SoFi Personal Loans Review (December 2024)

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Excellent credit

SoFi

4.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.99 - 29.99%¹

Loan Amount

$5,000 to $100,000

Min. Credit Score

Does not disclose

Pros and cons

No fees required

Large loan amounts available

Autopay and direct pay discounts

Same day funding

Long loan terms available

Good credit required

5,000 minimum loan amount

More details

Overview

SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.

The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.

Loan amount

$5,000 to $100,000

Repayment terms

2 - 7 years

Fees

Option to pay an origination fee in exchange for a lower rate

Discounts

Autopay, direct pay

Eligibility

Available in all states

Min. income

Does not disclose

Customer service

Phone, email, live chat

Soft credit check

Yes

Time to get funds

Typically within a few days, given approval and bank account verification, but sometimes within the same day

Loan uses

Solely for personal, family, or household uses

Who are SoFi personal loans best for?

Best for substantial loans

You can borrow up to $100,000 with a SoFi personal loan (or as little as $5,000), making this lender ideal for funding big-ticket purchases, debt consolidation and more.

You can also choose repayment terms ranging from two to seven years, allowing for the possibility of smaller monthly payments than lenders that only offer terms up to five years. With no required origination fees or late fees, SoFi further lowers borrowing costs.

Good to know:

With SoFi, you can choose to pay an upfront origination fee to lower your interest rate or not pay a fee to maximize your loan amount. You’ll have this choice after you’re pre-approved, with all of your potential terms with fees up to 7% presented.

Great for customer service

There are many ways to contact the lender’s customer support. Virtual-assistant chat is available 24/7, and you can reach a live agent by online chat or phone for extended business hours seven days a week.

Agents are available Monday through Thursday from 5 a.m. to 7 p.m PT, and Friday through Sunday from 5 a.m. to 5 p.m. PT. To access chat, however, you’ll need to have or create an account with the lender.

Users on Trustpilot, a third-party customer review platform, give the lender an average rating of 4.5 out of 5 stars. The SoFi mobile app also has a rating of 4.8 out of 5 stars on the Apple App Store and 3.8 out of 5 stars on Google Play for Android devices.

“I contacted SoFi’s personal loan phone support team with a question about the lender’s optional origination fees, and I was connected with a representative in less than one minute. They were friendly and knowledgeable about the topic, providing a clear answer with a few examples to illustrate. It was one of the better (and faster) customer service experiences I’ve had.” – Lauren Graves, Editor, Personal Loans

Pros and cons of SoFi personal loans

Pros

High maximum loan amount
Same-day funding available
Wide range of repayment terms
Autopay and direct deposit discounts
Co-applicants allowed
No late fees

Cons

High minimum loan amount
May be able to find lower rates elsewhere
No cosigner option
May need good credit to qualify

How to qualify for a SoFi personal loan

Credit score and financial history

SoFi doesn’t share credit score requirements for personal loans in its loan marketing materials.

However, a call to customer service suggested a minimum credit score requirement of 680, though the lender might require scores of at least 720 depending on which channel you use to apply. SoFi doesn’t disclose a particular debt-to-income ratio (DTI) requirement, either.

Good to know:

Typically, personal loan lenders prefer DTIs under 36%.

Your DTI measures the amount of income you have tied up in debt repayment. You can calculate your DTI by adding up your monthly minimum debt repayments, dividing this total by your gross monthly income, and multiplying by 100 to get a percentage. You can also use a calculator like the one below.

Income and employment

To qualify for a SoFi personal loan, you must meet at least one of the following requirements:

You’re employed (full-time job).
You have income from other sources (such as self-employed earnings).
You have an employment offer that starts within 90 days.

SoFi doesn’t disclose minimum annual income requirements or a minimum number of years applicants must be employed to be eligible for a loan, but the lender does take your monthly income relative to your expenses and your career experience into account when reviewing your application.

