If you’ve got excellent credit, SoFi personal loans offer competitive rates. SoFi can be a good option if you’re looking for help with debt consolidation (like paying off your credit card debt), home improvement projects, and more.
SoFi personal loans are best if:
- You want to borrow a large amount (up to $100,000)
- Your credit score is 700 or above
- You have money left over each month after paying your bills
- SoFi personal loan details
- SoFi personal loan review
- How SoFi compares to other lenders
- How to take out a personal loan with SoFi
SoFi personal loan details
SoFi offers fixed- and variable-rate personal loans to borrowers with good, very good, or excellent credit. Here are the most important features of SoFi personal loans.
|Loan amounts||$5,000 to $100,000|
|Loan terms||2 to 7 years|
|Time to fund||A few business days|
|Soft credit check||Yes|
|Loan use||Solely for personal, family, or household uses|
|Best for||Debt consolidation or home improvement|
SoFi personal loan review
SoFi student loan refinancing was one of the first refinance loans offered, and now they also offer personal loans to residents of 49 U.S. states (all but Mississippi). As of Dec. 31, 2018, more than 360,000 people had taken out $13.8 billion in Sofi personal loans.
Sofi personal loans eligibility
While SoFi offers competitive loan rates to borrowers with great credit, qualifying for a loan depends on a variety of factors like your credit score, income, and responsible financial history. You also must be a U.S. citizen or permanent resident.
An analysis of a recent batch of $525 million in SoFi loans says a lot about the type of borrower SoFi is looking for:
- Average FICO score: 753
- Average gross income: $151,144
- Average loan amount: $31,634
- Average monthly free cash flow: $5,696
Minimum FICO score
Nine out of 10 SoFi borrowers have FICO scores above 700. In the batch of SoFi loans analyzed above, 60% of borrowers had “super prime” credit scores of 740 or higher.
To be approved for a personal loan from SoFi, you might need a gross income of at least $50,000 — that’s what you earn before taxes and other expenses like health insurance are deducted from your paycheck. Less than 1% of borrowers approved for a SoFi personal loan make less than $50,000. Most SoFi personal loan borrowers (about 70%) make more than $100,000 a year.
Minimum free cash flow
Free cash flow is how much of your income is left over after you’ve taken care of recurring monthly expenses like any debt payments and your mortgage or rent. While SoFi wants to see at least $1,500 in free cash flow, most borrowers that complete the SoFi approval process have $2,500 or more left over each month after paying their bills.
SoFi interest rates
If you’ve got excellent credit, rates on SoFi loans can be very competitive. The lender also offers both fixed- and variable-rate loans. SoFi’s interest rates can be low enough to make them an option for debt consolidation or major home improvement projects.
In addition to seeking low interest rates, it’s important to be aware of any fees that lenders might charge when you take out a loan, and whether there are penalties for accelerating your loan payments or paying off your loan early. To its credit, SoFi charges no origination fees, closing costs, or prepayment penalties on its personal loans.
Although SoFi is more selective than many other lenders, it will also make bigger loans. SoFi’s minimum and maximum loan limits — $5,000 and $100,000 — are higher than many of its competitors.
To help you get a loan with a monthly repayment you can afford, SoFi offers a wide range of repayment terms. You can take 2 to 7 years to repay your loan.
Remember that the shorter the loan term, the lower interest rate you’ll typically get from most lenders. A shorter repayment term will mean a larger monthly payment, but lower total repayment costs. You can use our personal loan calculator to see how adjusting your loan term affects repayment costs.
SoFi also offers unemployment protection for its personal loans. You might qualify for loan forbearance and job placement assistance in three-month increments for up to 12 months over the life of the loan if you show proof that you’ve applied for and are eligible for unemployment compensation.
How SoFi compares to other lenders
Here’s how SoFi compares to two other lenders that also specialize in lending to borrowers with good credit.
|Loan amount||$5,000 up to $100,000||$5,000 up to $100,000||$3,500 up to $40,000|
|Loan terms||3 to 7 years||2 to 12 years for home improvement loans|
2 to 7 years for all other loan purposes
|3 to 6 years|
|Best for||• Good credit|
• Home improvement
• Large loans
|• Good credit|
• Car or home improvement project
|• Debt consolidation|
Check Out: The Best Personal Loan Lenders
How to take out a personal loan with SoFi
Before you apply for a loan with SoFi, make sure you review your credit report and fix any issues with your credit score. Even a slight improvement in your credit score could help you get better rates.
SoFi lets you see rates using a soft credit inquiry that doesn’t hurt your credit score. If you see a loan you want to apply for, SoFi will ask your permission to do a hard credit pull, which has only a minor impact (five points or less) on most people’s credit scores.
SoFi promises a simple online loan application process and provides live customer support seven days a week. While SoFi can be a good choice for borrowers with a strong credit history and income, it’s smart to compare rates from multiple personal loan lenders first. No two lenders evaluate borrowers the same way. Each has its own methodology for deciding whether you’ll qualify for a loan, and what loan rates and terms you’ll be offered.
SoFi isn’t one of our partner lenders, but you can use Credible to fill out a single form in two minutes and compare prequalified rates from other online lenders who offer personal loans to find your lowest rate.
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