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SoFi Personal Loans: 2024 Review

Updated on Jan. 1, 2024
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At a glance

Bankrate 2024 Awards Winner: Best online lender for personal loans

4.8
Rating: 4.8 stars out of 5
Bankrate Score
Caret Down
Availability
Rating: 4.6 stars out of 5
4.6
Affordability
Rating: 5 stars out of 5
5.0
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 4.6 stars out of 5
4.6

About Bankrate Score

A SoFi personal loan is a good choice for borrowers who have a stable income and good-to-excellent credit. Along with a fully digital experience, SoFi has large loans and accepts joint applications. 

Moneybag
Loan amount $5,000–$100,000
Rates
APR from 8.99%–29.49%
Clock Wait
Term lengths 24 to 84 months
Credit Good
Min Credit Score 680

This lender is best for a fully online experience.

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Best for significant expenses and an online experience

SoFi is a fully online lender with a suite of other financial products in addition to its personal loans. It's also one of the few lenders that offers personal loans up to $100,000. This makes it a good option if you have a significant expense, like debt consolidation, a wedding or a home renovation. And because it accepts co-borrowers, you can apply with someone else to increase your chance of qualifying for a larger loan.

SoFi pros and cons

PROS

  • Checkmark

    Optional fees.

  • Checkmark

    Range of loan amounts.

  • Checkmark

    Co-borrowers allowed.

CONS

  • Close X

    Good-to-excellent credit required.

  • Close X

    No cosigner options.

  • Close X

    Steep minimum loan amount.

Do you qualify?

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

  • Be at least the age of majority in your state, typically 18 years old.
  • Be employed, have an offer of employment good within 90 days or have another reliable source of income.
  • Be a U.S. citizen, permanent resident or nonpermanent 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

logo
Rating: 4.8 stars out of 5
4.8
Bankrate Score
APR from
8.99%–29.49%
Loan Amount
$5,000–$100,000
Term Length
24 to 84 months
Min Credit Score
680
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
7.99%-25.49% *with AutoPay
Loan Amount
$5,000-$100,000
Term Length
24 to 84 months
Min Credit Score
Not disclosed
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.99% – 23.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
Not disclosed

SoFi vs. LightStream

LightStream offers similar APRs, terms and amounts — and zero fees. The lender features same-day funding and allows joint loan applications. Both lenders also 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.

Read a full comparison of SoFi vs. LightStream

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. 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.

Sofi: In the details

What we like and what we don’t like

What we like:

  • Optional fees: SoFi gives you the option to pay origination fees to alter your APR, allowing you to tailor your payments to your needs.
  • Range of loan amounts: SoFi loan amounts range from $5,000 to $100,000, making it a great option to fund large purchases or pay off high-interest credit card debt.
  • 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, which is higher than some other lenders.
  • No co-signer options: While there can be two borrowers, you cannot get a loan from SoFi with a co-signer
  • Steep minimum loan amount: The lowest amount you can borrow is $5,000. And while you can simply return any funds you don’t need, it may be difficult to qualify for such a high minimum amount.

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. SoFi also has online chat support on its website and through its app.

How to apply for a personal loan with SoFi

SoFi makes the application experience simple. You will only need to provide a few basic details to check your rates. 

Features and additional perks

SoFi offers a 0.25 percent rate discount for enrolling in automatic payments. 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.

It stands out among other lenders with its unemployment protection program for 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 interest will continue to accrue on the balance.

Fees and penalties

The only fees you will need to pay are a late or insufficient funds fee. SoFi does not charge mandatory origination fees or prepayment penalties, which can help keep the cost of your loan down.

SoFi frequently asked questions

How Bankrate rates SoFi

Overall Score 4.8 Explanation
Availability 4.6 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 5.0 SoFi’s low minimum APR and optional 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.
Transparency 4.6 Only some credit requirements are listed, but you can prequalify.

Methodology

To select the top personal loan lenders, Bankrate considers 20 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 over 30 lenders and gave each a Bankrate rating, which consists of four 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.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.