SoFi personal loans review: High loan amounts, no fees and multiple member benefits

A personal loan offers lump-sum financing for a variety of expenses that you can pay back over time. SoFi personal loans can be a good option for borrowers who need access to higher borrowing limits as they range from $5,000 to $100,000 for qualified borrowers.

If you’re wondering whether a SoFi personal loan is right for you, here’s what you should know.

SoFi

Blueprint Rating

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Fixed APR

8.99% to 25.81%

Loan amounts

$5,000 to $100,000

More details

• Interest rates: 8.99% to 25.81%.
• Loan amounts: $5,000 to $100,000.
• Repayment terms: 2 to 7 years.
• Min. credit score: 680.
• Discounts: Autopay (0.25%), existing account holder (0.125%) and direct creditor payment for debt consolidation (0.25%).
• Fees: None.
• Funding time: As soon as the same day after approval.

SoFi overview

SoFi first launched in 2011 and is most known for its student loan refinance product, which was first introduced the following year. Since then, its financial services have expanded to include banking and lending services, including personal loans. 

It practices a “members first” mantra, offering unique programs to support the financial goals of its members. Examples include free career coaching and an unemployment protection program that can make loan payments manageable if you lose your job.  

How to qualify for a SoFi personal loan

SoFi’s basic personal loan eligibility criteria includes: 

• Being a U.S. citizen or an eligible permanent or non-permanent resident.
• Being at least 18 years old or at least the age of majority in your state.
• Living in a state in which SoFi is authorized for lending services.
• Having sufficient income, whether from employment, other sources or a job offer that starts within 90 days. 
• Have a credit score of at least 680.

Additionally, if you’re an existing SoFi personal loan borrower, the lender looks at how many loans you currently have active, your payment history for existing SoFi accounts and other applicable state regulations.

How to apply for a SoFi personal loan

SoFi makes applying for its personal loan a streamlined experience. If you’re ready to apply, follow these steps:

1. Check your credit. When you apply for a personal loan, the lender will look at your credit to determine your creditworthiness — so it’s a good idea to check both your credit reports and credit score beforehand to see where you stand. You can use a site like AnnualCreditReport.com to review your credit reports for free. To get your credit score, you can use an online credit-monitoring service; you might also have access to your score through your bank or credit card company. 
2. Compare lenders. Make sure to shop around and compare your options with not only SoFi but as many personal loan lenders as possible. This way, you can find a loan that best suits your needs. Consider interest rates as well as loan amounts, repayment terms and eligibility requirements. SoFi and many other lenders allow you to get preapproved with only a soft credit check that won’t hurt your credit score, which will give a good idea of what rates and terms you could qualify for. 
3. Pick a loan option and submit an application. Once you’ve done your research, choose the loan option you like best. After this, you’ll need to fill out a formal application. If you were preapproved by SoFi and want to proceed, you can continue to the application in the same online session. You’ll also need to submit any required documentation, such as proof of income and identification. Note that it can take up to two business days for SoFi to process individual personal loan applications. 
4. Get your funds. If you’re approved and want to proceed based on the loan terms, you’ll need to accept the loan and provide your electronic signature on the loan agreement. Once SoFi receives your electronic signature on the loan contract, the loan funds will be disbursed into the bank account that you’ve designated — possibly as soon as the same business day as approval.

Pros of a SoFi personal loan

• High borrowing maximum: SoFi offers personal loans that range from $5,000 to $100,000. 
• No fees: When you take out a SoFi personal loan, you don’t have to worry about being charged any late fees, origination fees or prepayment penalties.
• Multiple rate discounts: SoFi offers several rate discounts that help you save money, such as discounts for autopay and existing account holders. A discount is also available to borrowers who use their loans to consolidate debt and allow SoFi to pay their creditors directly.
• Member benefits: SoFi provides its members with multiple benefits, including its unemployment protection program as well as career coaching, financial planning and more.
• Allows co-borrowers: A co-borrower (also known as a joint applicant) shares equal responsibility for the loan. If you have a weak credit history or want a better chance of approval, a co-borrower might be your best option. It could also help you qualify for a better interest rate than you’d get on your own.

Cons of a SoFi personal loan

• Higher minimum loan amount: You must borrow at least $5,000 with SoFi, which might not make it ideal if you only need a small personal loan.
• Could be hard to qualify without good credit: You’ll need a credit score of at least 680 to qualify for a SoFi personal loan — which means that borrowers with poor or fair credit might not get approved without a co-borrower.
• Higher minimum APR compared to some lenders: While some lenders offer minimum annual percentage rates (APRs) under 6%, SoFi’s minimum rate is a bit higher. 

