SoFi features

Here's a breakdown of some of the benefits and drawbacks of SoFi personal loans.

Pros

  • No fees
  • Loan amount
  • Digital experience
  • Joint applications

Cons

  • Good credit required
  • Time to receive funds

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

In addition to the low rates and lack of fees, when you sign on for a SoFi loan, you get a range of exclusive member benefits including access to career coaches and financial advisers, as well as invitations to exclusive happy hours and other “member experiences.”

A SoFi personal loan may be a viable option if:

  • You have good to excellent credit: For a personal loan, SoFi loan borrowers must have a FICO score of at least 680.
  • You have a short credit history: SoFi is more interested in how responsible you’ve been at paying bills.
  • You want an entirely online experience: The entire process takes place virtually, from applying for a loan to receiving approval.

SoFi snapshot

Loan amount $5,000 – $100,000
APR 5.99% – 21.11% (with autopay)
Minimum credit score 680
Time to receive funds Within a few days

Pros and cons of SoFi personal loans

Here’s a breakdown of some of the benefits and drawbacks of SoFi personal loans.

Pros:

  • No fees: SoFi doesn’t charge origination or prepayment fees, nor does it charge fees for late payments.
  • Loan amount: SoFi loan amounts range from $5,000 to $100,000, making it a great option to fund a variety of purchases or pay off high-interest credit card debt.
  • 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.
  • Joint applications: If you’re unable to qualify for a loan or are looking for a lower interest rate, SoFi allows you to apply with a co-applicant.

Cons:

  • Good credit required: SoFi requires a minimum credit score of 680 to be approved for a personal loan.
  • Time to receive funds: Once approved, borrowers will receive their funds within a few days, according to SoFi.

Lending terms

Loan amounts range from $5,000 to $100,000. Residents in Arizona, Massachusetts and New Hampshire have a minimum loan rate of $10,001; in Kentucky the minimum loan rate is $15,001. SoFi loans are not available in Mississippi.

SoFi personal loans can have fixed or variable rates. The APR ranges are different for both types:

  • Fixed: 5.99 to 21.11 percent (with autopay).
  • Variable: 6.99 to 14.70 percent (with autopay).

These interest rates are based on a 0.25 percent autopay reduction; this means that as a borrower, you agree to monthly payments of principal and interest to be automatically deducted from your checking or savings account.

Maximum interest rates are lower in 12 states where residents can get a SoFi loan: Alaska, Colorado, Connecticut, Hawaii, Illinois, Kansas, Maine, Oklahoma, South Carolina, Texas, Virginia and Wyoming. Variable rates are not available to residents of Alaska, Texas, Virginia, or Wyoming (or in Illinois if your loan amount is greater than $40,000).

SoFi personal loans are repayable over three to seven years.

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 is no prepayment penalties for paying off your loan early.

SoFi also doesn’t charge late fees. This is good as that money stays in your account, but SoFi cautions borrowers that by missing payments, they will accumulate more interest and that late payments may show up in your credit report.

SoFi stands out among other lenders by offering unemployment protection. 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.

How to apply for a loan with SoFi

SoFi makes the application experience simple. Create a username and password and provide some basic information to see if you pre-qualify. The application is entirely online but SoFi does provide customer service numbers should you need support. You can reach customer support at (855) 456-7634 Monday through Thursday from 4 a.m. to 9 p.m. Pacific, and Friday through Sunday from 4 a.m. to 5 p.m.

Before finalizing your loan, SoFi, like all lenders, will do a “hard” credit check, which can adversely impact your credit score. SoFi says you should receive funds within a few days after signing the documentation and they’ve confirmed your address.

If you are rejected for a SoFi personal loan and you believe 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.

If your credit is lower than 700, consider applying for a personal loan with Avant, OneMain Financial or a credit union. You may find more favorable rates and fewer lending restrictions. Our reviews will help you make a decision that’s right for you.

How Bankrate rates SoFi

Overall Score 4.7
Availability 4.0
Affordability 5.0
Customer Experience 5.0

Editorial disclosure: All reviews are prepared by Bankrate.com 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.