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SoFi Personal Loan Review 2022

SoFi has loans of up to $100,000 for borrowers with strong credit, high projected income, or earning a high income now. SoFi offers low rates and no fees for high dollar loans.
Daniel CohenSep 14, 2021
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 loans

sofi logo v1
Overall rating:
4.9 rating
Fixed APR5.99 - 18.53% 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 Score680
Thumb up
  • The $100,000 loan limit is higher than most lenders.
  • Low rates for high dollar loans.
  • Unemployment Protection.
Thumb down
  • Need FICO over 680.
  • No direct payoff of your current creditors.
  • Time from application to funding takes longer than many lenders

SoFi: Top loan features

SoFi is an online lender that offers unsecured personal loans with high dollar limits and a wide range of other types of loans. All their loans target financially solid customers with strong credit, substantial cash-flow, and high earning potential.

SoFi offers loans with:

High dollar amounts: SoFi’s max personal loan is $100,000. Their $5,000 minimum loan size is larger than most lenders’ minimum.

Low rates: SoFi interest rates range from 5.99% APR to 18.28% APR for a fixed-rate loan. This rate is available to qualified borrowers who sign up to make payments with AutoPay. Without AutoPay, rates are .25% higher.

Long loan term: You can choose a repayment term of 2 to 7 years.

No fees: SoFi charges no fees. That means no application or origination fee and also no fees for late payment

Longer time to fund: Funds are generally available within a few days of approval. While not a long wait, SoFi is not the lender to choose if you want money the next day.

Reports to major credit bureaus: SoFi reports your loan payments to all three main credit bureaus.

Personal use only: SoFi personal loans can’t be used for “real estate, business purposes, investments, purchases of securities, post-secondary education, and short-term bridge financing.” They are for personal and household use only.

Wide availability:  SoFi personal loans are available in all states aside from Mississippi. Different states may have their own minimum loan size or interest rate cap requirements. It is possible that state law could mean you are turned down for a loan.

Membership perks: SoFi offers membership features that create a community and build customer loyalty, including discounts if you add a second SoFi product, discounts with third-party companies, referral bonuses, and free financial and estate planning.

Co-applicant possible: SoFi permits you to apply with a co-applicant (also called co-borrower) who lives at the same address as you. Co-applicants can’t be removed from the loan. Co-signers are not permitted.

Help with Job Loss: SoFi’s unique Unemployment Protection Program (UPP) can put your loan payments on hold, temporarily. To be eligible, you must be a current SoFi member with a loan in good standing and can prove that it wasn’t your fault you lost your job. You can apply for the UPP online or in the app. SoFi also makes available resume assistance and career coaching.

Qualifying for a SoFi loan

To qualify for a SoFi loan, you have to meet the following eligibility requirements. You must:

  • Be a US citizen or permanent resident, and reside in a state in which SoFi does business. (All states other than Mississippi).
  • Be at least the age of majority in your state.
  • Be employed, have sufficient income from other sources, or have an imployent offer to start within the next 90 days.

You need strong credit to qualify for a SoFi loan. The minimum credit is 680, but most SoFi customers have scores well above 700.

SoFi doesn’t publicize a debt-to-income ratio but places a high value on having available cash.

How to apply for a SoFi loan

The online application process is simple. It takes 2 minutes to do the prequalification.

  1. You set up an account to go through the prequalification process.
  2. You provide SoFI the loan size, purpose, and monthly payment that works for you.
  3. You provide personal information, including: your date of birth, citizen or resident status, address, homeownership status, annual income, and whether you want a co-borrower included on your application.

If you give permission, SoFi does a soft pull of your credit report, which causes no harm to your score, and looks at the debts you currently carry. They use the income you stated and calculate your ability to pay.

Loan offers are presented to you if they determine that you can afford the payments. They are for the same amount but vary by interest rates, the number of payments, and the monthly payment amount. SoFi will also show a maximum loan size you can borrow. You can apply for the loan you want.

If you need help completing your loan application, you can get assistance from SoFi loan consultants seven days a week.

Loan approval and getting money from SoFi

After you submit your loan, SoFi will contact you if it needs additional documentation. Once your application is complete and verified, if you are approved for a loan, you will receive a Loan Agreement. You can sign the agreement electronically. Funds will be deposited into your bank account in a few days.

SoFi- Customer Service and Customer Satisfaction

SoFi makes it easy to manage your loan online. With the SoFi mobile app, you can apply for a Personal Loan, check your balances, and manage your payments.

BBB rating for SoFi is an A. SoFi is not accredited.

SoFi ranked #4 in overall customer satisfaction for personal loan lenders in the J.D. Power 2020 U.S. Consumer Lending Satisfaction Study.

Compare to leading lenders

Full Star
Full Star
Full Star
Full Star
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: No Fees And Good Credit

Fixed APR
6.99 - 19.99%
Loan Term
36 to 72 months
Loan Amount
$3,500 - $40,000
Min. Credit Score