
SoFi Personal Loans
Would you recommend SoFi Personal Loans to your friends?
Community Rating | Mostly recommended |
APR (Fixed APR) |
8.99% - 25.81% (Verified 08/04/2023)
|
Loan Amount | $5,000 - $100,000 |
Loan Term (Months) | 24 - 84 months |
Number of Reviews | 107 |
SoFi Personal Loans Review
SoFi Personal Loans is offered by SoFi, a nonbank financial services provider founded in 2011 and based in San Francisco, CA. Sofi loans are available in 49 states (and Washington, DC).
Key Takeaways
- APRs starting at 8.99%. Rate is quoted with autopay discount*. These are typical starting rates for personal loans.
- Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
- Large loan amounts. You can apply for loan amounts of up to $100,000 with SoFi Personal Loans.
- Prequalified rate. You can check your prequalified rate at SoFi with a soft pull that will not affect your credit score.
- Origination fees of 0% to 6%. This is on the high end for lenders on SuperMoney's database. Don't forget that these fees are deducted from the loan amount, so take them into account when deciding how much money to borrow.
- No late fees. Missing a payment can seriously damage your credit, but SoFi Personal Loans will not charge additional fees if you miss the due date on a payment.
- Coborrower applications accepted. Applying for SoFi Personal Loans with a coborrower who has better credit than you could improve your chances of approval and may help you qualify for lower interest rates.
- Super long loan terms. SoFi Personal Loans offers loan terms of up to 84 months. Most personal loans have a maximum term of 60 months.
Sofi loans Pros & Cons
Pros | Cons |
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Sofi loans FAQ
What interest rates and personal loan terms does Sofi loans offer?
What interest rates does Sofi loans offer?
Sofi loans offers a fixed APR personal loan product that ranges from 8.99% APR up to 25.81% APR. Rate is quoted with autopay discount*.
How much can you borrow via Sofi loans?
Personal loan amounts start at $5,000and go up to $100,000
What is the maximum loan term you can get with Sofi loans?
Sofi loans offers loans with terms of up to 84 months.
Personal Loan Amount | $5000 - $100000 |
Loan Term | 24 - 84 months |
APR |
8.99%
- 25.81%
Rate is quoted with autopay discount* |
What fees does Sofi loans charge?
Does Sofi loans charge an origination fee?
Sofi loans may charge a personal loan origination fee of 0% to 6% of the personal loan amount of $0 Sofi loans deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.
Does Sofi loans charge a late fee?
No, Sofi loans will not charge you a late fee if you miss one of the monthly payments.
Does Sofi loans charge prepayment fees?
No, Sofi loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
Origination Fee | 0% - 6% |
Prepayment Fee | No |
Late Payment Fee | No |
What do you need to qualify for SoFi Personal Loans?
Applicants with a credit score of at least 680 and up to 850 may be eligible for SoFi Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.SoFi Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. SoFi Personal Loans only considers borrowers who are employed. Note that borrowers can add a co-borrower to either meet eligibility requirements or qualify for lower interest rates.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via SoFi Personal Loans. Their rates fall within the limits of The Military Lending Act.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by SoFi Personal Loans. Not all companies will work with visa holders. SoFi does offer its services to temporary resident visa holders such as F1 or H1B holders.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Recent pay stubs
- Proof of income
- Driver's license
- Proof of citizenship or residence permit
Minimum Age | 18 |
Bank Account Required? | Yes |
Application Types Accepted |
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Credit Score | 680 - 850 |
What is the estimated funding time for a personal loan via Sofi loans?
Sofi loans will typically approve (or deny) a loan application within 1 hour and fund loans within 7 business days of approval.
Does SoFi Personal Loans report your account activity to credit bureaus?
Yes, SoFi Personal Loans reports your account activity to the following credit reporting agencies:
- Equifax
- Experian
- Transunion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
Are SoFi Personal Loans legit?
SoFi was founded in 2011, it is a well-established company that has been in business for 12 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.
Message From Sofi loans
Message From Our Editor
Contact
- Headquarters
-
234 1st Street
San Francisco, CA 94105 USA - (844) 945-7634
- Visit Site
- Email Support
Other Services by SoFi
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, DC
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
No Late Fees | |
No Prepayment Fee |
(Verified 05/18/2023) |
Origination Fee ($) | $0 |
Origination Fee (%) | 0% - 6% |
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