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 5.99%. 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 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.

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 fees does SoFi Personal 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 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 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 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:

• 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 can help improve your credit.