*AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
SoFi Personal Loans offer a range of unsecured loans from $5,000 to $100,000, with terms ranging from two to seven years. They are known for their quick funding, often within a few days, and the absence of origination and prepayment penalty fees. The APR ranges from 8.99% to 29.99% with autopay. SoFi personal loans are best suited for borrowers with good to excellent credit who need a significant loan amount and want flexible repayment options. However, co-signers are not permitted, and some applicants report challenging eligibility criteria. Additionally, SoFi Personal Loans cannot be used for education expenses, real estate, business purposes or short-term bridge financing.
Pros
- No late fees, origination fees or prepayment penalty fees
- High loan amounts up to $100,000
- Co-borrowers are permitted, which can help applicants qualify for a loan or receive better rates
- Borrowers become SoFi members and gain access to unique benefits, adding value beyond the loan itself
Cons
- Borrowers with less than stellar credit may struggle to qualify for a SoFi loan
- The minimum loan amount of $5,000 may be too high for those needing smaller funding
SoFi Personal Loans Ratings at a Glance
Table of Contents
SoFi Personal Loan Purposes
SoFi personal loans are designed to be flexible and meet various individual, family, or household needs. However, specific guidelines exist regarding how loan funds can and cannot be used.
| Permitted Uses | Prohibited Uses |
| Debt consolidation: You can use a SoFi personal loan to consolidate high-interest debts into a single, manageable payment | Real estate: You cannot buy real estate with a SoFi Personal Loan |
| Home improvements: A SoFi personal loan can help finance your home renovation projects or minor repairs | Investments: You cannot use the loan for investment purposes, including buying securities |
| Medical procedures: Unforeseen medical expenses can be covered with a SoFi loan. | Business: The loan funds are not meant for starting or running a business |
| Relocation assistance: Moving costs, including transportation and temporary housing, can be financed with a SoFi loan | Post-secondary education: SoFi personal loans cannot be used for educational expenses, such as tuition or textbooks |
| Short-term bridge financing: These loans are not suitable for covering short-term financial gaps in anticipation of future income |
SoFi Personal Loan Details
When considering a SoFi Personal Loan in 2024, here are the key details to keep in mind:
- Loan amounts: Ranges from $5,000 to $100,000. Some states have a higher minimum
- Repayment terms: Two to seven years.
- Fees: No loan fees, including late, origination or prepayment penalty fees.
- Interest Rates (APR): 8.99% to 29.99% (with autopay)
- Perks:
- Autopay discount: Enjoy rate discounts when you use automatic payments
- Membership benefits: As a SoFi borrower, you are entitled to membership with access to exclusive benefits such as referral bonus programs
How to Qualify for a SoFi Personal Loan
Applicants must meet specific criteria to qualify for a SoFi personal loan in 2024.
Credit Score
A minimum credit score of 680 is typically required to qualify for a SoFi personal loan. This threshold ensures that only borrowers with good to excellent credit are considered, reflecting their ability to manage debt responsibly.
Age and Residency
Applicants must be at least 18 years old or the age of majority in their state. They must also be U.S. citizens, eligible permanent residents, or nonpermanent resident aliens (including DACA recipients and asylum seekers). This requirement ensures that all borrowers can legally enter into a binding contract.
Income
SoFi requires proof of sufficient income, which can come from employment, other sources or a job offer that starts within 90 days. Proof of income demonstrates the borrower’s ability to repay the loan and SoFi loans typically require a minimum income of $45,000.
Co-borrowers
While SoFi allows joint loan applications, co-signers are not permitted. This feature means that while you can apply with another person, you cannot have someone co-sign the loan to help you qualify.
How to Apply for a SoFi Personal Loan
Applying for a SoFi Personal Loan is easy and can be done online or through the SoFi app.
Step 1: Prequalification
Start by completing the prequalification process online to help you see the rates you might qualify for. This step involves a soft credit check, which won’t affect your credit score.
Step 2: Choose your loan
Based on your prequalification results, choose the loan option that best suits your needs. Consider the loan amount, term, and annual percentage rate (APR) you're comfortable with.
Step 3: Complete the application
Please complete the formal application with your personal, employment, and financial information. This step requires a hard credit pull, which may affect your credit score.
Step 4: Submit required documents
You may need to provide additional documents, such as pay stubs, tax returns, or identification documents, to verify your information.
Step 5: Loan review
After submitting your application, a SoFi loan consultant might contact you to guide you through the process and answer any questions you may have.
Step 6: Sign the loan agreement
Once your loan is approved, you'll receive a loan agreement to review and sign. Be sure to read all the terms and conditions carefully before agreeing.
Step 7: Receive funds
After you sign the loan agreement, the funds will typically be available within a few days, allowing you to use the money as needed.
SoFi Customer Service
SoFi offers several ways to contact their customer service. You can reach them via phone and email. They also provide a virtual assistant chat feature for logged-in users and a comprehensive FAQ section on their website.
While SoFi offers multiple contact options, some customers have reported difficulties reaching a live agent by phone. However, others have shared positive experiences, noting that they were connected to a human representative within minutes.
Aggregated data from PissedConsumer.com indicates that most customers feel “very satisfied” after talking to SoFi customer service representatives. Customers also praised the quick availability of funds post-approval.
Overall, SoFi provides a range of customer service options, with generally positive feedback from satisfied customers. However, some users have experienced challenges in reaching a live agent by phone, which could be improved.
SoFi vs. Competitors
The SoFi platform competes with other financial services providers like LightStream, Upstart, OneMain Financial and Best Egg. While these competitors share similarities with SoFi in offering personal loans with various terms and catering to different credit profiles, they also have distinct differences. These differences are mainly seen in their loan offerings, interest rates and customer service experiences.
- Best For:No origination feesVIEW PROS & CONS:securely through SoFi Personal Loans's website
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.
SoFi Personal Loans earn a 4.2 out of five rating. This rating reflects SoFi's robust offerings, such as high loan amounts, competitive APRs, and the absence of fees, which customers highly value. The platform also provides an excellent customer service experience, featuring a responsive support team and multiple contact options. However, the rating considers some challenges customers face with SoFi's qualification standards and handling significant issues. SoFi is a solid choice for individuals with good to excellent credit who are looking for a comprehensive loan product with added membership benefits.
Frequently Asked Questions
Is it hard to get a personal loan with SoFi?
Getting a personal loan with SoFi is generally not difficult if you have good credit and a reliable income.
What credit score do you need for a SoFi personal loan?
The minimum credit score required for a SoFi personal loan is 680, although having a higher score may improve your chances of approval.
How fast does SoFi approve a personal loan?
Typically, SoFi’s loan approval process takes two to four days, but it can take longer, especially if you’re self-employed.