SoFi Personal Loan Review: No Fees Required and Extra Benefits

Quick Answer

SoFi offers potentially low interest rates, high loan limits, no required fees and extra benefits for its customers—which make it a worthwhile contender for one of the best online lending services.

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SoFi is an online-only bank and lending service that offers personal loans and other financial products. In addition to favorable rates and terms on its personal loans, SoFi stands out as one of the only lending services that gives borrowers—which it calls members—additional benefits. You can quickly check your personal loan offers without affecting your credit score.

Pros Cons
High maximum loan limit May require good to excellent credit
Low rates and no fees required High minimum loan limit
Borrowers receive member benefits
SoFi Customer Service
(855) 456-SOFI (7634)
PO Box 654158
Dallas, TX 75265-4158

Experian Review

If you want an unsecured personal loan and can qualify with SoFi, it may be one of your best options. The loans often have competitive rates, there are no fees required and high loan limits, and you can choose from a wide range of repayment terms. As a borrower, you'll also receive membership benefits, including free career coaching, financial planning and discounts on additional eligible loans from SoFi.

High Loan Limits and Potentially Low Rates

Although you can use a SoFi personal loan for almost anything, the company tends to promote its loans for debt consolidation and home improvement projects. The lending service's high loan limit of $100,000 is more than enough for many borrowers who plan to use the funds this way, although your creditworthiness will determine your specific loan amount.

SoFi also advertises a low potential interest rate and doesn't require application or origination fees, but you may need to have good to excellent credit to qualify. To get the lowest possible rate, you also have to meet the requirements for the interest rate discounts:

  • A 0.25% interest rate discount for using autopay.
  • A 0.25% interest rate discount for opening a SoFi bank account within 20 days and setting up direct deposits for at least $1,000 per month. You receive the discount each month you have qualifying direct deposits.
  • A 0.125% interest rate discount for eligible SoFi members.

You can also pay off the loan early to save on interest without worrying about any prepayment penalties.

Apply With a Co-Borrower

If you're having trouble qualifying for a good personal loan offer from SoFi, you also have the option of adding a co-borrower to your loan. SoFi will consider their income, debts and credit when making a decision, and a creditworthy co-borrower might help you qualify for a larger loan or more favorable terms.

Unlike with a cosigner, the co-borrower will have to sign the loan documents and will be completely liable for repaying the loan. You also can't remove the co-borrower unless you refinance the loan.

SoFi Member Benefits

SoFi offers additional benefits to borrowers and other account holders. Unless you need the loan immediately, it might even make sense to open a SoFi bank account, which doesn't have any minimum balance requirement or account fees required, to get the interest rate discount on your personal loan.

Current members also get access to various helpful resources, including:

  • Free career coaching: Free one-on-one career coaching is available through a partnership with Korn Ferry, which you can use for help advancing in your current job or navigating a job hunt.
  • Unemployment Protection Program: If you involuntarily lose your job and your loan is in good standing (in other words, you've never made a late payment), you can apply to place your loan into forbearance and temporarily stop making payments. Interest will still accrue, but you won't be considered late. SoFi grants forbearance in three-month increments, up to a maximum of 12 months over the life of the loan.
  • Financial and estate planning: You can schedule free calls with financial planners to discuss your finances, set goals, review your investments and get personalized advice. You can also get 15% off trust, will and guardianship estate plans via a partnership with
  • Loan discounts: You may receive a lower interest rate or discount on a loan processing fee if you maintain a balance in a SoFi invest account and apply for a different type of loan from SoFi.

There are additional benefits as well, such as in-person experiences (in select areas) and free online classes. These can range from happy hours to online cocktail-making classes, and perks at SoFi stadium in Los Angeles.

You'll also keep the membership benefits after paying off your personal loan.

How to Qualify for a SoFi Personal Loan

You need to meet the minimum eligibility requirements to qualify for a personal loan from SoFi:

  • Live in an eligible state and be the age of majority (18 in most states).
  • Be a U.S. citizen, eligible permanent resident or non-permanent resident alien. DACA recipients and asylum seekers may qualify with valid documentation to verify their current immigration status.
  • Be employed or have an offer to start work within 90 days.

SoFi doesn't list specific minimum income or credit score requirements, but your creditworthiness will need to be good enough to qualify for the minimum loan amount: $5,000 in many states. In its 2022 annual report, SoFi reported that its existing personal loans had a weighted average FICO® Score of 754.

The company says it uses Experian credit reports when evaluating applications. You can get a free copy of your Experian credit report and a FICO® Score based on the report with an Experian account to see where your credit stands.

SoFi Personal Loan Fees

Simply put, SoFi's personal loans don't require any fees:

  • No application or origination fees required
  • No prepayment penalties
  • No late payment fees

No fees are required, but SoFi offers a fee option in exchange for a lower monthly payment. However, even if there isn't a late payment fee, missing a payment by at least 30 days could hurt your credit score.

How to Apply for a SoFi Personal Loan

The entire application and funding process takes place online:

  1. Check your offers. It takes about a minute to fill your personal information and see if you prequalify with a soft credit check—the type that doesn't impact your credit score.
  2. Select an offer. If you qualify, you can choose the loan offer you prefer and continue the application. The offers will be good for 30 days in case you need more time to consider the loan or get offers from other lending services. You can also ask SoFi to match offers if another lending service gives you a better rate or terms.
  3. Complete the application. Select an offer and continue the application. You may need to agree to a hard credit check, which might impact your credit scores slightly, and upload documents to verify your identity and income. SoFi generally takes one to two business days to review applications, but it could take longer if you have a co-borrower, are self-employed or need to share additional documents to verify your income.
  4. Sign and receive the funds. You'll have 35 days to sign your loan packet and could then receive the funds as quickly as the same day (if it's a business day). If you ask SoFi to pay off your credit cards directly, it generally takes up to three business days for the card issuers to receive the payments.

If you don't qualify for a loan from SoFi, you might be redirected to Lantern—a comparison tool that SoFi created to show you loan offers from other lending services.

Personal Loan Calculator

The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.

See if You Can Get a Great Rate

With no fees required, low interest rates and a soft inquiry prequalification, it may be worth checking your offers if you're looking for a personal loan. You can also check your Experian credit report and FICO® Score to see where you stand and whether there may be opportunities to quickly improve your credit. Experian CreditMatch™ also lets you compare personal loan offers, which can be a smart way to find the best possible offer.