SoFi perks and special features

There are a lot of benefits to getting a SoFi personal loan, including multiple savings opportunities, higher borrowing limits and other helpful loan features.

Savings and discounts

Borrowers who enroll their SoFi personal loan in automatic payments are eligible for a 0.25% rate discount. You must set up monthly autopay from a savings or checking account of your choice. 

Additionally, existing SoFi members who take out a SoFi personal loan can stack an additional member rate discount on their loan’s APR. The member discount reduces your APR further by 0.125%. Plus, if you use your loan to consolidate debt and allow SoFi to pay your creditors directly, you could get another 0.25% off your rate.

High borrowing limit

SoFi’s maximum loan limit is among the highest that’s offered in the consumer personal loan market at $100,000. Although not all borrowers are guaranteed to be approved for the maximum loan amount, it’s an option if you’re planning a big expense like a high-cost home improvement project.

Member benefits

Life happens, and when it does, affording a personal loan payment can be tough. SoFi’s unemployment protection program lets you enter a three-month forbearance and modify your monthly payments to give your finances some breathing room. The program is offered to eligible borrowers for up to a total of 12 months, which can be a lifeline when your budget is stretched.

SoFi members also have access to a variety of other benefits, including financial planning, career coaching and more.

Co-borrowers allowed

If you don’t qualify for a loan on your own, you can apply for a personal loan with a co-applicant who has strong credit. Note that they will have to fill out the application with you and will have equal access to the funds.

Applying with a joint applicant can help you access a SoFi personal loan if you’d otherwise not qualify. However, keep in mind that SoFi doesn’t provide an option to release co-borrowers from its personal loans, so your joint applicant will be equally responsible for repaying the loan.

How SoFi could improve

There are many areas where SoFi personal loans clearly shine, but like all lenders, there are a few ways it could improve. 

Offer a lower minimum loan amount

Although SoFi’s maximum borrowing limit for personal loans can be helpful if you need a large sum of cash, its $5,000 minimum loan amount is higher than the minimums of some other lenders. If you only need a small personal loan, you might have to consider other lenders.

Permit lower credit scores

While SoFi evaluates personal loan applicants by multiple factors, you’ll need a minimum credit score of 680 to qualify. Borrowers with bad credit who don’t have a joint applicant could have a hard time getting approved. 

Provide a lower minimum APR

SoFi’s minimum APR is higher compared to some lenders, which can make your loan more expensive in the long run. 

SoFi customer service and reviews

SoFi has received favorable customer review ratings overall on the independent review site Trustpilot. Of more than 7,351 Trustpilot reviews, SoFi earned a TrustScore of 4.7 stars out of 5.0 as of Dec. 1, 2023. Customers applaud its easy application process and positive customer support experience as well as fast approval and funding timelines. 

If you have questions about applying for a SoFi personal loan or regarding your existing loan account, you can contact a SoFi associate by calling (855) 456-SOFI (7634) or reaching out to SoFi’s personal loan support team via online chat. SoFi’s team is available:

• Monday through Thursday from 5 a.m. to 7 p.m. Pacific Time (PT).
• Friday through Sunday from 5 a.m. to 5 p.m. PT. 

SoFi alternatives: SoFi vs. Upstart vs. LightStream

Comparing a few personal loan options before committing to one cna help you find the best loan for your needs. A couple of loan alternatives to explore in addition to SoFi include Upstart and LightStream.

Upstart offers a slightly lower starting rate than SoFi. However, Upstart loans have a maximum borrowing limit of $50,000 which might not work out if you have a larger expense planned. 

Additionally, Upstart has unique underwriting criteria that doesn’t heavily rely on credit history; instead, it also assesses your area of study and employment to determine application decisions. Because of this, borrowers could qualify with a credit score of only 300 or even no credit score at all.

LightStream provides a few advantages as well, like a lower minimum APR and a Rate Beat Program that reduces your rate up to 0.10 percentage points if you get a better rate on an unsecured personal loan elsewhere. Its loans also offer a wide range of repayment terms from two to 12 years, depending on your loan purpose. 

Note that while LightStream doesn’t disclose its minimum credit score, it does specify that you’ll need good to excellent credit to qualify. You also have the option of applying with a co-borrower.