SoFi personal loan purposes

SoFi personal loans can be used for a wide range of purposes. Some common personal loan uses include:

Debt consolidation
Home improvement
Medical expenses
Vacation expenses
Moving expenses
Wedding expenses
Family planning (such as adoption or IVF treatment)
Car repairs
Funeral expenses

SoFi loans made through Credible can only be used for debt consolidation and credit card refinancing.

What you can’t use a SoFi loan for

There are a few expenses and activities you can’t fund with a SoFi personal loan:

Real estate purchases
Business expenses
Securities purchases and investments
Post-secondary education
Short-term bridge financing

SoFi personal loan fees and penalties

Loan origination fees

0% to 7% for SoFi personal loans

Personal loan origination fees are an upfront fee personal loan lenders often charge to cover the administrative costs of processing a loan and to hedge against early repayment. SoFi doesn’t require you to pay origination fees, but you can choose to do so to lower your interest rate.

Your APR, which accounts for the interest rate and upfront fees, may not change if you opt to pay an origination fee. Because fees are deducted from loan proceeds, the loan you receive will be smaller.

Other fees

Along with most lenders, SoFi doesn’t charge prepayment penalties, meaning you can pay off your personal loan early without additional fees. SoFi doesn’t charge late fees, either.

However, missing payments or making partial payments will result in paying more interest, leading to a higher loan cost overall.

Falling behind on payments could also result in defaulting on your personal loan, which would hurt your credit score and make it harder and more costly to borrow in the future.

How SoFi compares to other lenders

Credible rating

APR from8.99 - 29.99% ¹

Loan Amount$5000 to $100000

Term Length2 - 7

Min. Credit ScoreDoes not disclose

Credible rating

APR from6.94 - 25.29%

Loan Amount$5000 to $100000

Term Length2 - 7

Min. Credit Score700

Read Our Review

Credible rating

APR from -

Loan Amount$2500 to $40000

Term Length3 - 7

Min. Credit Score660

Read Our Review

How to contact SoFi

To contact SoFi, you can use one of the following customer service channels:

Phone: Call 855-456-7634 for help with questions and issues related to SoFi personal loans. Specialists operate this phone line between 5 a.m. and 7 p.m. PT Monday through Thursday and between 5 a.m. and 5 p.m. PT Friday through Sunday.
Email: Send loan-specific inquiries to [email protected].
Live chat: Chat with an automated assistant 24/7 using the live chat feature built into SoFi’s online platform and mobile app. Using live chat, you may also be transferred to human representatives during regular business hours.
Social media: Post a question about SoFi on X (formerly Twitter) using the handle @SoFiSupport. Do not disclose any personal information or account details using this support method.

About SoFi

SoFi (Social Finance, Inc.) was founded in 2011. In 2012, it became the first company to refinance private and federal student loans, and it began offering personal loans in 2015. Today, SoFi has nearly 9 million customers and offers a wide range of financial products and services, including loans, mortgages, investing, insurance, banking, and credit cards.

SoFi’s bank accounts are issued directly through SoFi Bank, a division of SoFi Securities, LLC, and federally insured up to standard limits by the Federal Deposit Insurance Corporation or FDIC (FDIC Certificate: 26881). Investment advisory services are provided by SoFi Wealth, an SEC-registered advisor (CIK: 1472443), and loans are originated by or in partnership with SoFi Lending Corp. (NMLS: 1121636).

Rating SoFi personal loans

Credible evaluated personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

FAQ

Is SoFi reputable?

Open

SoFi is a reputable and legitimate financial company with affiliated sub-brands that are registered with the FDIC, SEC and NMLS. SoFi provides a list of licenses by state for each product on its website.

While SoFi is reputable, no lender is without faults. According to the Consumer Financial Protection Bureau’s (CFPB’s) database of consumer complaints, SoFi has received over 1,500 complaints out of a total of roughly 6.3 million on file.

The majority of complaints against SoFi have to do with managing an account with the company (issues with deposits and withdrawals specifically), followed by problems with the lender charging accounts.

Is it hard to get a loan through SoFi?

Open

How hard it is to get a loan through SoFi depends on your credit, income, DTI and reason for needing a loan. SoFi may require a credit score of at least 720 to qualify for a personal loan, though this can vary depending on where you apply.

