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SoFi Personal Loans: 2023 Review

Updated on April 17, 2023
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At a glance

Rating: 4.7 stars out of 5
Bankrate Score
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Rating: 4.4 stars out of 5
Rating: 4.7 stars out of 5
Customer Experience
Rating: 5 stars out of 5

About Bankrate Score

A SoFi personal loan is a great option for borrowers who have a stable income and have good-to-excellent credit. There are no origination fees or late fees, and you won’t be penalized for paying off your balance early.

Loan amount $5,000–$100,000
APR from 8.99%–23.43%
Clock Wait
Term lengths 24 to 84 months
Credit Good
Min Credit Score 680

This lender is best for fee-free debt consolidation loans.

Best for fee-free debt consolidation loans 

SoFi makes it easy to pay off high-interest debt and get your finances back on track. The lender offers a streamlined application process, fast funding times and a suite of resources to help you level up your credit and overall financial health.

SoFi pros and cons


  • Checkmark

    No fees

  • Checkmark

    Range of loan amounts

  • Checkmark

    Good digital experience

  • Checkmark

    Co-borrowers allowed


  • Close X

    Good-to-excellent credit required

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    No cosigner options

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    Steep minimum loan amount

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    No physical branches

Do you qualify?

You’ll generally need to meet the following criteria to be eligible for a loan: 

  • Be at or over the age of majority in your state, typically at least 18 years old.
  • Be employed or have an offer of employment good within 90 days, or have another reliable source of income.
  • Be a U.S. citizen, permanent resident or non-permanent resident.
  • Have a credit score of 680 or higher.
If you are rejected for a SoFi personal loan and believe that your financial standing is strong enough, consider asking for clarification. The explanation could be as simple as a processing error, or there may be a negative mark on your credit report that you need to investigate.

What SoFi doesn't allow loan funds to be used for

Personal loans from SoFi cannot be used for business purposes or to acquire securities, real estate or other investments. Using the loan proceeds for short-term bridge financing or to cover postsecondary educational expenses is also prohibited.

How this lender compares

Rating: 4.7 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24 to 84 months
Min Credit Score
Rating: 4.6 stars out of 5
Bankrate Score
APR from
7.49%-24.49% (with autopay)
Loan Amount
Term Length
24 to 84 months
Min Credit Score
Not disclosed
Rating: 4.3 stars out of 5
Bankrate Score
APR from
8.99% – 21.99%
Loan Amount
$2,000 – $50,000
Term Length
12 to 60 months
Min Credit Score

SoFi vs. LightStream

Just like SoFi, LightStream offers generous loan amounts, ranging from $5,000 to $100,000, with terms between two and seven years and zero fees. The lender also features same-day funding and allows joint loan applications. Both lenders offer similar APR ranges and require borrowers to have good credit to qualify for its loans. However, LightStream loans could be lower in cost compared to SoFi’s, as the company offers a 0.50 percent rate discount for enrolling in AutoPay instead of just 0.25 percent.

SoFi vs. TD Bank  

TD Bank’s personal loans are aimed for borrowers who have good-to-excellent credit, just like SoFi’s. That said, TD Bank’s minimum credit score requirements are slightly higher and lack a co-borrower or co-signer option. That means you’ll need to have near-perfect credit to qualify for its loans. On the other hand, TD Bank’s personal loans may be a better option than SoFi’s if you’re looking to cover smaller expenses, such as emergency car repairs, since loan amounts start at just $2,000 and are capped at $50,000.

Sofi: in the details

What we like and what we don’t like

What we like:

  • No fees: SoFi doesn’t charge origination or prepayment fees, nor does it charge fees for late payments.
  • Range of loan amounts: SoFi loan amounts range from $5,000 to $100,000, making it a great option to fund various purchases or pay off high-interest credit card debt.
  • Good digital experience: The entire process takes place online. SoFi even has an app where you can apply for a loan, check your balances and manage your payments.
  • Co-borrowers allowed: SoFi allows joint loan applications, which can be helpful if you’re unable to qualify for a loan on your own or are looking for a lower interest rate.

What we don't like: 

  • Good-to-excellent credit required: SoFi requires a minimum credit score of 680 to be approved for a personal loan.
  • No cosigner options: While there can be two borrowers, you cannot get a loan from SoFi with a cosigner.
  • Steep minimum loan amount: The lowest amount you can borrow is $5,000, which could be far more than you need if the funds will be used to cover a smaller expense or financial emergency.

How to contact SoFi

You can reach customer support at 855-456-7634 Monday through Thursday from 5 a.m. to 7 p.m. PT and Friday through Sunday from 5 a.m. to 5 p.m. PT.

How to apply for a personal loan with SoFi

SoFi makes the application experience simple. Here’s what to expect when you apply:

Features and additional perks

SoFi stands out among other lenders by offering an unemployment protection program to borrowers who are in good-standing. If you lose your job, you can apply to have your loan payments suspended without affecting your credit. You can pause your loan payments for up to 12 months, although you’ll continue to accrue interest on the balance.

To enact this payment pause, you have to prove that you’re receiving unemployment benefits and actively seeking a job, and you have to agree to work with SoFi’s career strategy services to help you in your search.

SoFi also offers a 0.25 percent rate discount for enrolling in automatic payments — something that’s uncommon in the personal lending space. Other perks include financial planning, exclusive access to an online community, in-person experiences and networking events, personalized career advice and experts who can answer your questions about paying for college.

Fees and penalties

SoFi personal loans do not have any fees. It’s one of the few online lenders that doesn’t charge an origination fee, and there are no prepayment penalties for paying off your loan early. SoFi also doesn’t charge late fees, but you’ll accumulate more interest by missing payments and could see negative credit impacts.

SoFi frequently asked questions

How Bankrate rates SoFi

Overall Score 4.7 Explanation
Availability 4.4 While you can be approved with SoFi on the same day you apply, you could also receive funds the same day or a few days later.
Affordability 4.7 SoFi’s low minimum APR and lack of fees makes it affordable for many borrowers.
Customer Experience 5.0 An app, a seamless online experience and a range of phone support hours gives SoFi the edge in terms of customer experience.


To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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