SoFi Personal Loans Review

SoFi is an online lender that offers a variety of personal loan options

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SoFi personal loans
overall rating

SoFi personal loan rates can be competitive for borrowers with good to excellent credit. On top of its potentially low rates, the lender also charges no fees and grants well-qualified applicants loans up to $100,000. 

Our SoFi personal loan review breaks down the details you need to know to decide if the lender is a good fit for your borrowing needs. 

  • Product Specifications
  • Pros & Cons
  • Fees
Product Specifications
  • APR Range 4.99% to 19.63% (includes 0.25% autopay discount)
  • Loan Amounts $5,000 to $100,000
  • Loan Terms 2-7 years
  • Recommended Minimum Credit Score 670
Pros & Cons
  • Competitive interest rates for well-qualified applicants

  • Pay zero fees to borrow

  • High loan amounts available for borrowers who need large loans

  • Good personal credit needed to qualify

  • Borrowers with excellent credit may find lower rates with other lenders

  • Funding process is slower than with some other lenders

  • Origination Fee: none
  • Prepayment Penalty: none
  • Late Fees: none

Pros Explained

  • Competitive interest rates for well-qualified applicants: Personal loan rates from SoFi start as low as 4.99%. Just like with any lender, only some applicants will qualify for the lowest rate. To qualify for SoFi’s lowest rate you need to show responsible financial history, years of experience, sufficient income, and meet other conditions.
  • Pay zero fees to borrow: The fact that SoFi charges no fees, including late fees, could make it more affordable to borrow. If you prequalify for the same APR elsewhere, but the other lender charges fees, SoFi is likely the better choice.
  • High loan amounts available for borrowers who need large loans: SoFi offers loan amounts up to $100,000. The lender also allows co-applicants on personal loans. This could work in your favor if you’re trying to qualify for a larger loan amount. Co-borrowing can be risky from a credit and financial perspective for both you and your joint applicant. But, if you and a partner want to finance a big home improvement project and need both of your incomes to qualify, SoFi might be a good fit.

Cons Explained

  • Good personal credit needed to qualify: Applicants need a minimum credit score of 670 to qualify for a personal loan. Should your credit score fall below that threshold, you may need to work to improve your credit and, perhaps, consider a different lender in the meantime. 
  • Borrowers with excellent credit may find lower rates with other lenders: Lower interest rates can help you save when you borrow money. If you have excellent credit, you naturally want to leverage it to secure the best rates and terms available. If you’re shopping for a lower rate, be sure to factor in any fees other lenders charge. A lower rate from a lender that charges high fees might not be a better deal in the long run.
  • Funding process is slower than some other lenders: Some lenders give you the money you borrow as soon as the same day you apply. SoFi requires more time. If you need access to funds in a hurry, you should consider this fact before you apply. Once you’re approved and you electronically sign your loan documents, you’ll receive a call to confirm the information on your application (like your address). From there, it may take a few more days to access your funds.

Types of Personal Loans Offered by SoFi

You can use a personal loan from SoFi for a variety of purposes. Loans are available for credit card consolidation, home improvements, medical costs, relocation, and more. As long as you don’t plan to use the loan for restricted reasons (see below), it’s up to you to determine where you will spend the money you borrow.

SoFi personal loans cannot be used for any of the following reasons:

  • Real Estate
  • Business Purposes
  • Investments
  • Post-Secondary Education
  • Short-Term Bridge Financing
  • Buying Securities

Time to Receive Funds

A drawback of SoFi personal loans is the time it may take to receive your funds. Where some lenders may let you access funds as soon as the day you apply for a personal loan, SoFi borrowers may have to wait several days to receive the money they borrow. 

SoFi Personal Loan Features

Unemployment Protection

As a SoFi personal loan borrower, the lender offers you the ability to temporarily put off your payments if you lose your job through no fault of your own. You can apply to put your loan into forbearance for three months. SoFi gives you the option to temporarily suspend payments up to four times throughout the life of your loan (12 months of total forbearance). 

Soft Initial Credit Inquiry

You can check the rates and terms you qualify to receive with only a soft credit check that won’t impact your credit score. If you decide to apply for the loan, a hard inquiry (which might affect your credit score) will take place. 

Joint Applications Available

Want a loved one to co-sign for your personal loan? SoFi allows joint applications from borrowers who share the same address. Joint applications may take up to two extra weeks to process. Keep in mind that cosigners are equally responsible for debts. So, if the worst happens and you can’t make your payments, it could damage your credit and the credit of your co-borrower. 

Mobile App

SoFi offers a mobile app for both Apple and Android users. You can use the app to apply for loans, make payments, and review your balances.

SoFi Membership

When your loan application is approved, you become a SoFi member. Membership gives you benefits like free financial planning help, career services, and access to member events nationwide.

Apply for a SoFi Personal Loan

You can discover whether you may be eligible for a SoFi personal loan, along with your rate and terms, with a soft initial credit check. Use either the SoFi website or app to initiate this process. Here’s what to expect. 

  1. Fill out some initial information online, including your name, state, and email address. Create a password and agree to SoFi’s online consent forms to register for your online account. (Tip: Read over all terms to make sure you’re comfortable agreeing to them first, including the arbitration agreement.) 
  2. Let SoFi know how much you want to borrow, between $5,000 and $100,000, and how you plan to use the funds. Select from options such as credit card payoff, loan consolidation, major purchase, home improvement, moving expenses, or other. 
  3. Choose your desired monthly payment amount. Your minimum and maximum payment options will vary, based on how much you indicated you want to borrow in Step 2. 
  4. Enter your date of birth and citizenship status. You must be a U.S citizen, green card holder, or visa holder to be eligible to borrow. 
  5. Provide your home address for SoFi to see if they can match your information to data from a credit-reporting agency. Tell SoFi whether you own your home, are renting, or live with friends or family. 
  6. Disclose your annual income (total base income before taxes). You should only include income that you can prove you earn. 
  7. Choose between an individual or joint application. If you opt to include a cosigner, you will need to supply his or her information as well. 
  8. Check your rate. If SoFi cannot find your credit information, you may first need to provide your Social Security number to proceed with the soft credit check. 
  9. Review your loan terms and continue with an official application if you’re happy with the offer. SoFi may reach out to you if it needs additional documentation, such as a copy of your driver’s license, proof of income, etc.

After your loan is approved and you e-sign your loan agreement, you should be able to access your funds within a few days. 

Can You Refinance a Personal Loan with SoFi?

SoFi doesn’t offer the option to refinance your personal loan. Yet you can take out a second personal loan if you qualify. You can use the new loan to pay off existing debt, including previous personal loans from SoFi. 


A personal loan might be a good idea if you need to pay off high-interest debts or cover large, potentially unplanned expenses. Yet you should proceed with caution before you apply for any type of financing. Most of all, make sure your budget has room for the additional loan payment.

Because SoFi offers low rates and no fees, it’s worth considering if you’re in the market for a personal loan if you have great credit. You can use a SoFi personal loan for almost any purpose, plus the fact that borrowers receive a whole host of other benefits such as free financial planning, making it a solid choice. The best way to figure out if SoFi offers the best deal on financing for your situation is to complete the pre-qualification process online. From there, you can compare SoFi’s offer to options from other lenders.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders including interest rates, fees, loan amounts and repayment terms to ensure that our content helps users make the right borrowing decision for their needs.