This credit score minimum is higher than many other lenders’. If your credit falls below SoFi’s minimum, you may have trouble qualifying for a loan, and SoFi does not permit cosigners.

Does a loan from SoFi hurt your credit?

Open

When you apply for any personal loan, lenders typically perform a hard credit check, which can temporarily lower your credit score.

However, if you repay your loan with consistent, on-time payments, you can often improve your credit over time. Missing payments, on the other hand, can hurt your score.

Does applying with SoFi affect your credit score?

Open

Applying for a loan with SoFi can affect your credit score by causing it to temporarily drop for up to one year. This is because applying for a loan typically requires you to authorize a hard credit inquiry or hard credit check, which can ding your score by up to five points.

Exactly how much your score is impacted when applying with SoFi may depend on the state of your credit and how many recent inquiries are on your report.

How long does it take to get a personal loan from SoFi?

Open

After you submit a loan application, which should only take a few minutes to fill out, SoFi should begin reviewing it within one business day, completing the process within two. If you’re missing information in your application or are self-employed, this may take a little longer.

If you’re applying with a co-borrower, SoFi may need up to 10 business days to review your application. Once approved, you could receive your funds as soon as the same day or within a few business days.

How long does SoFi take to approve a loan?

Open

SoFi typically takes one business day to begin reviewing personal loan applications and up to two business days to complete this process.

However, your income and nature of employment can impact this timeline. If you receive regular income from a W-2 job and provide complete and correct information in your application, you are more likely to receive a decision within two days.

If you’re self-employed, you may be asked to submit supplemental documentation such as 1040 tax returns and contract letters to prove your earnings, and these can take longer for SoFi to review.

How quickly can I receive a loan from SoFi?

Open

You might receive a loan from SoFi as quickly as the same day you accept your loan offer, but same-day funding is not guaranteed.

According to SoFi, 82% of personal loans — not including debt consolidation loans with direct pay and refinance loans — are disbursed on the same day they’re accepted when contracts are signed before 7 p.m. ET on a weekday.

What documents are needed for a SoFi loan?

Open

You may need to provide the following documents to apply for a SoFi loan:

Valid government-issued ID
Proof of income/employment (such as W-2s or pay stubs)
Proof of address (such as utility bills or rental agreements)

You may be asked to provide additional documentation after applying. If you receive income from a source that is not a traditional paycheck, this may include alimony agreements and receipts, additional tax returns (for self-employed income and rental earnings), histories of earnings (for bonuses, commissions, overtime, etc.), military pay stubs, retirement award letters and disability benefits statements.

What are the downsides of a SoFi loan?

Open

One of the biggest downsides of a SoFi personal loan is the high loan minimum. The smallest personal loan you can take out is $5,000, which may be unnecessary for borrowers with lesser funding needs.

Another downside is that there are other lenders — like Discover and LightStream, for example — with lower minimum rates.

Can I pre-qualify for a SoFi loan?

Open

Yes, SoFi has an option to prequalify for a personal loan before applying. You can do so on its website by clicking “View your rate.”

According to SoFi, prequalifying only takes a minute. The process involves a soft credit check that has no impact on your credit, but SoFi will perform a hard credit check if you officially apply.

Keep in mind you’re not guaranteed approval if you prequalify, and your final rate may differ from the rate you prequalified for if approved.

What fees does SoFi charge?

Open

When it comes to personal loans, SoFi charges an optional loan origination fee up to 7%, and that’s it. SoFi doesn’t charge late fees or prepayment penalties.

Where does SoFi operate?

Open

SoFi operates as an online-only financial institution, meaning it does not run any branch locations or ATMs. It has been headquartered in San Francisco, California, since 2019 and has a total of 12 office locations — including 10 in the U.S. and two international offices — for its over 4,000 employees.

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Meet the expert:

Emily Batdorf

Emily Batdorf is a personal finance expert who specializes in banking, lending, credit cards, and budgeting. Her work has been featured by USA TODAY Blueprint, the New York Post, MSN, and Forbes Advisor.