SoFi Personal Loans Review: A Great Option if You Have Good Credit

SoFi Personal Loans Review: A Great Option if You Have Good Credit article image.

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SoFi is an online-only lender that offers student loans, home loans, personal loans, money management tools and investment products. SoFi's unsecured personal loans offer some of the best rates and terms, and are reserved mostly for borrowers who have a high income and good credit.


on SoFi's website

Good - Exceptional

Est. APR

7.99 - 20.15%




Available loan amounts: $5,000 to $100,000

Est. monthly payment: $224 to $5,090

Grace period: 10 days

Application fee: $0

Loan Details
  • Personal Loans with low fixed rates
  • Borrow up to $100,000
  • No Origination Fees, No Prepayment Penalties, and No Late or Overdraft Fees
  • Simple online application with live support 7 days a week
  • Apply Now
High loan limitCan be difficult to qualify for a loan
Few fees and low rates
Extra benefits for borrowers
SoFi Customer Service


PO Box 734297

Dallas, TX 75373-4297

Experian Review

If you're looking for an unsecured personal loan and can qualify with SoFi, it may be one of your best options. The online-only lender offers competitive rates and won't charge you any origination or prepayment fees. Plus, as a customer, you'll have access to SoFi's membership benefits, which include free career coaching and financial planning.

Large Loans, Low Rates and Few Fees

Most borrowers search for a personal loan with something specific in mind. Perhaps there's a major home renovation project coming up or you're looking to refinance high-rate debt with a lower-rate personal loan.

SoFi's unsecured personal loans have several features that set them apart from personal loans some other lenders offer.

  • Borrow $5,000 to $100,000: The potentially high loan amount can help borrowers pay for a variety of projects. You may not be approved for the total amount you want, however, and some states have higher minimum loan amounts.
  • Low, fixed interest rates: SoFi typically offers one of the lowest possible interest rates, and its interest rate range in general is often lower than other lenders'. It's also a fixed interest rate, which means your payment will stay roughly the same for the life of the loan.
  • Few fees: There are no application, origination, prepayment or late payment fees.

Consider how these features can benefit you as a borrower. For example, many people take out personal loans to refinance and consolidate credit card debt.

Say you have $7,000 in credit card debt that has a 17% APR. If you stop using the card and want to pay off the debt in three years, you'll have to make monthly payments of $253 and will pay a total of $2,110 in interest.

However, if you take out a $7,000 loan with no fees and a 10% APR, your monthly payments will decrease to around $226, and you'll pay a little over $1,131 in interest—saving you about $979 over three years. The same loan from a lender that charges a 5% origination fee will cost $237 a month and $1,188 in interest overall.

How to Apply for a SoFi Personal Loan

If you're interested in a SoFi personal loan, you can start the application process with a soft inquiry prequalification, which won't impact your credit scores.

To complete the process, you'll need to share how much you want to borrow, how you plan to use the funds, your date of birth, citizenship status, address, if you rent or own your home and your annual income. You can also choose to add a co-borrower (cosigner) to your application.

If you prequalify for a loan, you'll see different possible loan repayment terms and their respective interest rates. You can also choose your loan amount, up to the maximum you're prequalified to borrow.

Your loan's interest rate can depend on how the lender views your creditworthiness, which may be influenced by your credit scores, credit history, income and debt. The repayment term you choose can also impact your loan's rate. No matter your choice, you can qualify for a 0.25% interest rate discount if you sign up for autopay.

Once you select the loan amount and repayment term you want, you'll need to share your phone number and confirm your identity with a driver's license, state ID or U.S. passport. You may also need to verify your address and income to complete the loan application.

If your application is approved, you'll receive an online copy of your loan agreement, which you can also sign online. Your loan will then be electronically transferred to your bank account, which can take several days.

Who Qualifies for a SoFi Personal Loan?

There are a few basic eligibility requirements that every applicant must meet to qualify for a SoFi personal loan:

  • Be the age of majority in your state (generally 18 years old)
  • Be a U.S. citizen, a permanent resident whose green card is valid for more than two years or a visa holder who has proof that they've been approved for a green card.
  • Be a non-permanent resident alien or DACA recipient if you have a creditworthy cosigner who is a U.S. citizen or permanent resident. Non-permanent residents can only borrow up to $35,000 and you may have to apply by phone.
  • Current SoFi personal loan borrowers can apply for an additional loan depending on the state you live in. However, you'll need to have made at least three payments, and your most recent three payments must have been on time.
  • Have a job (or an offer to start a job within 90 days) or sufficient income from other sources.

Even if you meet the criteria, you may find it's difficult to get approved unless you have good credit, high income and a low debt-to-income ratio. Additionally, you can't use a SoFi personal loan to purchase real estate or investments, fund a business or pay for post-secondary education.

SoFi Member Benefits

One reason you may want to choose SoFi over other personal loan lenders is that you'll receive access to several membership benefits once you become a customer. These can help you manage your loan, finances and career:

  • Career coaching: Free one-on-one career coaching 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, 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. Forbearance is granted in three-month increments up to a maximum of 12 months over the life of the loan.
  • Financial planning: You can schedule free calls with financial planners to discuss your personal finances, ask questions and receive personalized advice.
  • Rate discounts: You may receive a lower interest rate or discount on a loan processing fee if you're a member and apply for a different type of loan from SoFi.
  • Experiences: Access to in-person experiences (in select areas) and free online classes. These can range from happy hours to online yoga classes and résumé workshops.

There are additional benefits as well, such as the ability to earn bonuses from referring other people to SoFi's products and free SAT/ACT test prep courses. And, you'll continue to receive membership benefits after your loan is paid off.

Additional Info*

Loan amount: $5,000 - $100,000Origination fee: None
Estimated APR: Range from 7.99% - 23.43% APR (fixed) depending on the loan termLate fee: None
Loan terms: 24 - 84 monthsPrepayment fee: None
Funds received: Within several business days

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.

A Good Loan for Qualified Borrowers

While SoFi caters to highly qualified borrowers, it also serves that group well. If you're looking for a personal loan, it's worth checking to see if you can prequalify with SoFi as it won't impact your credit. You may still want to look for offers from other lenders to see if you can get a better deal elsewhere. But, all else being equal, the SoFi member benefits may make it the best option around.