SoFi's personal loan product is just one offering from this broader marketplace lender that specializes in offering loans with low rates to people with good credit scores and high incomes. Although the San Francisco-based company is still a relatively new player in the business, it is already a leader in online lending. SoFi has issued more than $20 billion in loans to over 380,000 borrowers.
SoFi generally offers loans to people with high incomes and excellent credit. This allows SoFi to offer low rates on unsecured personal loans.
To apply borrowers must create an account. Once the information is verified, the marketplace's platform provides applicants with a selection of available loans. Borrowers then select which loan meets their needs, sign the loan agreement electronically, and receive their funds within a few days. As well as personal loans, SoFi also provides student loans and mortgage loans.
Rates range from:
The lowest rates include a 0.25% APR discount for people who enroll in autopay. If you opt out of autopay, add 0.25% APR.
For a 5-year loan, a typical rate can be 9.71% APR.
SoFi offers loan amounts of $5,000 to $100,000 with loan terms of 3 to 7 years.
SoFi operates in all states except Mississippi and Nevada.
The application process is simple but getting approved isn't. To start the ball rolling applicants must create an account and provide basic personal information and income details. SoFi then performs a soft credit pull, which doesn't hurt your credit, so as to provide a firm rate offer. If the loan is accepted a full credit check is required, which may ding your credit a little.
SoFi requires borrowers to have a good or excellent credit score. There isn't a minimum annual income required.
SoFi offers large installment loans at extremely low rates to prime and super-prime borrowers. The process is simple and fast, and there are no origination fees, closing costs or prepayment penalties. Loan terms extend up to 7 years, which gives lenders the flexibility to finance large purchases. SoFi's personal loans also include unemployment protection. So if you lose your job, SoFi will pause your monthly loan payments and help you find another job.