SoFi Personal LoansClaimed
in Personal Loans from SoFi
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SoFi Personal Loans Review
SoFi Personal Loans is offered by SoFi, a marketplace lending platform founded in 2011 and based in San Francisco, CA. SoFi Personal Loans is available in 49 states (and Washington, DC).
- Fast access to cash. In some cases you can get your money within 1 business day.
- Good credit required. You will need a credit score of at least 680 to qualify for SoFi Personal Loans.
- Large loan amounts. You can apply for loan amounts of up to $100,000 with SoFi Personal Loans.
- No origination fee. SoFi Personal Loans does not charge a loan origination fee.
- 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.
- 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 Personal Loans Pros and Cons:
What rates and terms does SoFi Personal Loans offer?
SoFi Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.
What APR rate does SoFi Personal Loans offer?
SoFi Personal Loans offers a fixed APR personal loan product that ranges from 5.99% APR up to 18.64% APR. Rate is quoted with autopay discount*.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via SoFi Personal Loans?
Loan amounts start at $5,000 and go up to $100,000.
What can a personal loan from SoFi Personal Loans be used for?
Personal loans from SoFi Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.
What is the maximum loan term you can get with SoFi Personal Loans?
SoFi Personal Loans offers personal loans with terms ranging from 24 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.
|Loan Amount||$5000 - $100000|
|Loan Term||24 - 84 months|
Rate is quoted with autopay discount*
What fees does SoFi Personal Loans charge?
Does SoFi Personal Loans charge an origination fee?
SoFi Personal Loans 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.
Does SoFi Personal Loans charge a late fee?
No, SoFi Personal Loans will not charge you a late fee..
Does SoFi Personal Loans charge prepayment fees?
No, SoFi Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
|Late Payment Fee||N/A|
What do you need to qualify for SoFi Personal Loans?Applicants with a credit score of at least 680 and up to 850 are 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 cosigner 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 are, of course, eligible for the services offered by SoFi Personal Loans. Permanent resident / green card holders are also eligible to apply. 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 checking account
- Recent pay stubs
- Proof of income
- Driver's license
- Proof of citizenship or residence permit
|Bank Account Required?||Yes|
|Application Types Accepted||
|Credit Score||680 - 850|
What is the estimated funding time for a personal loan via SoFi Personal Loans?
SoFi Personal Loans will typically approve (or deny) a loan application within 1 hour and fund personal loans within 7 business days of approval.
Does SoFi Personal Loans report your account activity to credit bureaus?
SoFi Personal Loans reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.
Message from SoFi
Other Services by SoFi
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Origination Fee|
|No Prepayment Fee|
|Origination Fee ($)||$0|
|Origination Fee (%)||0%|
|No Late Fees|
|Checking Account Required|
|Employment Statuses Considered||
|Immigration Status Considered||
|Joint Loan Applications Accepted||
|Supported Income Types||
|Verification Documents Required||
|Credit Score Range||
680 - 850
|Approval Speed||1 hour|
|Credit Bureau Reporting||
|Funding Time Range||1 - 7 days|
|Pre-Approved Soft Credit Inquiry|
|Loan Amount||$5,000 - $100,000|
|APR (Fixed APR)||5.99% - 18.64%|
|Loan Term||24 - 84 months|