MoneyGeek’s Take: SoFi Personal Loan Review

Since launching in 2011, SoFi has issued over $6 billion in loans, including personal loans, making it one of the leading consumer lenders in the country. Its personal loan offerings are best for borrowers with a good credit standing since it requires a minimum credit score of 680 to qualify.

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Last Updated: 6/24/2022
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A SoFi personal loan provides access to an unsecured personal loan of up to $100,000 with a fixed interest rate, generous repayment terms and the option to have a co-applicant or co-borrower. It also offers unemployment protection to its customers, which is a benefit that is unique to the company.

At a Glance: SoFi Personal Loans


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

MoneyGeek Breakdown - SoFi Personal Loan Details and Requirements

  • APR

    SoFi offers a fixed APR from 6.99% to 21.78%.

  • Credit Score Requirements

    You will need a minimum credit score of 680 to qualify for a SoFi personal loan.

  • Income Requirements

    All SoFi personal loan applicants should demonstrate an ability to pay back the loan by having a verifiable income.

  • Loan Amounts

    SoFi offers personal loans from $5,000 to $100,000.

  • Loan Terms

    Loan terms range from 24 to 84 months.

  • Permitted Uses

    You may use a SoFi personal loan for expenditures such as home improvements, credit card consolidation, family planning, weddings and other emergency expenses.

  • Prohibited Uses

    SoFi personal loans cannot be used to finance your investments, business, real estate purchases, post-secondary education or short-term bridge financing.

  • Time to Receive Funds

    It’s possible to get same-day funding from SoFi, but it could also take up to one week to get funds.

  • Origination Fees

    SoFi does not charge origination fees.

  • Late Fees

    This lender does not charge late fees.

  • Prepayment Penalty Fees

    SoFi doesn’t charge prepayment fees.

  • Co-signers and Co-applicants

    You may choose to have a co-applicant/co-borrower for your personal loan, but SoFi does not accept co-signers.

  • Perks

    Borrowers who lose their jobs through no fault of their own may apply for SoFi’s Unemployment Protection. Under this program, SoFi will temporarily pause your payments and help you find a new job through job placement assistance. You may also view your rate within 60 seconds without affecting your credit score.

  • Mobile Application

    SoFi has a mobile app that allows you to keep track of your personal loan transactions.

Is SoFi Right for You?

​​Personal loan lenders have different requirements and interest rates. MoneyGeek can help you determine if this lender is a perfect fit for your needs.

Who SoFi Is Perfect For

A SoFi personal loan is a great option for would-be borrowers who have a good to excellent credit score and a verifiable decent income. It is one of our top recommendations for large, lump-sum expenditures such as home improvements, credit card consolidation, weddings and other emergency expenses.

Personal loans of up to $100,000 could have generous repayment terms of up to seven years. This is also the ideal choice for someone who wants to avoid paying additional charges, such as origination, prepayment penalty and late fees.

Who Should Not Choose SoFi

We would caution against getting a SoFi personal loan if you have a bad credit history, an annual gross income below $50,000 or if you prefer to have a co-signer for your personal loan application.

This is also not the best choice if you need immediate access to loan funds since loan approvals and disbursements can take up to a week (or more than a week if you have a co-applicant). There are also restrictions on the usage of funds. For example, you cannot use the loan to finance your investments, business, real estate purchases, post-secondary education and short-term bridge loans.

How to Apply for a SoFi Personal Loan

If you want to get a loan from SoFi, you will need to complete the lender’s application process. MoneyGeek outlined SoFi’s personal loan application process in a few simple steps to help you complete it with ease.

1

Prequalify

To check if you prequalify for a SoFi personal loan, you will be asked to provide a few pieces of basic information, such as your address, income and Social Security number. SoFi will also do a soft credit check, but this will not affect your credit score. This credit check will allow you to view the rate that you qualify for within 60 seconds.

2

Fill Out Application Form

Complete your online personal loan application if you prequalify. SoFi has loan consultants who can assist you in this process.

3

Wait for Approval

SoFi will review your application and request your full credit report from consumer reporting agencies. This is called a hard credit pull, which affects your credit score.

4

Review Loan Agreement

If SoFi deems you creditworthy, you will receive a loan agreement detailing the terms of your personal loan. Read this loan agreement carefully and take note of the fine print. Make sure you understand all points, including due dates and fees, before agreeing to the terms.

5

Sign Loan Agreement

Once you find the loan agreement satisfactory, you can sign your SoFi personal loan agreement electronically. A representative from SoFi will call you to confirm your address and to welcome you to the SoFi community.

6

Receive or Direct Funds

Generally, your funds will be available in your bank account within seven days, although it will take longer if you have a co-applicant on your personal loan.

7

Make Payments

You can pay your SoFi personal loan through the mobile app or by logging on to SoFi.com. Electronic payments through these methods are made via ACH. You can also sign up for the automatic payment option, which earns you a 0.25% discount on your rate. SoFi doesn’t charge any late fees.

What to Do if You Are Rejected From SoFi

Do not be discouraged if your SoFi personal loan application gets rejected. There are many reasons why a borrower is denied for a personal loan. For some would-be borrowers, it might be due to a low credit score, having insufficient income or not having enough credit history.

If your application is rejected, you will receive a decline notice, also called an “adverse action,” which SoFi will send to you electronically within 30 days of your application date. This will provide an overview of the reasons why you were denied. Read this document thoroughly. Knowing the exact reason why your application was rejected will improve your chances of getting approved either by the same lender or by another company if you make the necessary improvements to your credit.

MoneyGeek cautions you against immediately reapplying for a personal loan without making any marked improvements to your financial situation and creditworthiness. This will only have a negative impact on your credit score.

With a SoFi personal loan, you also have the option of reapplying with a co-applicant, but you and the co-applicant must have the same address.

Frequently Asked Questions About SoFi Personal Loans

There are many factors to consider when applying for a personal loan. MoneyGeek simplified the process by providing answers to some of the most commonly asked questions.

Read More on Personal Loans

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.