Easily apply for a SoFi loan with competitive rates and borrower perks.
What loans does SoFi offer?
SoFi offers the following borrowing products online:
SoFi also offers the following refinancing products:
- Medical resident refinancing
- Parent PLUS refinancing
- Mortgage refinancing
SoFi loans are best for people with good or excellent credit. While its cutoff credit score is 660, the average SoFi borrower has a score of 700. The good news is you aren’t required to have an established credit history to qualify. It also doesn’t have any income requirements, but the median income of a SoFi borrower is $101,000.
SoFi Personal Loan Offer
SoFi offer you the chance to borrow up to $100,000 with the choice between a fixed or variable interest rate.
- Recommended Credit Range: Good to excellent
- Min. Loan Amount: $5,000
- Max. Loan Amount: $100,000
- Loan Term: 3, 5, or 7 years
- Turnaround Time: Varies
- Total Costs: Depends on your credit score.
- Unemployment protection
- Confidential and secure online application
Compare SoFi loans
Benefits of a SoFi loan
SoFi also offers fixed-term personal loans in amounts ranging from $5,000 and $100,000. You can choose between a competitive fixed or variable APR and use it for just about any legitimate purpose: Taking a vacation, spending on home improvement or paying credit card debt (it’s particularly good for the credit card debt). Here are some key benefits to consider:
- Wide range of loan amounts. The minimum you can borrow through a SoFi personal loan in most states is $5,000, and the maximum is $100,000. The maximum you qualify to borrow depends on factors including your creditworthiness, your existing financial situation and state regulations.
- Competitive interest. If you choose to get a variable rate loan, the APR will start at 5.74% APR. Existing variable rates for individuals who set up automatic payments through AutoPay start at 5.21% APR. SoFi has a cap on its variable rate loans, so no matter how high prevailing interest rates climb, your variable rate loan will never exceed 14.95%.
- Multiple loan terms. SoFi provides loan terms of three, five and seven years. You can choose the loan term based on your ability to make repayments. Remember that while longer loan terms will have lower repayments, you will end up paying more in interest.
- Fees. You don’t have to pay any loan origination fees for a SoFi personal loan. If you wish to pay the loan off ahead of time there is no prepayment penalty. If you make a payment more than 15 days after the scheduled due date you’ll have to pay a late fee.
- Unemployment protection. If you end up losing your job through no fault of your own, you can apply for the SoFi Unemployment Protection Program. SoFi puts the loans of approved individuals into forbearance and suspends their monthly repayments temporarily. SoFi offers this program in increments of three months, and it comes with a cap of 12 months. Interest continues to accrue during this period. SoFi’s career services program can also help you look for a new job.
- Repayment methods. If you set up automatic electronic payments via ACH you can get a 0.25% discount on the APR you have to pay. You can also make one-time online payments via your bank, or send paper checks.
- Customer support. SoFi provides over-the-phone customer support seven days a week, or you can contact a SoFi representative by email.
- Networking opportunities. SoFi organizes community events like happy hour meet-ups, dinners, workshops and lectures where members can meet each other. Even if you don’t make any connections, at least you can learn something or get a free meal!
Where SoFi loans fall short
- Qualifying can be difficult. SoFi’s comparably low rates are compelling, but not everyone can qualify for a SoFi loan. Those who’ve experienced any kind of financial hardship in the past might have a hard time getting approved.
- Not available nationwide. SoFi doesn’t offer personal loans to residents of Mississippi or Nevada.
- Mediocre customer reviews. Top customers complaints: SoFi’s application sometimes malfunctions, inflexible repayment schedule, the underwriting process is too strict.
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More about SoFi’s borrowing options
- Mortgage loans. A SoFi mortgage loan can be made with as little as 10% down payment, and it offers flexible debt-to-income limits. You don’t have to pay any application fees or loan origination fees.
- Mortgage refinancing. If you’re paying more interest on your existing mortgage than you should, you can consider refinancing it through SoFi. The entire process takes less than 30 days, and you can find out how much you pre-qualify for even before submitting a complete application.
- Student loan refinancing. SoFi lets you refinance your existing student loan and you can choose between fixed and variable APRs. If you set up AutoPay, the fixed rate can be as low as 3.5% APR, and the variable rate can be as low as 2.58% APR. SoFi also offers career support in the form of interview coaching, learning negotiating tactics and more. SoFi also offers Parent Loans and Parent PLUS Loan Refinancing for parents paying for their children’s college education.
- MBA loans. If you’ve decided to pursue a graduate degree you can think about an MBA loan through SoFi. You can choose to make interest-only repayments while at school, and you get to select between fixed and variable APRs.
What's this I hear about a SoFi CEO scandal?You might have heard that SoFi’s cofounder and CEO Mike Cagney recently resigned. It’s no cause for panic if you’re already a SoFi borrower: Your money is as safe as it ever was. Cagney’s resignation follows allegations of sexual harassment, not financial misconduct. SoFi has however pulled back from plans to expand to foreign markets and asset management, following the change in leadership.
How can I apply for a personal loan from SoFi?
Applying for a SoFi personal loan is easy. To begin now simply click on the “Go to Site” button on this page. Before you do, make sure you meet the eligibility criteria as listed below:
- You’re an American citizen or a permanent resident of the US
- You meet your state’s minimum age requirements
- You have a regular source of income
You’ll have to provide the following information to complete your application successfully:
- Your full name and contact information
- Details from an acceptable form of government identification such as your driver’s license or passport
- Your Social Security number
- Details about your employment, income and expenses