SoFi Personal Loan Lender Review

Updated: February 14, 2024

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SoFi stands out as a personal loan lender with its generous loan amounts, no fees for origination or early repayment and unique perks like unemployment protection. The flexible terms and rate discounts for autopay add to its appeal. However, it's not ideal for smaller loans or in states where it's not available. SoFi is suitable for those with stable finances and good credit who are seeking substantial funding with extra support services.

  • SoFi

    • 8.99% to 29.99%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • 2 DaysTime to Receive Funds

    SoFi isn't just a lender — it's like a financial partner that helps you manage your money better. The company offers flexible loan amounts. That means you have options, whether you need a smaller amount for a quick fix or a larger sum for a major project. Plus, there are no extra charges like origination, prepayment or late fees.

    Its Unemployment Protection Program is unique. If you lose your job, it can help adjust your payments and even offer job placement assistance. You'll have a safety net during tough times.

    You can assess your rate in only 60 seconds without impacting your credit score. The potential for same-day fund disbursement upon approval adds to SoFi's appeal. Equipped with features like a mobile app and interest rate discounts, it empowers you to manage your financial future effectively.


    • Flexible loan amounts ($5,000 to $100,000)
    • No origination, prepayment or late fees
    • Unemployment Protection Program available
    • Mobile app for easy loan management
    • Interest rate discounts for autopay and direct deposit


    • High minimum loan amount ($5,000)
    • Not available in all states
    • No specific minimum income or credit score listed
    • Longer approval time for complex applications

Features of SoFi Personal Loans

SoFi personal loans stand out with their flexibility and extra benefits. You can use your funds for almost anything, like paying off debt or funding a big purchase. There are no hidden fees, and terms range from two to seven years, fitting different budgets. SoFi provides repayment assistance and financial advice if you hit a rough patch. Its top-notch customer service and online platform make managing your loan easy.

What Can You Use Your Funds For?

SoFi provides greater spending flexibility with your loan funds, with only a few exceptions, compared to other lenders. Here's what you can do with a SoFi personal loan:

  • Debt Consolidation: Simplify your finances by combining multiple high-interest debts into one SoFi loan. This option can reduce your overall interest rate and monthly payments, facilitating easier debt management and faster repayment.

  • Home Improvements: Enhance your living space, increase your property's value or make necessary repairs. With SoFi's personal loan, you can fund home improvement projects without depleting your savings or using high-interest credit cards.

  • IVF Treatments: Starting a family can be expensive, especially with treatments like IVF. SoFi's loans offer a financial solution, helping to cover these costs while easing the stress of high medical bills.

  • Travel and Vacation: Whether it's a dream vacation, a gap year trip or visiting family abroad, a SoFi personal loan can help you finance your travel plans.

  • Weddings: Weddings can be costly, but SoFi's personal loan allows you to cover expenses like the venue, catering and attire, making your special day memorable without the financial strain.

While SoFi's personal loans offer flexibility, they can't be used for business purposes, real estate, investments, short-term bridge financing or educational expenses. SoFi allows you to finance what matters most to you; just be sure to use the funds within these guidelines.

Loan Terms for a SoFi Personal Loan

SoFi offers a range of loan amounts, flexible repayment terms and fixed APR rates. Understanding these elements allows you to tailor your loan to fit your financial situation and goals. A well-chosen loan term can mean the difference between a financial burden and a manageable, strategic addition to your finances. Let’s break down these terms to see how they can work best for you.

  • Loan Amounts: You can borrow anywhere from $5,000 to $100,000. The range makes it flexible to fit various needs, whether you need a smaller amount for an emergency or a larger sum for a significant expense.

  • Repayment Terms: Choose a term between two and seven years. Shorter terms usually mean higher monthly payments but less interest over time. Longer terms stretch out payments, making them more manageable each month, but you’ll pay more in interest.

  • APR Ranges: SoFi has fixed APRs, so your rate won’t change during your loan term, protecting you from any future interest rate increases. The rate you get depends on your creditworthiness, income and other factors.

Understanding these terms helps you make an informed choice, ensuring your loan fits your budget and financial goals. With SoFi, you get a loan tailored to your needs, helping you manage your finances confidently.

Fees and Discounts for a SoFi Personal Loan

Choosing a SoFi personal loan comes with the assurance that you won’t have to deal with hidden or extra fees. Unlike many lenders, SoFi doesn’t charge for loan origination, prepayment or late payments. There are no extra costs for setting up your loan, paying it off early or occasionally making late payments.

Even better, you can also qualify for discounts with SoFi:

  • 0.25% Autopay Discount: Save on interest by setting up automatic loan payments from a bank account. This applies as long as you continue with autopay.

