When it comes to personal loans, SoFi stands out with its members-only perks, competitive interest rates, and large loan limits. If you’re looking to fund a major expense or consolidate debt with fast access to funds and potential discounts, SoFi might be a strong contender.
Let’s dive deep into SoFi’s personal loan offerings in this detailed review.
Quick Overview: SoFi Personal Loans at a Glance
| Feature | Details |
|---|---|
| APR | 8.99% – 35.49% |
| Loan Amount | $5,000 – $100,000 |
| Loan Term | 2 – 7 years |
| Minimum Credit Score | Not disclosed |
| Fees | 0% – 7% origination fee |
| Funding Time | Same-day possible |
| Availability | All 50 U.S. states & Washington D.C. |
| Co-Applicants | Allowed (must live together) |
| Mobile App | Available on iOS & Android |
✅ Pros of SoFi Personal Loans
- Multiple Rate Discounts: Earn up to 0.75% off your APR via autopay, direct creditor payments, and direct deposit.
- Same-Day Funding: Many loans are funded the same day if approved before 7 p.m. ET.
- Large Loan Amounts: Borrow up to $100,000, ideal for major expenses.
- No Late or Prepayment Fees: Save more when paying off early.
- Direct Payment for Debt Consolidation: SoFi will pay your creditors directly.
- Member Perks: Includes career coaching, local networking events, and mortgage discounts.
⚠️ Cons to Consider
- High Minimum Loan Amount: $5,000 minimum might not suit smaller needs.
- May Charge Origination Fees: Up to 7%, which is deducted from the loan amount.
- Strict Eligibility: Requires strong credit history and steady income.
- No Secured Loans: Can’t back your loan with collateral like a vehicle or savings account.
In-Depth Review of SoFi Personal Loans
💸 Competitive Rates & Discounts
SoFi offers very competitive interest rates, especially for borrowers with good to excellent credit. Here’s how you can reduce your APR:
- 0.25% for enrolling in autopay.
- 0.25% for using SoFi’s DirectPay to pay off credit card lenders.
- 0.25% for setting up $1,000+ direct deposit to a SoFi checking account and using that account for autopay.
🧾 Origination Fees
- SoFi personal loans may include a 0% to 7% origination fee, deducted from your loan proceeds.
🛠️ Use Cases
You can use your SoFi loan for:
- Debt consolidation
- Home improvements
- Medical or dental expenses
- Weddings or funerals
- Vehicle financing
- Family planning
- Vacations or emergencies
You cannot use it for:
- Real estate
- Business expenses
- Investments
- College tuition or student loans
Co-Applicants and Joint Loans
SoFi supports joint loan applications, making it easier to qualify or secure better rates if your co-applicant has a stronger credit profile. However, both applicants must live at the same address. Note that joint applications may take up to two weeks to process.
Mobile App & Loan Management
SoFi’s top-rated mobile app allows you to:
- Apply for loans
- Manage payments
- Track credit score
- Change payment due dates (1st to 25th of the month)
Hardship Assistance
If you lose your job during the repayment term, SoFi offers a Hardship Forbearance Program. If approved, your loan may be paused and payments modified while you get back on your feet.
Eligibility Criteria
To qualify, you must:
- Be at least 18 years old
- Be a U.S. citizen, permanent resident, or eligible non-resident (DACA, asylum seekers included)
- Have sufficient income or job offer within 90 days
- Show responsible credit and cash flow history
✅ Note: SoFi doesn’t publicly state a minimum credit score, but good-to-excellent credit significantly boosts your approval chances.
Application Process
Step-by-Step:
- Pre-Qualify Online
- A soft credit check is performed (won’t impact your score).
- You’ll receive estimated rates and terms.
- Submit Full Application
- Provide documents like W-2s, pay stubs, and ID.
- SoFi performs a hard credit check.
- Get Funded
- If approved and signed before 7 p.m. ET, you may receive same-day funding.
- Manage Your Loan
- Use the mobile app or desktop portal for tracking and payments.
- Set up autopay to avoid missed payments and get rate discounts.
Customer Feedback
- Trustpilot Rating: 4.5/5 (as of August 2024)
- Google Play App Rating: 3.9/5 (35,800 reviews)
- Apple App Store Rating: 4.8/5 (344,500+ reviews)
Customers highlight:
- Seamless credit card debt payoff via DirectPay
- Fast loan disbursal
- Easy-to-use mobile platform
SoFi vs. Other Personal Loan Lenders
| Lender | Loan Amount Range | APR | Key Perks |
|---|---|---|---|
| SoFi | $5,000 – $100,000 | 8.99% – 35.49% | Member perks, discounts, fast funds |
| Wells Fargo | Up to $100,000 | Varies by credit | Established bank, branch access |
| LightStream | $5,000 – $100,000+ | Competitive, varies | Rate beat program, no fees |
What the Experts Say
“If you’re looking for one of the best personal loans on the market — especially if you need a larger amount — look no further than SoFi.”
— Lead Writer
Final Thoughts: Should You Choose SoFi?
SoFi personal loans are ideal for borrowers with strong credit, steady income, and large loan needs. From same-day funding to member-only perks and multiple rate discounts, SoFi brings premium features not always found with other lenders.
However, if you need less than $5,000, or want to secure your loan with collateral, SoFi may not be the best choice.
Your Next Step
Pre-qualify today on SoFi’s website without affecting your credit score and see what rates and terms you can unlock. Always compare offers before deciding — even a 1% APR difference could save you hundreds.
📌 Tip: Always read the fine print. Personal loan terms can change — visit SoFi.com or the official app for the latest details before applying.