
SoFi Personal Loans
in Personal Loans from SoFi
Would you recommend SoFi Personal Loans to your friends?
Community Rating | Mostly recommended |
APR (Fixed APR) | 6.99% - 22.28% |
Loan Amount | $5,000 - $100,000 |
Loan Term (Months) | 24 - 84 months |
Number of Reviews | 103 |
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).
- APRs starting at 6.99%. Rate is quoted with autopay discount*. Personal loan interest rates typically range between 5% and 36%. The starting rates for SoFi Personal Loans are on the lower end of the spectrum.
- 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.
Pros | Cons |
---|---|
|
|
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 interest rates does Sofi loans offer?
Sofi loans offers a fixed APR personal loan product that ranges from 6.99% APR up to 22.28% APR. Rate is quoted with autopay discount*.
How much can you borrow via Sofi loans?
Business loan amounts start at $5,000 and 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 |
6.99%
- 22.28%
Rate is quoted with autopay discount* |
What fees does Sofi loans charge?
Does Sofi loans charge an origination fee?
Sofi loans does not charge a personal loan origination fee.
A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal loan amount. Whenever possible, go with lenders that don’t charge origination fees.
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% |
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 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
Minimum Age | 18 |
Bank Account Required? | Yes |
Application Types Accepted |
|
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.
Message From SoFi Personal Loans
Message From Our Editor
Contact
- Headquarters
-
234 1st Street
San Francisco, CA 94105 - Visit Site
- Email Support
Other Services by SoFi
Availability
- Alaska
- Alabama
- Arkansas
- Arizona
- California
- Colorado
- Connecticut
- Washington, DC
- Delaware
- Florida
- Georgia
- Hawaii
- Iowa
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Massachusetts
- Maryland
- Maine
- Michigan
- Minnesota
- Missouri
- Montana
- North Carolina
- North Dakota
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- Nevada
- New York
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Vermont
- Washington
- Wisconsin
- West Virginia
- Wyoming
Feature Breakdown
No Origination Fee | |
No Prepayment Fee | |
Origination Fee ($) | $0 |
Origination Fee (%) | 0% |
No Late Fees |
SoFi Personal Loans Community Reviews
Would you recommend SoFi Personal Loans to your friends?
- Credit Ninja
- First Bank and Trust Company Personal Loan
- First Horizon Bank Personal Installment Loans
- FreedomPlus Personal Loans
- Integra Credit Personal Loans
- LendKey Home Improvement Loans
- LendingPoint Personal Loans
- LendingTree Personal Loans
- LendingUSA Personal Loans
- Stilt Personal Loans
- TD Bank Personal Loans
- Wells Fargo Personal Loan