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SoFi Personal Loan Review May 2024

SoFi offers very competitive rates to borrowers with good or excellent credit.
Editor’s Note
Advertising Disclosures

At, we strive to help you make financial decisions with confidence. While many of the products reviewed are from our Service Providers, including those with which we are affiliated and those that compensate us, our evaluations are never influenced by them.

Best for Large personal loans

sofi logo v1
Overall rating:
4.2 rating
Fixed APR7.99% to 23.68% APR (with .25 % auto pay discount)
Loan Amounts$5,000 - $100,000
Repayment24 to 84 months
FeesNo fees
Time to fundSign your documents, and funds are deposited right into your account.
Min. Credit ScoreNone listed
Thumb up
  • No origination or pre-payment fees
  • Competitive interest rates
  • Loan amounts up to $100,000
Thumb down
  • High minimum loan amount
  • Lack of transparency about eligibility
  • Not nationwide

SoFi Personal Loan Top Features

High dollar loans available: SoFi personal loans range from $5,000 to $100,000.

Competitive rates: SoFi personal loan rates range from 7.99% to 23.68%, depending on credit score, financial situation, and use of discounts.

Different loan terms available: Loans can be paid back in anywhere from 2 to 7 years, so you can fit your loan term to your needs and budget.

No fees: You won’t pay a fee to get the loan or to pay it off early.

Variety of uses: SoFi loans can be used for a variety of purposes such as weddings, debt consolidation, home improvements, moving, family planning, medical expenses, and funerals. If you need money for a different use, check with SoFi to find out about any restrictions.

Pre-qualification with no credit impact: SoFi allows you to see what loan terms you could qualify for without performing a hard-pull credit check that would affect your credit score.

Quick funding: Once you sign up for a loan, funding is usually received on the same business day.

Unemployment protection: Qualifying borrowers who lose their job may not only be able to apply for modified repayment terms, but SoFi may also help them find a new job. If your job loss wasn’t your fault, SoFi may adjust your payment schedule. It also has a job placement program. To qualify for payment modification, you have to actively work with SoFi’s Career Advisory Group to find a new job.

Qualifying for a SoFi loan

Lending standards can change according to conditions, so SoFi’s website only describes qualifying standards in general terms. However, SoFi offers a pre-qualification tool that lets you find out quickly if you are likely to be approved for a personal loan.

These factors help SoFi determine whether you would qualify for a loan:

  • You must be of legal age to enter into a contract in your state
  • You must be a U.S. citizen, or eligible permanent resident or non-permanent resident alien
  • You must reside in one of 30 states where SoFi is licensed to lend
  • You must be employed, or have an offer to start employment within the next 90 days, or have another reliable source of income
  • SoFi will review your financial history and credit score. There is no minimum credit score but SoFi is not known for having loans for bad credit. You can, however, apply if you are new to credit.
  • You need to have sufficient income to afford the payment

SoFi’s pre-qualification tool tells you whether you are likely to qualify, and the rate and terms. It does this without a formal credit check that would affect your credit score. Then, if you decide to apply, SoFi will perform a hard inquiry into your credit. That could slightly lower your credit score. 

How to apply for a SoFi loan

Before applying for any loan, it’s a good idea to check your credit report. Clearing up any errors or outdated information can help you qualify for a better interest rate.

Also, to help the application process go smoothly it can help to get some information about your financial situation together. This would include your income and any existing financial obligations such as loan payments or rent.

In the case of applying for a SoFi loan, you would start by entering some basic personal and financial information into SoFi’s pre-qualification tool.

If you pre-qualify, you’ll get  the opportunity to apply online. You’ll provide more detailed information and give permission to check your credit report and verify your information. SoFi provides loan consultants to help walk you through this process.

Loan approval and loan funding from SoFi

Loan approval time depends on the specific details of the application. As a general rule, it takes a few days to a week. Once you submit your application materials, you might want to ask a SoFi loan consultant how long the process might take in your case.

In most cases, once a SoFi application is approved funding is available by the end of the same day.

SoFi: Customer service and customer satisfaction

SoFi recognizes that today’s consumers like to have the option of communicating with service providers in a variety of ways. To allow you to choose the method of communication that best fits your needs, SoFi offers:

  • A mobile app through which you can apply for a loan, check your loan balance and manage payments
  • A toll-free telephone number with support staff available seven days a week
  • Live online chat for members

SoFi earns an average of 4.2 out of 5 stars.

SoFi has an A+ rating from the Better Business Bureau (BBB). 

When a SoFi personal loan might be the best choice:

Check out a SoFi personal loan if:

  • You’re looking for a fast turnaround time on pre-qualification and funding
  • You need a large personal loan
  • Low fees are important to you
  • You have excellent credit and can get a low rate
  • You’re comfortable handling financial business on your mobile device
  • You’re intrigued by and interested in taking advantage of SoFi’s member benefit

Compare to leading lenders

Full Star
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Half Star rating

Good for: Low Rates

Fixed APR
2.49 - 19.99% with AutoPay
Loan Term
24 to 84 months
Loan Amount
$5,000 - $100,000
Min. Credit Score
Full Star
Full Star
Full Star
Full Star
Half Star rating

Good for: Invitation Only

Fixed APR
6.99 - 24.74%
Loan Term
36 to 72 months
Loan Amount
$3,500 - $40,000
Min. Credit Score
not disclosed
Frequently Asked Questions

Who is SoFi?


SoFi offers a variety of loan products as well as deposit accounts and insurance. Beyond financial products, SoFi is a member-based organization that provides a wide range of financial management tools and support.

Launched in 2011, SoFi now has more than 4 million members. You do not have to be a member to get a loan from SoFi, but there are advantages to being one. There is no fee for becoming a member of SoFi. You will automatically become a member if you open an account, or you can join by clicking through on the website. 

SoFi is a newer firm than many banks. That’s one reason it offers a platform based around up-to-date technology and ease of use. 

Ultimately, choosing a personal loan should mostly be about the loan terms. With its competitive rates, no-fee loans and high loan limit, SoFi would be worth including in a comparison of potential lenders.