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SoFi personal loans review: Personal loans and member perks for good credit borrowers.

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SoFi personal loans
4.5
★★★★★
Finder score
Max. Loan Amount
$100,000
APR
8.99% to 29.99%
Min. credit score
680

Our verdict

SoFi offers competitively priced loans for good to excellent credit borrowers, plus a range of member benefits and perks.

If you have a good to excellent credit score of over 680, online lender SoFi is worthy of consideration. It offers quick funding on personal and debt consolidation loans up to $100,000, starting at 8.99% APR for qualifying borrowers. It's one of the few lenders that never charges fees on its personal loans — not even late fees.

As an FDIC-insured chartered bank, SoFi offers a full suite of financial products and services, plus perks like future discounts on loans and more. Coapplicants are also accepted but with a longer processing time.

Best for: Borrowers with good to excellent credit who want extra perks.

Pros

  • No prepayment penalties or late fees
  • Have Sofi pay your creditors and get a 0.25% discount
  • 60-second prequalification with soft credit check
  • Same-day funding with some applications
  • Borrow up to $100,000

Cons

  • Coapplicant loans can take longer to process
  • Minimum loan amount is higher than some competitors
  • Some complaints of higher-than-expected rates
  • Origination fee required to buy down interest rate

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews

Details

Product details

Min. Loan Amount $5,000
Loan Amount $100,000
APR 8.99% to 29.99%
Interest Rate Type Fixed
Min. credit score 680
Origination Fee Not required
Loan term 2 to 7 years
Turnaround Time Up to 2 business days

Who SoFi is best for

SoFi is best for good to excellent credit borrowers (680 plus) who want a personal loan between $5,000 and $100,000. The average SoFi personal loan was around $30,000 in 2022. But you might not qualify if you’re fresh out of school or have a credit score under 680.

It also offers a suite of member benefits and other financial products and services, including student loans and credit cards. This makes it good for people who want the convenience of an online lender with the offerings of a traditional bank. In fact, SoFi was one of the first fintech lenders to receive regulatory approval to become a national bank in January 2022.

What makes SoFi shine

Most lenders offer loans and stop at that — but not SoFi. This lender stands out for its massive selection of financial products and loans as well as member discounts and professional advice.

  • Debt consolidation. By choosing Sofi’s Direct Pay option with your personal loan, Sofi pays your creditors directly and gives you 0.25% off your rate – a benefit that saves you time and money.
  • Banking and financial products. In addition to its personal loans, Sofi offers student loans and refinancing, mortgages, investment products, insurance and high APY checking and savings accounts. It also has an exchange for buying and selling crypto.
  • Financial planning. SoFi offers free help with your resume, LinkedIn profile, personal branding and job goals. You can also get financial advice from SoFi’s advisors to help you budget, save and invest for the future.
  • Member benefits. Benefits include SoFi’s rewards program, referral program, future loan discounts and more.

On top of that, it’s fast: SoFi funds the majority of loans the same day the borrower applies.

Where SoFi falls short

While offering multiple benefits, SoFi may not be the best choice for everyone. This is true if your credit score is below 680 or you’re newly self-employed. To qualify as a self-employed person, SoFi requires at least two years’ worth of tax returns and income information.

And despite the fact it’s an online lender, SoFi may not be a quick option if you’re looking for a fast turnaround. While SoFi advertises potential same-day funding after signing, some borrowers have complained about waits of up to 30 days.

SoFi loan details

Minimum credit score/credit range680
APR8.99% to 29.99%
Loan amounts$5,000 to $100,000
Terms2 to 7 years
Approval turnaroundAs soon as the same day
AvailabilityAll states
FeesNot required
Other feesNone

How to qualify for a SoFi personal loan

These are the minimum requirements to qualify for a SoFi personal loan:

  • Credit score of 680 or higher
  • Currently employed, self-employed or pending employment in the next 90 days
  • US citizen, permanent resident or in the US on an eligible visa
  • Age of majority in your state

Generally, your personal finances need to be in good shape to qualify and score the lowest interest rates.

As SoFi CEO Anthony Noto tells Finder, “SoFi continues to focus on lending to prime and super-prime borrowers. In addition to credit score and credit history, we continue to weigh factors such as monthly income versus expenses, assets, employment status and professional experience.”

However, a SoFi rep shared that if your score is around 650, you may still qualify for a loan with SoFi’s third-party partners, Cross River & Pagaya. These loans go through SoFi but are underwritten by its partners.

How to apply

Apply for a loan online or by using the SoFi app, available in the App Store and Google Play. Here are the general steps to apply for a SoFi loan:

  1. Prequalify for a personal loan online.
  2. Complete the application, submit documents and do a hard credit check.
  3. Review the loan amount repayment terms and interest rates.
  4. Sign your closing documents and wait for funding.
  5. Repay the loan according to the agreement.

Apply on your own with SoFi or bring on a coapplicant to help you qualify for lower rates and higher loan amounts. But you and the coapplicant must share the same address.

How SoFi compares to other lenders

Name Product Filter Values APR Min. credit score Loan amount
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99%
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
640
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upgrade
Finder Score: 4 / 5: ★★★★★
Upgrade
8.49% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
620
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
640
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.
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SoFi reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1.25 out of 5 stars, based on 149 customer reviews
Trustpilot Score 4.7 out of 5 stars, based on 7,307 customer reviews.
Customer reviews verified as of 20 November 2023

Customers give SoFi mixed reviews on sites like the Better Business Bureau (BBB) and Trustpilot. While the majority of reviews on Trustpilot are overwhelmingly positive, Sofi has garnered some complaints too.

  • Positive reviews comment on the fast and simple application process and professional quality of communication and customer service. Others mention fast funding times of less than 24 hours.
  • Negative reviews mention application rejections, unexpectedly high rates and glitches that customer support couldn’t resolve. Others report that the company’s technology felt outdated.

SoFi ranked fourth in the 2020 J.D. Power US Consumer Lending Customer Satisfaction Survey. But it didn’t make the cut in 2021 and came in 8th place in 2022.

Is SoFi legit?

SoFi’s lending model is a departure from traditional lending, but it’s otherwise legit. Here’s some more background:

However, SoFi has had some trouble in the past. In 2019 it entered a settlement with the Federal Trade Commission (FTC), which accused SoFi of inflating the potential savings while misrepresenting the monthly cost of its student loan refinancing product. SoFi agreed to only make savings claims backed by concrete evidence.

Frequently asked questions

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: 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. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

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