  • 0.25% Direct Deposit Discount: Another way to reduce your rate is by setting up a monthly direct deposit of $1,000 or more into a SoFi Checking and Savings account. This discount remains as long as the direct deposits are active.

With SoFi, you can save money by avoiding common loan fees and taking advantage of these interest rate discounts.

SoFi Customer Service

When you take out a personal loan, having easy access to customer service is crucial. It's not just about getting help when you have a problem — good customer service also means having someone there to answer questions or guide you through the loan process.

You can reach SoFi's customer support team by calling 855-456-7634. They're available on the following schedules:

  • Monday to Thursday from 5 a.m. to 7 p.m. PT
  • Friday to Sunday from 5 a.m. to 5 p.m. PT

SoFi also offers online chat support for those who prefer not to talk on the phone. You can access this by logging into your SoFi account on its website or app. This level of flexibility in its support channels means you can always find help when you need it, making your experience with your personal loan more accessible and reassuring.

SoFi Personal Loan Online Resources

When picking a personal loan lender, you must look beyond the loan itself. Consider the extra resources it provides. For example, SoFi offers several online tools to help you manage your loan and understand your finances better.

The SoFi mobile app is available for Apple and Android users with no extra download cost. It lets you apply for a loan, check your balances and manage payments right from your phone. Your carrier's standard data rates may apply.

SoFi also offers a handy Personal Loan Calculator, which shows you how much interest you could save by using a personal Loan to pay off existing debts. Additionally, SoFi's Resource Center is filled with helpful articles covering topics like understanding personal loans, comparing personal and business loans and using a loan to pay off credit card debt.

SoFi Unemployment Protection

If you lose your job through no fault of your own and are eligible for unemployment compensation, you can apply for SoFi's Unemployment Protection Program, which can assist you during tough times. Once you're approved, SoFi will work with you to modify your monthly loan payments. SoFi's assistance goes beyond delaying payments — it's a structured approach to help you manage your loan during your job search. The program offers forbearance in increments of three months, with a cap of 12 months in total over the life of your loan.

To be eligible, you must meet some criteria:

  • You must be a current SoFi member with an eligible loan for at least nine months.
  • You must be in good standing, demonstrating consistent loan payments and adherence to the terms of your loan agreement.
  • Your loan balance should be $3,000 or greater.

It's important to note that mortgage loans are not eligible for this protection.

During each three-month forbearance period, unpaid interest will continue to accrue and will be added to your principal balance. However, SoFi offers the option to make interest-only payments during this period. It helps prevent the interest from increasing your principal balance, keeping your future financial obligations in check.

The Unemployment Protection Program is a testament to SoFi's commitment to supporting its members beyond the financial aspect. It's a safety net that provides financial and emotional relief during challenging times.

Qualifying for a SoFi Personal Loan

Understanding the eligibility criteria for a SoFi personal loan is like knowing the rules of a game before you play. It helps you gauge your chances of approval and prepares you for the application process. Before diving into the specifics, remember that meeting these criteria is just part of what SoFi looks at — their underwriting criteria also play a big role.

Here's what you need to know about eligibility:

  • Age and Contract: You must be the age of majority in your state to enter into a binding contract.

  • Residency Status: SoFi lends to U.S. citizens, permanent residents and non-permanent resident aliens, including DACA recipients and asylum seekers. Each category requires specific identification documentation.

  • State of Residence: You need to live in a state where SoFi is authorized to lend.

  • Employment and Income: Having a job, sufficient income from other sources or a job offer starting in the next 90 days is required.

  • Financial History and Credit Score: Your credit score and financial history, including your income versus expenses, are evaluated. SoFi doesn't specify a minimum income or credit score, but good creditworthiness is needed.

If you have existing SoFi loans, you must have made at least three on-time payments on each. For Michigan residents, note that you can only have one SoFi Personal Loan at a time.

Having a co-signer or co-applicant can be smart, especially if your credit history isn't strong. They can help you qualify or get a better rate, but remember, they're also responsible if you can't make payments. It's a decision that benefits from careful thought about your financial stability and relationship with the co-signer.

Is a SoFi Personal Loan Right for You?

Deciding if a SoFi personal loan is right for you is a big step, so it's best to take the time to do it right. Your assessment could lead you to a loan and a lender that aligns with your financial situation and goals. A good match means managing your loan comfortably and benefiting from it in the long run. Remember, in the end, it's about making a smart choice that supports your financial health.

Who Can Benefit From a Personal Loan From SoFi?

If you're looking for a substantial loan amount, SoFi is ideal because it offers loans up to $100,000. That's great for significant expenses like home renovations or consolidating large debts. This flexibility in loan amounts means SoFi can accommodate more substantial financial needs that smaller loans can't cover.

