-insured. Be sure to look at all of the rates and the terms before you apply to make sure you're getting a loan that suits your budget and needs.
The biggest downside to SoFi personal loans may be the $5,000 loan minimum, ruling out those who need to borrow smaller amounts. Those with thin or poor credit may have difficulty getting approved or only receive less favorable APRs or terms. SoFi doesn't disclose a minimum credit score requirement, however, so it can be difficult to gauge your odds. You aren't able to use the funds for real estate or secondary education. Only co-borrowers may apply with you, not co-signers.
Your actual payment on a $30,000 personal loan from SoFi depends on your interest rate and repayment term. The APR ranges from 6.99% to 35.49% across terms of 24 to 84 months. It may be best to check with a loan calculator to estimate your payment before you proceed.
Yes, there are no prepayment penalties with SoFi personal loans, so you don't have to pay an extra fee. It's a good idea to confirm with SoFi that you'd like to apply the extra payments toward the principal rather than being applied to future payments.
Applying for a SoFi loan begins with checking your rate, and that's a soft credit inquiry, which doesn't negatively impact your credit score. If you do move forward with the application, SoFi will conduct a hard credit check, which does result in a small dip to your credit score. This dip shouldn't have a long-term effect, as long as you stay on top of your payments.
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