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SoFi personal loans: 2024 review

Updated on March 22, 2024

At a glance

Bankrate 2024 Awards Winner: Best online lender for personal loans

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Check rate with Bankrate
4.7
Rating: 4.7 stars out of 5
Bankrate Score
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Availability
Rating: 4.6 stars out of 5
4.6
Affordability
Rating: 4.8 stars out of 5
4.8
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 4.6 stars out of 5
4.6

About Bankrate Score

Bankrate’s take: SoFi won multiple Bankrate Awards in 2024. Its loans are among the best for good credit borrowers, with optional fees, generous loan amounts, a range of repayment terms, co-borrowing option and exclusive member perks.

Lender Details

Moneybag

Loan amount

$5,000–$100,000

Rates

APR from

8.99% to 29.49%* with autopay

Clock Wait

Term lengths

24 to 84 months

Credit Good

Min Credit Score

680

SoFi is best for significant expenses and those who prefer an online lending experience

SoFi caps its loans at $100,000 — much higher than the average $50,000 limit offered by most lenders in the industry. This, combined with its longer-than-average repayment terms, make it a great choice for significant expenses, such as a home renovation or a large purchase. The lender was also one of the few that offered unemployment assistance. Though this feature has been discontinued as of writing, borrowers still have access to other exclusive perks.
 
These member-exclusive benefits include a referral bonus program and rate discounts.Loan applications can be completed entirely online — and prequalification is available. That means borrowers can check what they may be eligible for without affecting their credit. SoFi states most borrowers can get same-day funding if they sign their loan agreement before 7 p.m. ET on a business day. These features, along with its great loan offer and member benefits, made SoFi the 2024 Bankrate Awards personal loan list for best online experience.

SoFi personal loan purposes

Because SoFi’s loans feature a wide range of repayment terms and generous loan amounts, they can be used for a multitude of purposes. Uses range from financing a big event or a large purchase to home improvement projects. The lender’s competitive starting APR and quick funding timeline also makes its loans ideal for debt consolidation and urgent expenses.

SoFi doesn’t allow its personal loans to be used to purchase real estate, investments or securities. The lender also prohibits the use of loan proceeds to be used to cover business-related expenses, post-secondary education expenses or as short-term bridge financing.

Where SoFi personal loans stands out

  • Optional fees and autopay discount: Borrowers have the option to pay origination fees to alter their APR and tailor monthly payments to their needs. The lender also offers a 0.25 percent rate discount for enrolling in automatic payments.
  • 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. The latter may also be a good idea for good credit borrowers given the lender’s low starting APR.
  • Co-borrowers allowed: SoFi allows joint loan applications, which can be helpful for borrowers who are unable to qualify on their own or are looking for a lower interest rate.

Where SoFi personal loans falls short

  • 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, co-signing isn’t available.
  • Steep minimum loan amount: SoFi’s loans start at $5,000, which is higher than the industry average of $2,000, so it isn't a good option for those who need a small amount.

SoFi customer experience

Customer support

Borrowers 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.

Digital experience

SoFi’s application process can be completed entirely online or over the phone. Customers can also apply for a loan through the company’s mobile app. Prequalification is available, so you can check your rates without affecting your credit.

What people are saying about SoFi

SoFi has a 4.6 out of 5 rating on Trustpilot with over 8,000 reviews as of March 18, 2024. Customers cite ease of application and speedy funding as their main points of satisfaction with the lender. Negative reviews mainly point out issues with the company’s checking products — not its loans.  

How this lender compares

logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.99% to 29.49%* with autopay
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
7.49%-25.49% *with AutoPay
Loan Amount
$5,000-$100,000
Term Length
24 to 84 months
Min Credit Score
695
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 and SoFi offer similar APRs, repayment terms and loan amounts. Both lenders also require borrowers to have good credit to qualify for its loans and same-day funding is available. However, LightStream loans could be lower in cost compared to SoFi’s, as the company not only offers a lower starting APR, but also a 0.50 percent rate discount for enrolling in automatic payments instead of just 0.25 percent.

Read a full comparison of SoFi vs. LightStream

SoFi vs. TD Bank 

Personal loans by TD Bank are aimed for borrowers who have good or excellent credit, just like those from SoFi. That said, TD Bank has slightly higher minimum credit score requirements and it lacks a co-borrower option — something SoFi offers. On the other hand, TD Bank may be a better option than SoFi for borrowers who want to cover smaller expenses, such as emergency car repairs, since loan amounts start at just $2,000 instead of $5,000.

That said, SoFi offers longer repayment terms than TD Bank, with no required fees. This may make its loans better suited for those needing to finance a large expense, as monthly payments can be spread out more.

Do you qualify for a SoFi personal loan?

Besides meeting citizenship, residency and age requirements, borrowers must also:

  • Be employed, have an offer of employment good within 90 days or have another reliable source of income.
  • Have a credit score of 680 or higher.

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, and borrowers can check their eligibility without affecting their credit. 

  1. Get a quote: You’ll start by creating a username and password and providing some basic information, such as your contact details and annual income, to view potential loan offers. This step only takes a couple of minutes to complete.
  2. Add information and finalize your application: If you like your terms, complete the online application and upload any required documents. These may include copies of your pay stubs and proof of ID. SoFi will do a hard credit check, which can temporarily drop your credit score by a few points.
  3. 3. Review the loan details: If approved, you’ll be prompted to review and sign the loan documents. Contact customer support before signing if anything seems amiss. Borrowers who sign their loans before 7 p.m. ET on a business day may be eligible for same-day funding.

How Bankrate rates SoFi

Overall Score 4.7 Explanation
Availability 4.6 Same-day approval and funding, but strict credit requirements.
Affordability 4.8 Low minimum APR, optional fees and autopay rate discount.
Customer Experience 5.0 Seven-day customer support, highly rated mobile app and online account management.
Transparency 4.6 Specific credit requirements aren’t listed, but prequalification is available.

Methodology

Bankrate's trusted personal loans industry expertise

57

years in business

30

lenders reviewed

20

loan features weighed

665

data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans 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 considered 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.