SoFi Personal Loans Review
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Our Take
SoFi offers personal loans with competitive terms, no late fees or prepayment charges, and the option to get pre-approved. Its member assistance programs and growing suite of additional financial services make it a good choice for personal loans and a lot more.
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- Pros & Cons
- Key Takeaways
- Company Overview
- specifications
Pros & Cons Pros
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No loan fees
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Low rates
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Loans up to $100,000
Cons
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Co-signers not available
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Minimum loan amount is $5,000
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Relatively high credit requirements
Key Takeaways
- Pre-approval is available to check rates without a hard credit pull.
- SoFi personal loans can be used for nearly anything, including home improvement, debt consolidation, or large purchases.
- SoFi offers additional perks to members, including rate discounts, access to career coaching, and financial advisors.
- SoFi allows you to refinance existing personal loans (many competitors do not).
Company Overview
Social Finance, Inc, or SoFi, is a fintech company founded in 2011 by students at Stanford Business School. Headquartered in San Francisco, SoFi initially offered student loan refinancing but has since added other products and services, including mortgages, personal loans, investing, and crypto trading. The company went public in 2021 and now has more than 9 million members.
specifications APR Range 8.99% – 29.49% Loan Amount $5,000 – $100,000 Loan Terms 24 months – 84 months Recommended Minimum Credit Score N/A Average Origination Fee 0.00%-7.00% Late Fee $0.00
Why Trust Us
59 Lenders reviewed 45 Loan features considered 2,655 Data points analyzed 284 Primary data sources used Investopedia collected data from dozens of lenders to evaluate the factors most important for borrowers. We used this data to rank each lender based on APRs and fees, loan amounts, repayment terms, customer experience, and more to provide unbiased, comprehensive reviews and help you make the right borrowing decision for your needs. Read our Full Methodology 
Check Rates Table of Contents View All Table of Contents
- Pros Explained
- Cons Explained
- Types of Loans
- Time to Receive Funds
- Borrower Requirements
- Loan Features
- Customer Service
- Customer Satisfaction
- How to Apply
- Other Services
- Alternative Lenders
- The Bottom Line
- FAQs
- How We Pick the Best Personal Loan Lenders
Pros Explained
- No loan fees: SoFi is one lender that does not charge any origination fees on loans, which saves a lot of money compared to competitors that may charge up to 10%. Plus, there are no application, prepayment, or even late payment fees.
- Low rates: SoFi offers rates as low as 8.99% on unsecured personal loans (after discounts). This is close to as low as it gets for most online personal loans, so if you have good credit you can save on interest when consolidating your debt or making a large purchase.
- Loans up to $100,000: While many personal loan companies don’t offer more than $50,000, SoFi offers up to $100,000 to qualified borrowers.
Cons Explained
- Co-signers not available: SoFi does not allow co-signers to help you qualify for a personal loan. Co-signers give additional assurance to the lender and become responsible for the loan if you default. You can apply with a co-applicants, however, which are similar; a co-applicant is someone who applies with you and is jointly responsible for the loan.
- Minimum loan amount is $5,000: While some personal loan providers offer loans as low as $1,000 (or less), SoFi requires a $5,000 minimum loan size.
- Relatively high credit requirements: Although SoFi doesn’t disclose its minimum credit score requirements, you (or your co-applicant) will typically need good to excellent credit to qualify for a SoFi personal loan.
Tip
SoFi can be a great pick, especially if you’re in a hurry, but if your credit isn’t in good shape you may not qualify. Browse our picks for the best personal loans for bad credit.
Types of Personal Loans Offered by SoFi
SoFi offers unsecured personal loans for various use cases, including:
- Home improvements
- Consolidating high-interest credit cards and other debts
- Medical bills
- Vacation expenses
- Paying for a wedding
- Paying for a new or used car
Loans cannot be used to pay for any post-secondary educational expenses or business expenses. And though it goes without saying, SoFi personal loans cannot be used in connection with illegal activities.
Time to Receive Funds
SoFi offers same-day funding on some applications, depositing funds into the borrower’s bank account on the same business day that the loan is approved.
SoFi states that “82% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2022–January 1, 2023 that were signed before 7 p.m. ET on a business day were funded the same day.”
Borrower Requirements
To qualify for a SoFi personal loan, you must meet the following eligibility criteria:
- You are at least the age of majority in your state and able to enter into a binding contract.
- You are either a United States citizen, eligible permanent resident, or non-permanent resident alien (including DACA recipients and asylum seekers). Documentation may be required.
- You reside in one of the 50 U.S. states or Washington, D.C.
- You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
- Qualify based on financial history, credit score, and other factors
SoFi Personal Loan Features
- Use your loan for (almost) anything: Outside of post-secondary education and business expenses, you can use your loan for almost any expense.
- Direct Pay: SoFi will pay off your eligible credit cards directly, if you so choose. This can take up to three business days after your loan is signed.
- Member benefits: SoFi offers many member benefits, including referral bonuses and rate discounts.
- Access to career coaches and financial advisors: All SoFi customers have access to career coaches and financial advisors at no additional cost, You can set up a 1:1 call, or simply converse over email to get your financial and career questions answered by a professional.
Co-Signers and Co-Applicants
SoFi does not support co-signers at this time, but you can add a co-applicant to your personal loan. A co-applicant is jointly liable for the loan and must live at the same address as the primary applicant, unlike a co-signer.
Tip
Disappointed that SoFi doesn’t allow co-signers? See our picks for the best personal loans with co-signers.
Can You Refinance a Personal Loan With SoFi?
