Highlights
Community Rating	Mostly recommended
APR (Fixed APR)	5.99% - 20.69%
Loan Amount	$5,000 - $100,000
Loan Term (Months)	24 - 84 months
Number of Reviews	99

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 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 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 Personal Loans Pros & Cons

Pros	Cons
Low APRs available to qualified borrowers. $0 prepayment fee. $0 origination fee. Accepts coborrowers.	APRs as high as 20.69%. Only considers applicants with good credit.

SoFi Personal Loans FAQ

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 20.69% APR. Rate is quoted with autopay discount*.

How much can you borrow via SoFi Personal Loans?

Loan amounts start at $5,000 and go up to $100,000

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.

SoFi Personal Loans Rates & Terms
Loan Amount	$5000 - $100000
Loan Term	24 - 84 months
APR	5.99% - 20.69% 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.

SoFi Personal Loans Fees
Origination Fee	0%
Prepayment Fee?	No
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 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

SoFi Personal Loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Co-borrowers Individual Applications
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?

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.

SoFi Personal Loans Disclosure: Fixed rates from 5.99% APR to 20.69% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters
234 1st Street
San Francisco, CA 94105
(855) 456-7634
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Hours of Operation

Sunday 4:00am - 5:00pm
Monday 4:00am - 9:00pm
Tuesday 4:00am - 9:00pm
Wednesday 4:00am - 9:00pm
Thursday 4:00am - 9:00pm
Friday 4:00am - 5:00pm
Saturday 4:00am - 5:00pm

Other Services by SoFi

Investment

Banking

Mortgage

Refinance

Message From SoFi

SoFi’s mission is to help people reach financial independence to realize their ambitions. And financial independence doesn’t just mean being rich—it means getting to a point where your money works for the life you want to live. Everything we do is geared toward helping our members get their money right. We’re constantly innovating and building ways to give our members what they need to make that happen. Combining strong expertise in financial services and the experience of seasoned entrepreneurs, our team is passionate about building a company that’s unlike any other. Our core values are at the center of how we think about serving our members, building our company, and most importantly, how we work together. At SoFi, it’s not just what we do—but how we do it.

Low rates. No hidden fees. Personal loans made easy. No matter your next step, SoFi can help you get there.

Message From Our Editor

What we love about SoFi Personal Loans

SoFi offers personal loans with maximums far higher than the maximums offered by many other lenders. The company also offers highly competitive interest rates for its loans, making it one of the cheapest options on the market.

The company keeps fees to a minimum, not charging origination fees or early repayment fees. It also offers some flexibility, letting borrowers pause their payments if they lose their job.

Customers can customize their loan terms, letting them adjust the monthly payment to something that fits within their budget. Because there are no early repayment fees, there’s no penalty for choosing a low monthly payment and paying to loan off ahead of schedule.

Pre-qualifying for a loan takes minutes and won’t impact your credit. That means you can easily check if you qualify and the interest rate that SoFi will offer.

What could SoFi Personal Loans do better?

The greatest drawback of SoFi is that it primarily targets people with excellent credit. If you don’t have a good credit history, you may struggle to qualify for a loan from the company. Beyond that, there is little to complain about with the company.