Best for: High credit borrowers with diverse needs
If you want to consolidate debt, travel the world, or complete a home improvement project, SoFi may have a personal loan for you. This loan servicer offers up to $100,000 personal loans with low APR rates for borrowers with good and great credit.
No fees required, flexible loan terms, and built-in protections make these personal loans very attractive. But there are some lenders with slightly lower rates.
- SoFi pros and cons
- SoFi loan details
- SoFi standout features
- What to consider before applying for a SoFi personal loan
- How to qualify for a personal loan from SoFi
- How to take out a personal loan with SoFi
- How to contact SoFi
- How SoFi compares to other lenders
- How SoFi can improve
- SoFi FAQs
- Methodology
SoFi pros and cons
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SoFi’s absence of fees gives it a significant advantage over competitors. The lack of an origination fee is helpful, but no penalties for prepayment or late payments offer more flexibility if you find yourself in a position in which your income has changed. Plus, SoFi offers unemployment protection, which modifies your monthly payments if you become unemployed.
The availability of up to $100,000 is another benefit not offered by some competing banks. However, SoFi only allows co-applicants (also called co-borrowers) on its personal loans, not cosigners. Co-borrowers must live at the same address as the primary applicant and will need to sign the loan agreement.
While SoFi offers some of the best personal loans for good credit, borrowers with poor credit may struggle to qualify. The company doesn’t publish a minimum credit score, but says that a credit score above 670 gives applicants more advantages when it comes to the best personal loan rates and approval.
SoFi loan details
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| Credible rating | 
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| APR range | 8.99% - 25.81% APR10 |
| Minimum credit score | Does not disclose |
| Loan amounts | $5,000 to $100,000 |
| Repayment terms | 2 to 7 years |
| Time to fund | 3 business days |
| Fees | No fees required |
| Discounts | Autopay 0.25% |
| Cosigners accepted? | Not on personal loans |
SoFi standout features
SoFi stands out most for high loan limits up to $100,000 and no fees required. Since you can use personal loans for personal, household, and debt consolidation needs, the high limit can facilitate a variety of financial goals. The potential for single-digit APRs is also a huge incentive for borrowers with excellent credit.
Plus, SoFi can provide funding to qualified buyers within hours of approval. And the ability to choose a loan term ranging from two to seven years helps borrowers find flexibility in repayment — a repayment that does not penalize prepayment.
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What to consider before applying for a SoFi personal loan
Consider how SoFi compares to its competitors in the ways that matter most to you. For instance, you may be able to save money with a different lender that charges fees but offers a lower APR.
Also ask yourself if a personal loan will help you achieve your financial goals or if another solution is smarter. Depending on the loan amount, term and the APR you qualify for, another resource like a balance transfer credit card may be a better way to consolidate debt. Or, a low-interest home equity line of credit, or HELOC, could be preferable for funding a home renovation project.
How to qualify for a personal loan from SoFi
SoFi’s prequalification process is quick and easy. But it’s important to be aware of eligibility requirements prior to applying. Before you consider subjective factors like whether or not your credit report will qualify, be sure that you meet these inflexible eligibility requirements. All SoFi borrowers must be:
- A U.S. citizen, permanent resident, or nonpermanent resident
- 18 years or older
- A resident in an eligible state
- Employed or have proof of sufficient income from other sources or have proof of an employment start date within 90 days
Keep in mind there are a number of other factors unique to each borrower’s eligibility, including your financial history, credit score, and debt-to-income ratio (DTI). Where you live may also influence specific elements of the loan, such as minimum loan amount requirements and caps on fixed and variable rates.
How to take out a personal loan with SoFi
Since SoFi’s eligibility requirements tend to favor borrowers with the best credit, it’s a good idea to review your credit report before you start the application process. You can see your score, identify and correct any discrepancies, and potentially improve your score to increase your chance of acceptance.
SoFi has a three-step, streamlined process for taking out personal loans:
- Prequalify: First, complete a short prequalification form. Select how much you want to borrow and how you plan on using the funds. Then, enter your age, address, citizenship status, monthly housing payment, and annual income. Lastly, select co-borrower status and submit to see your rate.
- Choose/accept loan terms: Once you receive your personalized rate, you can accept the loan’s terms and continue with the application.
- Receive funding: After completing the application, it will be verified by SoFi. Once approved, you’ll receive a loan agreement to electronically sign, then a phone call to reconfirm your address. If you sign the loan by 7 p.m. ET on a business day, there’s a very good chance the funds will hit your account that day. If not, the loan will generally be funded within a few days of acceptance.
How to contact SoFi
Here are your options for contacting a SoFi representative about your personal loans:
- By phone: (855) 456-SOFI (7634)
Monday through Thursday 5 a.m. to 7 p.m. PT, Friday through Sunday 5 a.m. to 5 p.m. PT
- 24/7 customer support via virtual chat on its website
- Twitter: @SoFiSupport
How SoFi compares to other lenders
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| APR | 8.99% - 25.81% APR10 | 9.95% - 35.99% APR | 7.99% - 25.49% APR with autopay |
| Minimum credit score | Does not disclose; most advantageous for borrowers with a 670-739 FICO score or higher | 550 | 700 |
| Loan amounts | $5,000 - $100,000 | $2,000 - $35,000 | $5,000 - $100,000 |
| Repayment terms | 2 - 7 years | 1 - 5 years | 2 - 12 years |
| Fees | No fees required | Late fee: $25 Dishonored payment fee: $15 Administration fee: up to 4.75% | No fees |
| Discounts | Autopay - 0.25% discount | None listed | Autopay - discount 0.50% |
| Time to fund | 3 business days | As soon as the next business day (if approved by 4:30 p.m. CT on a weekday) | As soon as the same business day |
How SoFi can improve
While SoFi offers plenty of advantages, there’s also room to improve. For example, being a fee-free lender sets it apart from Avant, but Avant customers are generally approved with a lower credit score than what SoFi recommends. And Lightstream beats SoFi’s minimum APR and offers repayment terms up to 12 years all while being fee-free and offering same-day funding. SoFi could potentially increase its rating through improvements such as:
- Allowing cosigners on personal loans: This policy eliminates a number of prospective borrowers. Allowing cosigners would open lending options to more borrowers with poor credit or a lack of credit history.
- Increase autopay discount: Though many lenders have a 0.25% discount for autopay, LightStream offers double that amount. SoFi could consider increasing its discount options to remain competitive.
- Larger term range: SoFi could benefit by offering additional personal loan term lengths. For example, increasing the maximum term to 10 years or allowing borrowers to select a one-year term. These terms may be more applicable for certain borrowers’ needs, such as a shorter length for travel loans or a longer length for large home improvement loans.
SoFi FAQs
What types of personal loans does SoFi offer?
SoFi offers personal loans that can be used for travel, family planning, weddings, home improvements, and credit card consolidation. SoFi does not allow borrowers to take out a personal loan for business, real estate, investments or securities, post-secondary education, or short-term bridge financing purposes.
How does a SoFi personal loan affect my credit?
It won’t affect your credit immediately. When seeing what rates and terms you qualify for, SoFi conducts a soft credit pull that doesn’t impact your credit score. If you choose to apply for a personal loan after the qualification process, SoFi will do a hard credit pull, which does show up on your credit report.
Can I repay a personal loan from SoFi early?
Yes, you can repay a personal loan from SoFi early. Borrowers will not be charged a prepayment penalty and will have less interest charged overall if they pay their principal balance plus accrued interest early.
Methodology
Credible evaluated the best personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, and via email support. Each data point was verified to make sure it was up to date.
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.