SoFi Personal Loans

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 Personal Loans is available in 49 states (and Washington, DC).

Key Takeaways

• APRs starting at 7.99%. Rate is quoted with autopay discount*. These are average starting rates for a personal loan. If you have good credit you may qualify for a loan with better rates.
• Fast access to funds. In some cases, you can 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.
• 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.
• Coborrower applications accepted. Applying for SoFi Personal Loans with a coborrower who has better credit than you can improve your chances of approval and 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

Sofi loans FAQ

What interest rates and personal loan terms does Sofi loans offer?

Sofi loans has lower than average interest rates for lenders reviewed on SuperMoney.

What fees does Sofi loans charge?

What do you need to qualify for SoFi Personal Loans?

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 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 personal checking account
• Recent pay stubs
• Proof of income
• Driver's license
• Proof of citizenship or residence permit

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.

Is SoFi a legit company?

SoFi was founded in 2011, it is a well-established company that has been in business for 11 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.