SoFi is a marketplace lender based in San Francisco, CA. It was founded in 2011 and offers access to personal loans in 49 states (and Washington, DC).
SoFi offers personal loans with APRs starting at 5.365% and up to 14.49%.
No, SoFi does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
No, SoFi will not charge you a late fee.
No, SoFi does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
Loan amounts start at $5,000 and go up to $100,000.
SoFi offers personal loans with terms ranging from 36 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
Applicants with a credit score of at least 660 can apply for a loan via SoFi. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
Active duty servicemembers and their covered dependents are eligible to apply for a loan via SoFi. Their rates fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
SoFi will typically approve (or deny) a loan application within 1 hour and fund personal loans as soon as 1 business day of approval.
SoFi reports credit data to the following credit reporting agencies:
Are you paying more than 12% interest on your credit cards? A personal loan from SoFi could help you save thousands. With low interest rates and a fixed monthly payment, you can pay off high interest credit cards, fund home improvements, or make a major purchase.