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Financing with competitive rates and no fees for borrowers with good credit.
finder.com’s rating: 4.6 / 5.0
★★★★★
SoFi’s personal loans are targeted toward recent college graduates with a decent income. As a whole, SoFi offers a variety of loan services, community events and professional guidance in addition to personal loans.
Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
Expert Review
Review by
Aliyyah Camp
SoFi is a safe lender for those with a decent credit history who are looking for lower APRs than other online competitors. Even while offering loan amounts as high as $100,000, you won’t ever get hit with a single fee. You’ll also get access to exclusive perks such as career coaching and social events for professional networking. And it offers unemployment protection, which pauses your monthly repayments if you lose your job.
However, the eligibility requirements to get approved by Sofi are rather high. You’re going to need a credit score of at least 680 to qualify, so consider bringing on a coapplicant if you’re not sure you’ll get approved on your own. And it can take up to 30 days to get approved after applying — you might want to look elsewhere if you need money fast.
Can’t decide if SoFi is right for you? Check out our list of other lenders that might be a better fit.
Expert review
SoFi is a safe lender for those with a decent credit history who are looking for lower APRs than other online competitors. Even while offering loan amounts as high as $100,000, you won’t ever get hit with a single fee. You’ll also get access to exclusive perks such as career coaching and social events for professional networking. And it offers unemployment protection, which pauses your monthly repayments if you lose your job.
However, the eligibility requirements to get approved by Sofi are rather high. You’re going to need a credit score of at least 680 to qualify, so consider bringing on a coapplicant if you’re not sure you’ll get approved on your own. And it can take up to 30 days to get approved after applying — you might want to look elsewhere if you need money fast.
Can’t decide if SoFi is right for you? Check out our list of other lenders that might be a better fit.
SoFi is more than just a lender. It offers a slew of benefits to borrowing and taking advantage of its other products.
High maximum loan amounts
SoFi has one of the highest loan amounts out there — capping out at $100,000. And while only the most well-qualified applicants will be approved for that high of an amount, multiple borrowers on forums like Reddit and MyFico have reported that they were approved for large amounts over $10,000 with limited credit history and some missed repayments on their credit report.
No fees
SoFi doesn’t charge a single fee. No origination fees, no loan closing fees, no late fees. This means you’ll repay exactly what you borrowed plus interest — without having to worry about budgeting for unknown costs along the way.
Wide state availability
Unlike many of its competitors — including some banks — SoFi is available in 49 states and Washington, DC. Only residents of Mississippi are ineligible for a loan. This means more opportunities to borrow and join SoFi’s member network.
Career coaching
Borrowing from SoFi comes with added perks, including a career coach to help you create a plan and reach your goals. Guidance is also available to help with your resume, LinkedIn profile and networking skills.
Social events
Beyond a coach to help with your networking skills, you can also attend a variety of social events hosted by SoFi across the country. SoFi offers a slew of workshops for financial advice and career growth. You can check out events near you and RSVP through SoFi’s mobile app.
Special rate discounts for members
If you’re an existing SoFi member with a home loan, personal loan or student loan — or have a minimum balance of $10,000 in a SoFi Invest account — you may receive a rate discount of 0.125% on a new personal loan or student loan.
Bank accounts and investment tools
You can take control of your finances in one place using SoFi’s bank account and investment tools. These both have a variety of special features that set them apart from similar services offered by banks, including relatively high APYs and no account fees. And to sweeten the pot, SoFi also offers SoFi Relay to help you manage your spending and set personalized financial goals.
Student and home loans
Personal loans aren’t SoFi’s only options. It also offers student loans, student loan refinancing and mortgages to qualified borrowers. And if you borrow before you take out a personal loan, you could be eligible for the rate discount mentioned above. Read more about SoFi’s other loan products.
Unemployment protection
If you become unemployed over the course of your loan, SoFi has your back. When you enter into the Unemployment Protection Program, SoFi will pause your loan payments for three months. And if you still haven’t found a job, you can request forbearance again — up to 12 months total over the life of your loan. Just remember that interest will continue to accrue during forbearance, so you’ll end up paying more overall.
Referral program
SoFi runs a referral program — and it’s as simple as grabbing your unique link from the app and sending it to your friends. If your friend or family member signs up for the specific program you link them to, you’ll get a $100 bonus. The more you refer, the more you earn. SoFi caps the maximum referral bonus for a single individual at $10,000 — that’s 100 potential people you can refer.
Am I eligible?
