SoFi Personal Loan

Information verified correct on March 29th, 2017

Here is the loan that offers you more than you need. Exceed your expectations.

SoFi was founded by a Stanford alumni in 2011, and has funded over $11 billion in loans. The SoFi community has over 165,000 members, and the company has collectively saved borrowers around $760 million. SoFi’s personal loans are targeted toward recent college graduates with a decent income. As a whole, SoFi Personal Loan offers a variety of loan services in addition to personal loans. You can also come to SoFi for student refinancing and mortgage loans. SoFi looks at more than just credit score and credit history when determining your approval decision for a loan.

Product NameSoFi Personal Loan
Interest Rate (p.a.)From 4.79% (fixed)
Comparison Rate (p.a.)
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term7 years
Min Loan Amount$5,000
Max. Loan Amount$100,000
Application Fee$0
Monthly Service Fee$0

SoFi Personal Loan Review

SoFi provides a way to get personal loans without fees or hassle. The process is simple. You first find your rate, and get pre-approved online. From there, you apply and select the loan that works best for your financial situation. Then, you simply sign electronically and your funds are wired to your account.

Loan eligibility depends on your financial history, career experience and monthly income vs. expenses. SoFi does not list a minimum annual income or credit score requirement, but typical borrowers have around a 700 credit score, and make approximately $106,000 a year. The loans are mainly intended for employed individuals with solid financial history and a strong monthly cash flow. You can use personal loans to help with a variety of purposes, like home improvements, vacation or wedding expenses, or paying off credit cards.

Personal loans range from $5,000 to $100,000, and SoFi’s fixed rates start at 4.79% p.a.. There is no minimum length requirement for credit history, and SoFi reports payment activity to three major credit bureaus.

Benefits of SoFi Personal Loan

  • Credit counceling. The company wants you to financially succeed, and provides free career counseling and unemployment protection.
  • No hidden fees. You don’t have to worry about origination, closing or prepayment fees when you get a personal loan with SoFi.
  • Online calculator. You can utilize the estimation calculators on SoFi’s website to see how different rates could affect your monthly payment.
  • Community events. SoFi organizes member events and happy hours so you can meet and get to know other members.
  • Customer service. If you have questions, you can call SoFi or ping them on social media, 7 days a week.
Rates last updated March 29th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
SoFi Personal Loan
Borrow up to $100,000 with a competitive APR and no fees.
$100,000 660 Varies You must be a U.S. citizen or permanent resident 18 years or older. Go to site More

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  • State availability. Services are available in 48 states plus the District of Columbia. You cannot get a personal loan with SoFi if you are a resident of Nevada or Mississippi.
  • Online application. Applying is simple, and only takes minutes. SoFi conducts a soft credit pull when you apply. Once your application is processed and you are approved for a loan, you can get funding in as soon as a few days.
  • Personal loans. Personal loans are unsecured, and you can borrow from $5,000 to $100,000. Personal loan terms fall between three and seven years. You can also use a personal loan to consolidate high-interest rate balances into one convenient monthly rate.
  • APR. You can choose to go with a fixed or variable interest rate. Variable APR is capped at 14.95%, and typically ranges from 4.79% – 10.89% APR (with AutoPay) and 5.04% – 11.14% APR (without AutoPay). Fixed rates range from 5.70% – 14.24% APR (with AutoPay) and 5.95% – 14.49% APR (without AutoPay).
  • Payments. To pay back the personal loan, you make monthly principal payments plus interest. You can pay online through’s Bill Pay, by paper check, or electronically through ACH. If you pay through ACH, you earn a $0.25 discount on your rate. SoFi does not accept credit card payments.
  • Security. SoFi makes sure that all of your information is secure and private.
  • Late fee. If you are 15 days late making your payment, you will acquire a fee that is 4% of the payment due, or $5 (whichever is less).

How to apply for SoFi Personal Loan

Eligibility criteria:

  • At the least the majority age in your state (18 or older in most states)
  • US citizen
  • Not a Nevada or Mississippi resident
  • Currently employed

Required documents & information:

  • Full name
  • Residential address
  • Birthdate
  • Email address
  • Education and employment information
  • Proof of income

*You can upload photos of documents.

If you are looking for a personal loan that has low rates, and fixed monthly payments to help you pay off high-interest debt, SoFi Personal Loan may be an ideal solution. Before choosing SoFi, be sure to explore other loan companies similar to it.

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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. (

Personal Loans
​*​Fixed rates from 5.70% APR to 14.24% APR (with AutoPay). Variable rates from 4.79% APR to 10.89% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2016 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 4.79% APR assumes current 1-month LIBOR rate of 0.79% plus 4.25% 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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