SoFi's personal loan product is just one offering from this broader marketplace lender that specializes in offering loans with low rates to people with good credit scores and high incomes. Although the San Francisco-based company is still a relatively new player in the business, it is already a leader in online lending. SoFi has issued more than $20 billion in loans to over 380,000 borrowers.

How Do SoFi Loans Work?

SoFi generally offers loans to people with high incomes and excellent credit. This allows SoFi to offer low rates on unsecured personal loans.

To apply borrowers must create an account. Once the information is verified, the marketplace's platform provides applicants with a selection of available loans. Borrowers then select which loan meets their needs, sign the loan agreement electronically, and receive their funds within a few days. As well as personal loans, SoFi also provides student loans and mortgage loans. 

What Are SoFi's Rates and Fees?

Rates range from:

  • Fixed: 
    • 5.49% - 14.24% APR (with AutoPay)
    • 5.74% - 14.49% APR (without AutoPay)
  • Variable:
    • 5.29% - 11.44% APR (with AutoPay)
    • 5.54% - 11.69% APR (without AutoPay)

The lowest rates include a 0.25% APR discount for people who enroll in autopay. If you opt out of autopay, add 0.25% APR.

For a 5-year loan, a typical rate can be 9.71% APR.

How Much Money Can I Borrow from SoFi?

SoFi offers loan amounts of $5,000 to $100,000 with loan terms of 3 to 7 years.

Which States Does SoFi Operate In?

SoFi operates in all states except Mississippi and Nevada.

What Is SoFi's Application Process Like?

The application process is simple but getting approved isn't. To start the ball rolling applicants must create an account and provide basic personal information and income details. SoFi then performs a soft credit pull, which doesn't hurt your credit, so as to provide a firm rate offer. If the loan is accepted a full credit check is required, which may ding your credit a little.

SoFi requires borrowers to have a good or excellent credit score. There isn't a minimum annual income required. 

How Is SoFi Better Than Other Lenders?

SoFi offers large installment loans at extremely low rates to prime and super-prime borrowers. The process is simple and fast, and there are no origination fees, closing costs or prepayment penalties. Loan terms extend up to 7 years, which gives lenders the flexibility to finance large purchases. SoFi's personal loans also include unemployment protection. So if you lose your job, SoFi will pause your monthly loan payments and help you find another job.

  • Max Loan Term (Months)
  • Institution Type
    Marketplace Lending Platform
  • Bank Account Required?
  • Credit Score Range
    660 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Joint Loan Applications Accepted
    Only Individual Applications
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Supported Income Types
    • 1099 Misc. Income
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Proof of Income
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence
  • Late Fee After (number of days)
  • Late Fee Amount
  • No Origination Fee
  • No Prepayment Fee
  • Approval Speed (Hours)
  • Funding Time Range (in days)
    1 - 7
  • Loan Term Range (Months)
    36 - 84
  • Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
  • Pre-Approved Soft Credit Inquiry
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
  • Loan Amount
    $5000 - $100000
  • APR
    4.98% - 14.49%
Personal Loans: Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.29% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.29% APR assumes current 1-month LIBOR rate of 1.34% plus 4.20% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.
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