SoFi requires its borrowers to meet slightly stricter eligibility criteria than other online lenders:
Credit score of 680+
Currently employed or pending employment
US citizen or permanent resident
Age of majority in your state
SoFi doesn’t offer loans to residents of Mississippi.
Pros
Low interest rates
No fees
Quick application
Mobile app
Cons
Requires a higher credit score
Can’t use it to pay for college expenses
Slower turnaround
Recent FTC action
Compare SoFi to other top online loan providers
Updated November 14th, 2019
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What do borrowers say about SoFi?
BBB accredited
Yes
BBB rating
A-
Trustpilot score
4.4 out of 5, based on 2,000 customer reviews
Customer reviews verified as of
17 September 2019
Positive reviews commented on how quick and simple the application process was. Some reviewers were also happy with the quality of customer service. But several borrowers reported glitches on the application, which customer service wasn’t able to fix. A few were upset that they didn’t get approved for the amount they’d prequalified to borrow.
Reviews on Google Play are similar to Trustpilot. SoFi customers agree that the app interface is decent and the service they receive is top-notch. Borrowers on the MyFico forums also talk about the ease of applying — though opinions vary on what type of finances SoFi requires to approve a loan request. And while there aren’t many personal loan reviews on Reddit, there is a dedicated SoFi subreddit where you can ask questions about SoFi’s variety of products.
Case study: Jon’s experience
Jon Brodsky Finder CEO, USA
I got a SoFi personal loan with an 84-month term back in 2015, so I’m a little past halfway through paying it back as of April 2019. I chose a personal loan because we were using the money for home renovations and didn’t have enough equity left in our house to get a home equity line of credit (HELOC). It took about a week from start to finish to get the money, and most of that time was on my end verifying my income and finding my pay stubs and tax returns.
The downsides have been that SoFi regularly asks me to sign up for other SoFi products — which I don’t have much interest in — and the variable interest rate. My payments are $41 higher than they were when I first got the loan. And because it’s such a long term, only about 70% of my payments go toward the principal.
While it’s been a useful source of cash, I’ll likely pay it off with a HELOC in the near future.
Is SoFi legit?
Yes, SoFi is a legit lending platform with an encryption system to help safeguard your personal and financial information. It offers competitive APRs and exclusive borrower perks, and may be a good fit for those with an established credit history and good to excellent credit.
However, SoFi was recently under investigation by the Federal Trade Commission (FTC) for allegedly making false statements about its loan refinancing program. It has come to a settlement, but you may want to confirm you’re getting the best deal by calculating your refinancing options before borrowing. In addition, it might share your information with third parties for marketing and general business purposes — but you can opt out of some of the ways SoFi shares your information by calling its customer service line at 855-456-7634.
How much will I pay for a personal loan with SoFi?
The APR you’re offered will depend on multiple factors, including your income, credit history and professional experience. SoFi offers both fixed and variable rates — you can choose which will work better for your budget. Best of all, your APR is the same as your interest rate. Because there are no fees — not even late fees — you won’t have to worry about being hit with a more expensive loan than you anticipated.
SoFi personal loan rates
SoFi offers fixed- and variable-rate personal loans. You could get a discount on your APR by signing up for autopay.
Rate type
APR range
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 17.88%
SoFi Personal Loan Fixed Rate (w/o Autopay)
6.24% to 18.63%
SoFi Personal Loan Variable Rate (with Autopay)
5.74% to 14.7%
SoFi Personal Loan Variable Rate (w/o Autopay)
5.99% to 14.95%
How does SoFi make an approval decision?
SoFi takes a hard look into your finances — your credit history, monthly income and expenses. Borrowers on MyFico and Reddit mentioned they also had some social media looked at, specifically LinkedIn. Everything will be taken into account, but don’t worry if you have some bumps in the past. Borrowers say they were approved despite some missed payments on other credit accounts in the past and no college degree. Provided you meet the basic requirements and don’t have any glaring red flags in your finances, you may still be approved for a personal loan with SoFi.
How do I apply for a SoFi personal loan?
To apply for a personal loan from SoFi, follow these seven steps:
Click Go to Site and click Find My Rate.
Enter your full name, email and create a password. Read SoFi’s privacy policy and terms of use. Click Continue.
Enter your loan amount and select your loan purpose, then enter your preferred monthly payment. Click Next.
Enter your date of birth, then select your citizenship status. Enter your address and mobile phone number. Click Next.
Select your current living arrangement and your annual income. Click Next.
Select if you would like to apply with a coapplicant. If yes, enter their information.
Click Check My Rate.
It may take a few minutes for SoFi to process your request.
What information do I need to apply?
