SoFi Personal Loan

Information verified correct on January 19th, 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 4.91% (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 4.91% 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.


  • 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 4.91%-10.71% APR (with AutoPay) and 5.16%-10.96% APR (without AutoPay). Fixed rates range from 5.95%-14.24% APR (with AutoPay) and 6.20%-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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