SoFi personal loans offer competitive rates for those who have excellent credit. SoFi can be a great option if you’re looking for help with debt consolidation (like paying off your credit card debt), home improvement projects, and more.
SoFi is 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 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.
|Fixed rates||5.99% - 18.83% APR|
|Loan amounts||$5,000 to $100,000|
|Loan terms||2 to 7 years|
|Time to fund||
3 business days
|Soft credit check||Yes|
|Loan use||Solely for personal, family, or household uses|
|Best for||Debt consolidation or home improvement|
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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 personal loans from SoFi.
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, permanent resident, or visa holder.
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.
More details about SoFi
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.
|Fixed rates||5.99% - 18.83% APR||6.99% - 19.99% APR1||2.49% - 19.99% APR|
|Loan amount||$5,000 up to $100,000||$3,500 to $40,0002||$5,000 up to $100,000|
|Loan terms||3 to 7 years||3 to 6 years||
1Rate reduction of 0.25% when enrolled in autopay.
2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.
3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.
4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
See how SoFi stacks up with: The Best Personal Loans
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.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.