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SoFi has a large maximum loan amount of $100,000, which is helpful for borrowers who need to fund a significant expense. It's a top pick in our guide to the best debt consolidation loans.
However, SoFi doesn't have any in-person support. If you like having the option of talking to a banker in person about your loan or make a payment in person, SoFi may not be the lender for you.
Key Features of SoFi Personal Loans
SoFi Personal Loan
On SoFi's website
Insider’s Rating
4/5
Perks
0.25% AutoPay interest rate discount and a 0.25% direct deposit interest rate discount
Regular APR
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: 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 potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
8.99% - 29.99% fixed (with all discounts)
Loan Amount Range
$5,000 to $100,000
Minimum Credit Score
680
Pros
- High maximum loan limit
- No fees required
- Competitive APR
Cons
- High minimum credit score requirement
- High minimum loan amount
- No in-person support
Insider’s Take
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.
Product Details
- 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.
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
Compare Personal Loan Rates
Eligibility and Application for a SoFi Personal Loan
SoFi is a strong personal loan lender for those with high credit scores — you'll get multiple perks and no fees required. This feature also makes it a strong home improvement loan option. However, its minimum loan amount is relatively high and you'll need a solid credit score to qualify.
How to Apply for a SoFi Personal Loan
1.Check your rate.SoFi allows borrowers to prequalify for its 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 application, which may also 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 Borrower Benefits
If you borrow from SoFi, you won't pay an origination fee at the start of the loan and also doesn't charge a fee on late payments. However, interest will still accumulate on late payments, and a late payment could still be reflected on your credit report.
SoFi Personal Loan Pros and Cons
SoFi Personal Loan Pros
- Generous loan limits
- No origination fee or late payment fees
- Fully online loan application
SoFi Personal Loan Cons
- High minimum credit score requirement
- High minimum loan amount of $5,000
- No in-person support
SoFi Personal Loan Alternatives
SoFi Personal Loans vs. LightStream Personal Loans
SoFi and LightStream Personal Loan both cater to borrowers with good or better credit. But 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 do, but LightStream's maximum interest rates are higher. 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 8% on its personal loans. Upstart has a much wider range of interest rates than SoFi. 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 1-5 scale. 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 do not directly tie 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?
SoFi personal loans have 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 caters more toward borrowers with good to excellent credit scores.
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 typically 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.
Personal Finance Reporter
Liz was a personal finance reporter at Insider. Before joining Insider, she wrote about financial and automotive topics as a freelancer for brands like LendingTree and Credit Karma. She earned her bachelor's degree in writing from The Savannah College of Art and Design. She lives and works in Cincinnati, Ohio. Find her on Twitter at @lizknueven.
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
Compliance Associate
Elias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, whichensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.
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