Compare the APR and fees of a SoFi Personal Loan | finder.com

SoFi loans

Easily apply for a SoFi loan with competitive rates and borrower perks.

Best known for student loan refinancing, SoFi is a marketplace lender that has issued more than $19 billion in loans for over 275,000 members. Its products include personal loans, student loan refinancing, mortgages and mortgage refinancing. The typical SoFi borrower has good credit and a high salary, but it has no hard credit or income requirements.

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 Fixed Rate (with Autopay)

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

    Rates last updated February 22nd, 2018
    Name Product Minimum Credit Score Max. Loan Amount APR Product Description
    SoFi Personal Loan Fixed Rate (with Autopay)
    Good to excellent credit
    $100,000
    From 5.49% (fixed)
    Borrow up to $100,000 with a competitive APR and no fees.
    Same rates
    everywhere
    Go to site More
    SoFi Student Loan Refinancing Variable Rate (with Autopay)
    Good to excellent credit
    full balance of your qualified education loans
    From 2.58% (variable)
    A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
    Same rates
    everywhere
    Go to site More

    Compare up to 4 providers

    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.

    Compare more personal loan providers

    Rates last updated February 22nd, 2018

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    580
    $100,000
    From 4.99% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    From 5.99% (fixed)
    CompareFirst Personal Loans
    An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
    580
    $100,000
    From 2.99% (fixed)
    Upgrade Personal Loans*
    620
    $50,000
    From 5.96% (fixed)
    Laurel Road Personal Loans
    Get a personal loan with no application or origination fees and a rate discount for autopay.
    680
    $45,000
    From 5.5% (fixed)
    FreedomPlus Personal Loans
    Consolidate debt and more with these low-interest loans. Cosigners welcome.
    640
    $35,000
    From 4.99% (fixed)
    Best Egg Personal Loans
    640
    $35,000
    From 5.99% (fixed)
    Prosper
    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
    640
    $35,000
    From 5.99% (fixed)
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    600
    $25,000
    From 15.49% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    From 34% (fixed)

    Compare up to 4 providers

    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

    Disclaimer

    Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

    Student Loan Refinance
    ​*​Fixed rates from 3.25% APR (with AutoPay). Variable rates from 2.58% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.58% APR assumes current 1 month LIBOR rate of 1.24% plus 1.825% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.

    Personal Loans
    ​*​​Fixed rates from 5.49% APR (with AutoPay). Variable rates from 5.21% APR (with AutoPay). SoFi rate ranges are current as of July 1,2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.21% APR assumes current 1-month LIBOR rate of 1.24% plus 4.20% margin minus 0.25% autopay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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    US Personal Loans Offers

    Important Information*
    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    Prosper

    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    Borrow up to $100,000 with a competitive APR and no fees.

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