SoFi Personal Loan Review: Affordable Personal Loans for Excellent Credit

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SoFi Personal Loan Review: Affordable Personal Loans for Excellent Credit

SoFi is a great choice for a personal loan if you have a good to excellent credit score and high annual income. The lender offers loans up to $100,000 for personal use, with low APRs.

Good for

  • Borrowers with excellent credit
  • Borrowers who need more than $30-$40k
  • Personal touch, community feel

Bad for

  • Borrowers with poor to fair credit
  • Joint applications
  • Borrowers in MS

Editor's Rating


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If you have good to excellent credit, SoFi is a good option for a personal loan. The lender offers very low interest rates between 5.99% and 18.82% with the option of fixed rates. You can also borrow up to $100,000 with terms up to seven years. Moreover, all SoFi borrowers and members can take advantage of free career counseling services offered by the lender and networking and social events. Read more for our SoFi review to decide whether this is the right lender for you.

SoFi Personal Loan Review: Is SoFi Worth It?

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SoFi loans are a great choice if you have a good to excellent credit score and high annual income. The lender offers loans up to $100,000 for personal use, with low APRs starting at 5.99%. Terms are offered up to seven years, and you have a fixed APR. On average, it takes at least three days to receive funds once approved.

Good for...Bad for...
  • Borrowers with excellent credit
  • Borrowers who need more than $30-$40k
  • Personal touch, community feel
  • Borrowers with poor to fair credit
  • Joint applications
  • Borrowers in MS

SoFi loans cater to borrowers with good to excellent credit scores and is not a good choice for borrowers with fair or poor credit. In general, you’ll need a credit score of at least 660 to be considered for a personal loan, but most borrowers have credit scores of 700 or more. Borrowers also typically have higher median incomes around $100,000. Because of this, SoFi can offer fairly low APRs from 5.99% to 18.82%.

Because SoFi looks for creditworthy borrowers, the company also has few fees and offers interest rate discounts for managing your loan responsibly. There are no origination fees or prepayment penalties on a personal loan. While there is a late fee (lesser of 4% monthly past due or $5), it’s lower than the industry average. Additionally, if you enroll in SoFi AutoPay, the lender will reduce your APR by 0.25%.

For borrowers who want a little more out of their lender, SoFi offers unemployment protection, free career services and social events for its borrowers. If you lose your job through no fault of your own, SoFi will suspend your monthly payments and provide career help during this forbearance period. Even if you don’t lose your job, you can still take advantage of SoFi’s free career services, which include career coaching, interview and negotiation help, resume and cover letter review and advancement advice. The lender also hosts happy hours, mixers and other networking events for its borrowers and members. The lender can also be a convenient one-stop shop for student loans and mortgages.

SoFi cannot currently lend to borrowers in Mississippi. You can use SoFi loans for any personal, family or household purpose, but you cannot use it to pay for educational expenses.

Eligibility Criteria

To qualify for a SoFi personal loan, we recommend that borrowers meet the following criteria:

  • U.S. citizen or permanent resident
  • Must be age of majority in state of residence
  • Employed, have sufficient income or have an offer of employment starting within 90 days

SoFi will evaluate your credit history, your application information, planned use of funds and your ability to repay when approving you for a loan offer.

SoFi Personal Loan Terms and Requirements

SoFi offers large personal loans up to $100,000 with reasonable fixed APRs starting at 5.99%. SoFi interest rates tend to be more competitive than other lenders, with no fees besides a late fee.

Loan Amount Range$5,000 - $100,000
APR Range5.99% - 18.82% with AutoPay
  • No origination fee
  • Late payment fee: Lesser of 4% of monthly past due or $5
  • NSF/returned payment fee: Not provided
  • No check processing fees
  • No prepayment penalty
Loan Terms2 to 7 years
Repayment OptionsMonthly
Direct Payment to CreditorsNo

Application Process

To start the application process, you need to check your rates through SoFi by creating an account. You’ll be asked to provide personal information as well as information about your education and income. At this stage, SoFi will conduct a soft pull on your credit report (this will not impact your credit score).

Application ProcessOnline
Time to Get Funds3+ days
Credit Check
  • Soft credit check to get rate
  • Hard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?No

Once SoFi has conducted the soft pull, you’ll be presented with a variety of loan offers. After you choose one of the offers, you’ll need to upload documentation to verify your identity and submit your application. If you are approved, you’ll need to sign the loan agreement and add your bank account information to receive the funds. SoFi will also conduct a hard credit check after processing your loan application, which may affect your credit score.

SoFi Application
SoFi Application Process

How Does SoFi Compare to Other Lenders?

SoFi offers very competitive rates compared to other lenders, but it’s still a good idea to shop around when looking for a personal loan. We take a look at some of the competition to answer the question of whether SoFi is worth it.

SoFi vs. LendingClub

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If you can’t quite qualify for a SoFi loan, LendingClub is a great backup option. LendingClub requires a minimum credit score of 600 to apply, and the average borrower has a credit score of 700 and annual income of $76,000. Both of these figures are lower than the average credit score and income of a SoFi borrower. Rates at LendingClub have a larger range than those at SoFi, ranging from 6.95% to 35.89%, and you can only borrow up to $40,000. However, LendingClub does allow joint applications and direct payment to creditors.

SoFi vs. Earnest

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If you’re looking to consolidate debt, SoFi is likely a better option. This is because Earnest caters to creditworthy, financially responsible borrowers and focuses on providing loans for new endeavors or projects (i.e., weddings, home improvement, vacations, etc.). Earnest offers APRs between 5.99% and 17.24% and you can only borrow up to $75,000 with shorter terms between three to five years.

SoFi vs. Prosper

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Prosper is a good choice if you can’t qualify for a SoFi loan. To qualify for a Prosper personal loan, you’ll need a credit score of 640 or more, income greater than $0, three open trades on your credit report, and a debt-to-income ratio under 50%. You can’t have any bankruptcies in the last 12 months or more than six credit inquiries in the past six months. Through Prosper, you can borrow up to $40,000 with APRs from 6.95% to 35.99% and terms of three or five years.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Advertiser Disclosure:

Fixed rates from 5.99% APR to 21.16% (with AutoPay). SoFi rate ranges are current as of January 30, 2020 and are subject to change without notice. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have excellent credit and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including credit score, credit usage and history, years of experience, our ability to verify your income and employment and other factors. The SoFi 0.25% AutoPay interest rate reduction applies if you make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. AutoPay is not required to obtain a loan.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (