SoFi® has a large maximum loan amount of $100,000, which is helpful for borrowers who need to fund a significant expense. It's a top pick in our guide to the best debt consolidation loans.
However, SoFi doesn't have any in-person support. If you like having the option of talking to a banker in person about your loan or make a payment in person, SoFi may not be the lender for you.
Key Features of SoFi Personal Loans
8.99% - 29.99% fixed (with all discounts)
$5,000 to $100,000
680
- High maximum loan limit
- No fees required
- Competitive APR
- High minimum credit score requirement
- High minimum loan amount
- No in-person support
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
Regular APR: 8.99% - 29.99% fixed (with all discounts) Annual Percentage Rate
Loan amounts: $5,000 to $100,000
Fees: None required
Term lengths: 2 to 7 years
Compare Personal Loan Rates
Eligibility and Application for a SoFi Personal Loan
SoFi® Personal Loan is a strong personal loan lender for those with high credit scores — you'll get multiple perks and no fees required. This feature also makes it a strong home improvement loan option. However, its minimum loan amount is relatively high and you'll need a solid credit score to qualify.
How to Apply for a SoFi Personal Loan
1. Check your rate. SoFi allows borrowers to prequalify for its loans by applying through its website. That means you'll be able to get your rate without impacting your credit score. You'll need to input your name, email address, state of residence, desired loan amount and purpose, and other information.
2. Look over your loan offerings and choose the one that makes sense. After you submit your initial information, SoFi will send you potential loan terms. A shorter term length means bigger monthly payments — but you'll save more in interest. You'll need to send in a formal application, which may also require additional documents, like W-2s, pay stubs, or bank statements.
3. Confirm your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've added your loan payments into your budget.
SoFi Personal Loan Borrower Benefits
If you borrow from SoFi, you won't pay an origination fee at the start of the loan and also doesn't charge a fee on late payments. However, interest will still accumulate on late payments, and a late payment could still be reflected on your credit report.
SoFi Personal Loan Pros and Cons
SoFi Personal Loan Pros
- Generous loan limits
- No origination fee or late payment fees
- Fully online loan application
SoFi Personal Loan Cons
- High minimum credit score requirement
- High minimum loan amount of $5,000
- No in-person support
SoFi Personal Loan Alternatives
SoFi Personal Loans vs. LightStream Personal Loans
SoFi and LightStream Personal Loan both cater to borrowers with good or better credit. But for borrowers who don't meet SoFi's relatively high credit requirements, LightStream may be the better choice.
LightStream's interest rates start lower than SoFi's rates do, but LightStream's maximum interest rates are higher. Your choice could depend on which lender offers you the better rate.
SoFi Personal Loans vs. Upstart Personal Loans
While SoFi does not require a origination fee, Upstart Personal Loan does charge an origination fee of up to 8% on its personal loans. Upstart has a much wider range of interest rates than SoFi. SoFi's interest rates stop much lower than Upstart's interest rates. See the best personal loans with no origination fee.
Why You Should Trust Us: How We Rated SoFi Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>
SoFi Personal Loan Frequently Asked Questions
SoFi personal loans have competitive interest rates and no fees.
Your credit score, income, employment status, and other financial factors determine whether or not you qualify for a SoFi personal loan. SoFi caters more toward borrowers with good to excellent credit scores.
SoFi personal loans can be used for a wide range of purposes, including debt consolidation. SoFi's competitive rates and no-fee lending model can make it a good option for consolidating high-interest debt if you qualify for the best rates.
SoFi offers personal loans with terms typically ranging from two to seven years.
One of the significant benefits of SoFi personal loans is their no-fee policy, meaning there are no origination fees, prepayment penalties, or late fees.