Borrowers who value safety nets in unpredictable times can find comfort in SoFi's Unemployment Protection Program, which adjusts loan payments if you lose your job. It demonstrates SoFi's commitment to supporting borrowers beyond just providing funds.

Convenience is another plus with SoFi. Its user-friendly mobile app makes managing your loan uncomplicated, allowing you to handle your loan details anytime, anywhere. It can be particularly appealing for tech-savvy borrowers who prefer digital banking solutions.

Lastly, SoFi caters to those who want a quick glimpse at potential rates without affecting their credit score. With a fast prequalification process, SoFi gives you an idea of your rates in just 60 seconds. It's suitable for those exploring options, allowing informed decisions without commitment or impacting credit.

Who Shouldn’t Secure a Personal Loan From SoFi?

If you're in a state where SoFi isn't authorized to lend, SoFi won't be an option. You must consider this geographical limitation when setting your sights on a SoFi loan. It's always a good idea to check if SoFi operates in your state before applying.

Those who prefer clear guidelines on minimum income or credit scores before applying might feel frustrated with SoFi since it doesn't disclose specific minimum requirements. That can be a gray area for applicants who want to know their chances of approval beforehand. The lack of clear-cut criteria might be inconvenient for borrowers who prefer more transparency in their lender's qualification process.

Lastly, applicants with complex financial situations may find SoFi less accommodating. Their approval process can take longer, especially for self-employed individuals or those who need to submit additional documentation. If you're in a hurry for a loan or have a complicated financial background, consider lenders who specialize in quick approvals or have a history of dealing with complex financial scenarios.

How to Apply for a SoFi Personal Loan

Applying for a SoFi personal loan is a straightforward process, but knowing the steps in advance can really help. Its clear guidelines provide a smooth passage through each step. Being prepared allows for efficient navigation of the process efficiently.

Prequalify Online

Start by checking your rate on SoFi's website. Its quick, 60-second process involves a soft credit pull, which won't affect your credit score. It can give you an idea of the rates and terms you qualify for.

Choose Your Loan Terms

If you prequalify, you can then choose from loan terms ranging from two to seven years, depending on what suits your financial situation best.

Complete the Application

After selecting your preferred loan term, you'll need to complete the application process. This involves a hard credit pull, which might slightly impact your credit score. You'll also need to upload documents to verify your identity and income.

Application Review

SoFi generally reviews applications within one to two business days. However, the timeframe can be extended if you have a co-borrower, are self-employed or need to provide additional documents.

Sign and Receive Funds

Once your loan is approved, you'll sign the loan documents. After signing, the funds can be wired to your account, often on the same day. If you're using the loan to pay off credit cards directly, it typically takes up to three business days for the card issuers to receive the payments.

Remember, the process is entirely online, offering convenience and efficiency. Knowing these steps beforehand can help you prepare the necessary documents, understand the timeline and make the application process less stressful.

What to Do if You’re Denied

A denied personal loan application from SoFi isn't the end of the road, though it can feel like a setback. Don't panic — you can take several steps to understand and overcome this hurdle. Consider the following:

  • Understand the Reasons for Denial: SoFi will provide reasons for your loan denial. Understanding these reasons can guide you in what areas of your financial profile need improvement. It could be a low credit score, high debt-to-income ratio or insufficient income.

  • Boost Your Financial Profile: Work on enhancing the factors that contributed to your denial. That could mean paying down debts, improving your credit score or increasing your income. Taking these steps can boost your chances with SoFi or other lenders you might be considering.

  • Apply with a co-signer or co-applicant: Having a co-applicant can strengthen your application. A co-applicant with a stronger financial background may help you qualify or get a lower interest rate. Remember, both of you will be responsible for the loan repayment, and the review process may take a bit longer.

  • Look for Alternative Financing Options: Explore other lenders with different criteria or special programs for your situation. Credit unions, other online lenders or a peer-to-peer lending platform could be viable alternatives.

  • Seek Professional Financial Advice: Sometimes, getting advice from a financial advisor can help. They can provide personalized advice on improving your financial health and recommend appropriate financing options.

You can turn your denial into an opportunity to reassess your financial health and explore other options or improvements. By taking these steps, you can put yourself in a better position for future financial success.

Frequently Asked Questions About SoFi as a Personal Loan Lender

We answered some commonly asked questions about SoFi personal loans to help you better understand what it offers and how it might match your financial needs.

Does SoFi have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for a SoFi personal loan?
How long does SoFi take to approve a personal loan?
Does SoFi have a mobile app?
Is a SoFi personal loan secured or unsecured?
How much can I borrow using a SoFi personal loan?
What fees will I encounter with a SoFi personal loan?
How does applying for a SoFi personal loan affect my credit score?
Does SoFi offer an autopay discount for personal loans?
Can you have co-signers on a SoFi personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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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.

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