To fill out the basic application, you won’t need much:
Date of birth
Proof of citizenship, including driver’s license, green card or visa
Annual income
Depending on the information you enter, you may also need to enter your Social Security number. SoFi may also contact you for additional documentation, like further proof of income, after you apply for preapproval.
What happens after I apply?
SoFi conducts a soft pull on your credit report when you apply, which won’t impact your credit score. However, it may conduct a hard pull to verify your identity once your loan has been finalized. This may lower your credit score by a few points.
Once your application is processed, it may take several days to fund your loan. Some SoFi borrowers complain of having to wait up to 30 days from application to approval. However, most loans are funded within a week. While SoFi isn’t the fastest lender out there, its numerous benefits may be worth the short wait.
How do repayments work with SoFi?
It depends on the type of interest rate you have:
Fixed-rate loans. Your first due date will be 30 days after your disbursement date. But if your due date falls between the 26th and the 4th, your first payment will be due on the 5th of the following month. You’re also able to change your due date to any day between the 1st and the 25th of each month if your loan is in good standing.
Variable-rate loans. Your due date will always be on the 10th of every month. SoFi doesn’t offer due date changes.
You can make repayments on the SoFi mobile app, on its website and by mail. If you opt for online payments, consider autopay: It gives you a 0.25% discount off your APR, lowering the total cost of your loan.
Payments are reported to all three major credit bureaus.
SoFi amortization schedule
To help make your decision easier, we’ve included a real amortization schedule from a SoFi borrower.
Having funded loans to over 600,000 borrowers, SoFi is a safe lender for those with a decent credit history who are looking for lower APRs than other online competitors. Before choosing SoFi, be sure to explore your other personal loan options.
Frequently asked questions
Does SoFi recommend a credit score for approval?
While SoFi doesn’t advertise a cutoff minimum credit score, approval rates are higher for those with good to excellent credit. If you have bad credit, you may want to consider a bad-credit personal loan.
Is there a difference between fixed and variable interest rates?
Fixed interest rates remain the same throughout the entire term of the loan. Meanwhile, variable interest rates may increase or decrease depending on changes in the economy. Read our guide to fixed versus variable interest rates to learn more.
Is there a maximum interest rate for variable-rate loans? Yes. As of November 2019, variable rates are capped at 14.95%.
Is there a difference between a coapplicant and a cosigner?
SoFi considers a person who lives at the same address as the applicant and shares responsibility for paying back the loan a coapplicant. Cosigners, on the other hand, are people who are responsible for paying back a loan if the borrower can’t. They don’t need to live in the same home.
SoFi doesn’t accept cosigners on its personal loan applications. It started accepting coapplicants in April 2018.
Can a coapplicant be removed from my loan? SoFi doesn’t allow a coapplicant to be removed from a personal loan unless they have passed away.
Can I have two SoFi personal loans out at one time? Yes. Provided you’ve made at least three consecutive on-time payments on your current personal loan, you may be approved for a second loan. However, this isn’t available for residents of Michigan.
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 Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
Personal Loans
Fixed rates from 5.99% APR (with AutoPay) to 18.625% (without AutoPay). Variable rates from 5.74% APR (with AutoPay) to 14.95% (without AutoPay). SoFi rate ranges are current as of March 18, 2019 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. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% 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. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, 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 pull.
All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly.
SoFi unemployment protection
If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
Unemployment protection: If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
You should have a good to excellent credit score when applying for a SoFi loan. In addition, you must be a US citizen or permanent resident, at least the age of majority in your state and be employed (or have pending employment starting within 90 days). Most lenders expect applicants to have good to excellent credit (680+) in order to be approved for a $10,000 loan. You can instead check out THIS link on providers who can approve you for a loan even if you bad credit. If you need anything further, please send me a message anytime.
I have been trying to find an installment loan of $8500 and every place that says bad credit no problem I apply at and still get turned down. I am on disability not by my fault but the check I get each month is not for very much, but I have enough to pay back the loan if it’s stretched out to 60 months but I feel like I am black listed I have had people trying to get my score back up for over a year now and I told them that someone took a couple loans out in my name that I do not know who it is. So what do you think about this I really need that loan bad
Since you are on a disability pension, you may like to review first the criteria then contact a lender featured on this page – https://www.finder.com/loans-for-people-on-pension to discuss your options and eligibility especially if have a bad credit rating.
Furthermore, please note that the eligibility requirements would vary from lender to lender so it will be best to review the criteria thoroughly. The amount you can borrow would also depend on their assessment of your financial situation.
I hope this information helps.
Let us know if there is anything else that we may assist you with.
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