SoFi’s personal loans have the standard features of a five-star lender: a wide variety of loan amounts, flexible repayment terms, plus special features like free career and financial advising, unemployment protection and estate planning discounts. SoFi loans can be used for common purposes like Debit consolidation as well as for adoption or in vitro fertilization procedures, travel or weddings.
While there are no required fees, SoFi may offer the option to pay an Orgination fees up to 7% of the loan amount. The fee amount is deducted from the loan proceeds before disbursement.
SoFi personal loans at a glance
| Minimum credit score | None. |
| APR | 8.99% – 29.99%. |
| Fees | Origination fee: 0% to 7%. |
| Loan amount | $5,000 to $100,000. |
| Repayment terms | 2 to 7 years. |
| Time to fund after approval | Same-day funding. |
| Loan availability | Loans available in all states. |
Where SoFi personal loans stand out
Joint loans. Borrowers can add a co-applicant to their application. Adding someone with better credit or higher income can improve your chances of qualifying or getting a lower rate. Co-borrowers on a Joint loans are both responsible for repaying the loan. Unlike single-borrower applications, which may be approved the same day, joint applications may require up to 10 business days to process.
Multiple discounts. Borrowers may qualify for multiple discounts that can lower their interest rate. A rate discount of 0.25 percentage points is available for setting up autopay. If the loan is for debt consolidation, borrowers can get another 0.25 percentage point discount for having SoFi directly pay off creditors.
An additional rate discount of 0.25 percentage points may apply for borrowers who set up a monthly direct deposit of at least $1,000 to a SoFi checking account.
Unemployment protection. If you lose your job while paying off the loan, you can apply for SoFi’s unemployment protection program. Once approved, SoFi will put the loan into forbearance and modify the monthly payments. Interest still accrues during that time, but you can make interest-only payments.
Career and financial advising. SoFi gives borrowers access to one-on-one career coaching to help with job searches, career transitions and personal branding. Customers can also receive free financial advice and discounted estate planning services.
Mobile app to manage the loan. Borrowers can use SoFi’s mobile app to manage their money, check available rates, monitor their credit score and make payments.
Where SoFi personal loans fall short
High minimum loan amount: SoFi loans start at $5,000, which could be too high for borrowers looking to fund a small project or other minor expense.
No secured loan option: Borrowers can’t secure a SoFi loan with collateral such as a car or savings account. A secured loan often helps in getting a lower annual percentage rate or higher loan amount.
Do you qualify for a SoFi personal loan?
Most lenders have basic requirements to apply sofi personal loan and some have financial requirements or recommendations to qualify. SoFi doesn’t have specific credit scores or income requirements for applicants, but the average borrower has excellent credit.
To apply for a SoFi personal loan, you must be:
- At least 18 years old in most states.
- A U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Employed, have sufficient income, or have an offer of employment to start within the next 90 days.
Before you apply
Check your credit. You can get your free cibil report.
Calculate your monthly payments. Use a loan caluculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.
Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses to repay the loan, it’s better to know that before you borrow.
Gather your documents. SoFi requires a valid U.S. or state government ID, proof of income, address and Social Security number. Having these documents handy can speed up the application process.
How to apply for a SoFi personal loan
Here are the steps to apply for a SoFi loan.
- on SoFi’s website. You’ll be asked for personal information like your name, email and state of residence, as well as how much you want to borrow and the purpose of the loan. Then, the lender will ask for your birthdate, citizenship status, address and sources of income before you can preview loan offers. There’s no hard credit pull at this stage.
- Preview loan offers and accept the one that fits your budget. Once you accept a loan offer, you’ll submit a formal loan application This could require more documents, like W-2s, pay stubs and bank statements, to confirm the information you gave during pre-qualification. SoFi will do a hard credit check at this stage, so your credit score could temporarily dip.
- Stay on top of your loan payments. SoFi reports payment to all three major credit bureaus (Equifax, Experian and TransUnion), so on-time payments will help build your credit score, but missed payments will hurt it.
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SoFi Personal Loans FAQ
SoFi personal loans can be used for various purposes, including debt consolidation, adoption, in vitro fertilization procedures, travel, weddings, and more.
SoFi personal loans offer flexible repayment terms, same-day funding, no required fees (although there’s an option for an origination fee), and loan amounts ranging from $5,000 to $100,000.
SoFi offers joint loans, multiple discounts for borrowers, unemployment protection, career and financial advising, and a mobile app for managing the loan.
Applicants must be at least 18 years old, a U.S. citizen, permanent or non-permanent resident, and employed or have sufficient income. Specific credit score or income requirements are not disclosed, but most borrowers have excellent credit.
To apply, visit SoFi’s website, provide personal and financial information, preview loan offers, accept the one that fits your budget, complete the formal loan application, and submit any required documents.
