SoFi Personal Loans Review

Our take on SoFi

SoFi, rated 4.9 out of 5 stars, is an FDIC-insured bank and direct lender that offers large loan amounts (up to $100,000), low minimum interest rates, multiple rate discounts, as-soon-as-same-day funding, and lets you opt out of origination fees. While SoFi does not outperform in any single area, it delivers benefits on multiple fronts. 

Despite these advantages, SoFi isn't the right choice for borrowers who don't have good credit (a FICO score less than 670), need less than $5,000, or prefer an in-person banking experience. This review examines the pros and cons of SoFi personal loans, suggests possible alternatives, and even explains how a loan from a same-day lender could actually take a few days.

Who (or what) is SoFi best for?

• Low rates for good and excellent credit: According to 12 months of data on Credible lending partners, borrowers with FICO scores of 670 or higher received some of the lowest average APRs from SoFi. Only two lenders, LightStream and LendingClub, offered consistently lower average rates in the good (670 to 739), very good (740 to 799), and excellent credit (800+) FICO score categories.
• Large loan amounts: The maximum loan amount available from SoFi is $100,000. With the exception of large-loan specialist BHG Financial, SoFi had the largest average loan amount among partner lenders. Low APRs and large loan amounts make SoFi a good choice for borrowers looking to consolidate debt or refinance credit cards at a lower rate and save on interest. 
• Full suite of financial services: SoFi is not just an online lender but also an online bank. If you prefer having loans, checking accounts, and more under the same roof (virtually), SoFi could be a convenient choice. SoFi members are also eligible for perks including financial planning advice, travel offers, and discounts. Keep in mind, though, that SoFi doesn't have branch offices, so in-person customer service isn't an option.

Who (or what) is SoFi not best for?

• Borrowers with bad or fair credit: SoFi doesn't disclose a minimum credit score requirement, but you'll probably need good credit or better to qualify. Credible loan data show that the average credit score for borrowers approved by SoFi over a 12-month period was near the top of FICO's good-credit range (670-739). 
• Small loans: SoFi loan amounts start at $5,000, so borrowers looking for loans in the $1,000 to $5,000 range should consider a lender that offers small personal loans. 

Pros and cons

Details on the pros

• Competitive rates for good and excellent credit: On average, Credible borrowers with FICO scores above 670 qualified for APRs in the low to mid-teens from SoFi.
• Large loan amounts: SoFi is one of the few lenders offering personal loans of up to $100,000. Many lenders' loan amounts top out at $50,000.
• Rate discounts: SoFi offers multiple rate discounts: for setting up automatic payments (0.25%); for meeting “member rate discount” criteria (0.25%); and for instructing SoFi to send debt consolidation funds directly to your creditors (0.25%).
• Long loan terms available: Repayment terms of up to 7 years are available, which could help you reduce the size of your monthly payment (although longer-term loans typically have higher interest rates, which could mean paying much more in interest over the life of the loan).
• No required fees: SoFi doesn’t charge late fees, and origination fees — which range from 0% to 7% of the loan amount — are optional. 
• Same-day loans: If you sign your loan agreement by 5:30 p.m. ET on the day you applied, you could receive the loan funds that day. 

Details on the cons

• Not available for fair or bad credit: Although SoFi doesn't disclose a minimum credit score, you're likely to need good credit (if not better) to qualify. 
• Not transparent about eligibility requirements: SoFi's minimum income requirement is also undisclosed. You can prequalify to get an idea of whether you’ll be approved for a SoFi loan, but prequalification is not a guarantee of approval. A shortage of specific information could lead to uncertainty about whether applying is worth your time and the hard credit pull. SoFi performs a hard credit pull when you apply, which could ding your score by up to 10 points for up to 1 year.    
• Smaller loans not available: With a minimum loan amount of $5,000, SoFi isn't the best choice for borrowers interested in smaller loans.

Is SoFi a same-day lender? It can depend on the type of loan

SoFi is one of a few lenders that offer same-day personal loans. It can send money the same day the loan is approved if you sign your loan agreement by 5:30 p.m. ET. However, SoFi's disclosures point out that while most borrowers meeting the terms qualify, same-day funding isn't guaranteed. We found that loans used for debt consolidation can take longer to fund. 

How to qualify for a SoFi personal loan

• Credit score: Undisclosed. While SoFi does not disclose its minimum credit score requirements, you’re likely to need a FICO score above 670 to qualify.
• Minimum income: Undisclosed. However, SoFi considers your monthly income and expenses when determining your eligibility. Specifically, SoFi indicates that an applicant should be employed or have sufficient income to be approved. You may be able to qualify for a personal loan if you don’t currently have a job but have an offer of employment to start within the next 90 days.
• Debt-to-income ratio (DTI): Undisclosed. Like many lenders, SoFi doesn't disclose a maximum debt-to-income ratio for personal loan approval, but personal loan lenders typically prefer a DTI below 36%.

Despite the lack of specificity about eligibility requirements, you can prequalify for a SoFi personal loan without affecting your credit score. Prequalification can give you an idea of whether you’ll be approved and what rate you might be offered, but prequalified rates are only estimates. Rates and terms of a loan offer may differ from your prequalification results.

SoFi personal loan purposes

Although SoFi loans made through Credible can be used only for debt consolidation and credit card refinancing, borrowers applying on the SoFi website can also use personal loans for purposes including:

SoFi fees and penalties

• Origination fees: 0% to 7% (optional). SoFi advertises that its personal loans have no origination fees required, which is a specific yet confusing way to phrase it. Why would you agree to an origination fee if they’re not required? According to SoFi, opting into an origination fee could yield a lower interest rate.
• Late fees: None
• Prepayment penalties: None

SoFi vs. other lenders

SoFi company details and history

SoFi is a combination online lender/bank, nationally chartered and FDIC-insured. SoFi, which stands for Social Finance, Inc., was founded in 2011 and began offering personal loans in 2015. Headquartered in San Francisco, the company has more than 13.7 million members and has funded more than $73 billion in loans (across all loan types).

Contact information

Personal loans support

• Phone: (855) 456-7634, Monday through Thursday 5 a.m. to 7 p.m. PT, and Friday through Sunday 5 a.m. to 5 p.m. PT
• Live chat: SoFi members can chat with a virtual assistant 24 hours a day to troubleshoot problems or be connected with an agent during working hours.
• X: @SoFiSupport

Personal loan payments by mail

Methodology

Credible evaluated 32 lenders across 1,216 data points to choose the best lender overall plus top picks for different borrowers and use cases. Across lenders, we collected data on customer experience and service options, minimum and maximum fixed interest rates, minimum and maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more.

We assigned a numerical value to each attribute based on how that feature compared with the same feature for every other lender in the set. Attributes were grouped into categories, scores were compiled, and categories were weighted according to their relative importance — for instance, rates and fees were weighted highest since loan cost is among the most important factors in determining loan value.

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

We also considered each of our partner lenders' statistics over 12 months — including average funding times, average credit scores for approved applicants, and average rates. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.