Overview: SoFi may be best known for its popular student loan refinancing products, but this lender also offers personal loans for good credit. Interest rates start at just 5.74 percent APR.
Perks: If you lose your job while you’re repaying your loan, SoFi offers a program that can temporarily pause your payments for up to 12 months. (Interest will still accrue during that time and be added to your principal balance, so you can choose to make interest-only payments). SoFi loans also come with no origination fees and no prepayment fees.
What to watch out for: SoFi loans may be slightly slower to arrive than loans from other companies. SoFi claims that you can receive the funds "within a few days," while other lenders boast next-day funding.
Why SoFi is the best for high borrowing limits: You may be able to borrow up to $100,000 if you qualify; many lenders cap personal loans around $40,000 or $50,000.
Impact on good-credit borrowers: Both SoFi's minimum and maximum rates are on the low end for personal loans, so you're likely to find a competitive interest rate regardless of where you fall on the good-credit spectrum.
- BANKRATE RATING:
- 4.6 / 5.0
- MIN. CREDIT SCORE:
- EST. APR:
- 5.74% to 20.28% (with autopay)
- LOAN AMOUNT:
- $5,000 to $100,000
- TERM LENGTHS:
- 2 to 7 years
- MIN. ANNUAL INCOME:
- Not specified