Yes, you can refinance a SoFi personal loan with SoFi. Your rates and terms may vary at the time of application, and it may not end up saving you money compared to your original loan.
There are a few things to consider if you are looking to refinance your SoFi personal loan:
- All SoFi loans must be in good standing
- You can’t refinance a personal loan with a co-borrower
- You must have made at least three consecutive on-time payments
- You must still qualify based on SoFi personal loan qualifications
You can refinance a SoFi personal loan directly within your account. Always review the terms and details of your loan before refinancing.
Customer Service
SoFi offers support by email, phone, or live chat during business hours.
| Medium | Contact | When |
|---|---|---|
| Telephone | 855-456-7634 | M-Th: 5:00 a.m.–7:00 p.m. PT F-Su: 5 a.m.–5 p.m. PT |
| Chat | Chat With Personal Loans Support | M-Th: 5:00 a.m.–7:00 p.m. PT F-Su: 5 a.m.–5 p.m. PT |
| X (formerly Twitter) | @SoFiSupport | 24/7 |
Customer Satisfaction
Our Combined Consumer Review metric, which is calculated by aggregating Trustpilot, Google, and Better Business Bureau (BBB) reviews, gave SoFi a score of 4.382 out of 5.
On Trustpilot, SoFi has a score of 4.4 out of 5 based on over 8,900 customer reviews. Meanwhile, on the BBB, it has a score of 1.37 out of 5 based on 355 customer reviews.
Applying for a SoFi Personal Loan
- Get Pre-qualified: SoFi offers an online application for pre-qualification, which allows you to check your rates and loan terms without hurting your credit score. You will need to provide the following information: Full name, current address, income information, and date of birth
- Select a loan offer: SoFi will list the loan options you qualify for, including interest rates and loan term lengths. Loan terms vary from 24 months up to 84 months, and interest rates may vary by loan term and the amount you select to borrow. Choose a loan to start your full application.
- Submit an application: Once you have selected a loan, you will need to complete your online application. You may be required to submit various financial and identifying documentation, including tax forms, bank statements, pay stubs, driver's license, and other documents
- Sign documents: To complete your loan application, you will need to sign the loan agreement. After signing, your loan may be funded as soon as the same day. Loans are typically disbursed via ACH directly to your bank account, except for Direct Pay loans, which are sent directly to creditors.
Other Banking Services and Loans Offered by SoFi
SoFi may have started as a student loan lender, but it offers much more now:
- Checking and savings accounts
- Active and automated investing
- Insurance, including auto, home, and life
- Mortgages
- Student loans a student loan refinancing
- Auto loan refinancing
- Credit cards
Compare SoFi With Other Personal Loan Lenders
| SoFi | Best Egg | U.S. Bank | |
|---|---|---|---|
| APR Range | 8.99%–29.49%* with all discounts | 6.99%–35.99% | 8.74%–24.99% |
| Loan Amounts | $5,000–$100,000 | $2,000–$50,000 | $1,000–$50,000 |
| Loan Terms | 24–84 months | 36–60 months | 12–84 months |
| Recommended Minimum Credit Score | Not disclosed | 640 | Not disclosed |
| Origination Fee | Up to 7% | Up to 9.99% | None |
| Time to Receive Funds | Same day | 1 day | 1 day |
The Bottom Line
SoFi offers a wide variety of personal loan options for borrowers, with no loan fees, competitive rates, and excellent member perks. Borrowers may benefit from lower rates on additional loans as well as access to career coaches and financial professionals to help answer any questions.
SoFi is ideal for borrowers with decent or better credit scores, as it offers relatively low rates for highly qualified applicants compared to other lenders. The minimum loan amount is relatively high, but if you have good credit and need at least $5,000 in funding, SoFi is one of the best options available for personal loans.
Tip
Shopping around will ensure that you don’t pay any more for a personal loan than you have to. If SoFi isn’t the lender for you, continue the search with our choices for the best personal loans.
Is SoFi Good for Personal Loans?
Based on our research, SoFi is a good, all-around choice for personal loans. You may find cheaper rates, more flexible loan amounts, or even friendlier terms elsewhere. But considering all of these factors together, SoFi comes out as among the best options for personal loans in the market.
Can I Refinance a SoFi Personal Loan?
Yes, you can refinance a SoFi personal loan. All the usual borrower requirements apply, plus a couple of extra ones (you may not refinance a loan with a co-borrower, your three most recent loan payments must have been made on time, etc.).
Does SoFi Ask for Proof of Income?
Income is among several factors SoFi considers when determining loan eligibility. The lender may ask for a variety of documents as proof of income, depending on the income source you noted on your application.
Do SoFi Loans Require Collateral?
SoFi personal loans are unsecured loans, which means borrowers do not need to provide collateral. Some lenders offer loans secured by certificates of deposit or savings accounts, cars, or even your home’s fixtures.
How We Pick the Best Personal Loan Lenders
Investopedia’s list of the best personal loans is based on comprehensive research of 59 lenders.
To evaluate and rank personal loan providers, we collected and scored over 2,600 data points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria such as APRs, loan amounts and terms, fees, customer experience, and more. Research and data collection occurred from July 23 to Oct. 18, 2024.
We organized the 45 criteria into four categories and weighted 26 (involving more than 1500 data points), using the others for background and editorial richness. We then scored and weighted each criterion to develop our overall star rating for each lender. The categories and their weights for this project are:
- Borrowing Requirements: 24.00%
- Lender Features: 24.00%
- Loan Costs: 30.00%
- Loan Terms: 22.00%
Learn more about how we evaluated personal loans in our complete methodology