SoFi Personal Loans Review

SoFi personal loans are some of the best on the market. The company has one of the lowest interest rates on personal loans, and you can save even more with no origination, prepayment or late fees. These loans aren’t for everyone, though. SoFi has a higher credit score and income requirement than many of its competitors, meaning borrowers facing financial hardship likely aren’t eligible.

When reviewing SoFi personal loans, we used our InfoScore Methodology to rate the company’s rates, loan size, customer satisfaction, support, and fees to compare them withother best personal loan companies on the market.

Best for Good Credit – SoFi

Getting a personal loan from SoFi is like flying first class: it provides the best experience, but not just anyone is invited.

APR Range
5.99%–18.85% w/AutoPay
Loan Amount
$5K–$100K
Term
24–84 months
InfoScore
4.6 / 5.0
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InfoScore SoFi 4.6
Rates 5
Loan Size 5
Customer Satisfaction 3
Support 5
Fees 5
  • High borrowing limits
  • Competitive interest rates
  • No fees
  • Unemployment protection
  • High credit score requirements
SoFi Disclosure

Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

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In this article

    SoFi personal loans at a glance

    APR5.99%–18.85% with autopay 
    Eligibility requirements680 credit score, $45,000 annual income
    FeesNone
    Best forHigh loan amounts
    Not forBorrowers with poor credit
    Standout featuresLong loan terms, 0.25% autopay discount
    Customer service(855) 456-SOFI (7634)
    SoFi Lending Corp Personal LoansPO Box 654158Dallas, TX 75265-4158
    Tweet @SoFiSupport

    What we like about SoFi

    High borrowing limits

    SoFi offers just about the highest personal loan amount you can get. While many personal loan lenders max out around $40,000, SoFi offers personal loans up to $100,000. The high limits make this loan a useful tool for anyone who needs to consolidate debt or finance home improvement projects. And the company’s longer loan terms make it easier to pay off this higher amount. SoFi loan terms range anywhere from two to seven years.

    Competitive interest rates

    SoFi offers competitive interest rates, ranging from 5.99%–18.85% with a 0.25% autopay discount. Those rates are some of the lowest on the market. Keep in mind that, as with any other lender, SoFi’s best rates are reserved for those with excellent credit. While you may be able to get a loan with a 680 credit score, you won’t necessarily have access to the best rates.

    No origination, prepayment or late fees

    Plenty of personal loan lenders charge origination fees when you first take out a loan. They also may charge prepayment fees if you pay off your loan early or late fees if you miss a payment. SoFi doesn’t charge any fees, meaning you can rest assured that the amount it tells you that you’ll owe is actually what you end up paying.

    Unemployment protection

    One feature that SoFi offers that you may have a hard time finding elsewhere is its unemployment protection. If you lose your job through no fault of your own, SoFi will suspend your monthly payment and help you find a new job. In a global pandemic, when millions of people have lost their jobs, this perk is even more important than ever.

    [ Read: Pros and Cons of Taking Out a Personal Loan ]

    Things to consider

    Higher credit score requirements

    SoFi personal loans have a lot of perks, but these loans also have higher credit score requirements than many competitors. To get a SoFi personal loan, you’ll need a credit score of at least 680. And even if you do meet the minimum credit score requirement, you likely won’t have access to the lenders best rates without an excellent score.

    Annual income requirements

    SoFi requires that its borrowers have an annual income of at least $45,000. This income level is below the national average salary, meaning it’s likely that most people will qualify. But it does mean that people between jobs or borrowing money because they’re facing financial hardship will likely have to look elsewhere.

    SoFi personal loan borrower requirements

    • Minimum credit score: 680
    • Annual income: $45,000
    • At least the age of majority in your state
    • Live in a state where SoFi is authorized to lend

    [ Read: How Personal Loans Work ]

    SoFi personal loans vs. the competition

    Marcus scores 5s across the board in InfoScore, beating SoFi only in customer satisfaction.

    APR Range
    6.99%–19.99%
    Loan Amount
    $3.5K–$40K
    Term
    36–72 months
    InfoScore
    5 / 5.0
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    InfoScore Marcus by Goldman Sachs 5
    Rates 5
    Loan Size 5
    Customer Satisfaction 5
    Support 5
    Fees 5

    Marcus is the personal lending division of Goldman Sachs. The company offers personal loans at competitive interest rates. Marcus is one of the top personal loan lenders and a solid competitor to SoFi. Marcus’ personal loan rates are slightly higher than SoFi’s, but Marcus beats out SoFi in customer satisfaction, earning a 5/5 circles in J.D. Power’s 2019 survey to SoFi’s 3/5. But both lenders charge no fees and have incredibly similar terms.

    Read our full Marcus personal loan review.

    Marcus by Goldman Sachs Disclosure

    Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

    Consider PNC Bank as a back up to SoFi — if you can’t get your first choice in SoFi, you can fall back on PNC.

    APR Range
    Varies by zipcode
    Loan Amount
    $1K–$35K
    Term
    6–60 months
    InfoScore
    3.8 / 5.0
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    InfoScore PNC 3.8
    Rates 4
    Loan Size 5
    Customer Satisfaction N/A
    Support 3
    Fees 3

    If you prefer a lender with physical locations, then PNC might be right for you. The company offers decent interest rates with loan amounts perfect for someone who wants to borrow a small amount. While SoFi’s rates range from 5.99%–18.85%, PNC has rates as low as 7.24%, but specific rates vary by zip code.

    Read our full PNC Bank personal loan review.

    If you’re already swiping a card from AmEx, you can get a personal loan, too — but not to pay off that card.

    APR Range
    Varies
    Loan Amount
    $3,500–$25K
    Term
    12–36 months
    InfoScore
    4.3 / 5.0
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    InfoScore American Express 4.3
    Rates 5
    Loan Size 3
    Customer Satisfaction N/A
    Support 5
    Fees 4

    American Express personal loans are available to existing AmEx cardholders. American Express does charge late fees on personal loans and has no added protections for borrowers like SoFi. Furthermore, if you want to consolidate credit card debt with American Express, you can, but not for your AmEx credit cards.

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at Bankrate.com

    SoFi debt consolidation loan

    Borrowers can use SoFi personal loans to consolidate existing debt. SoFi offers specific loans for refinancing and consolidating student loans. But the company’s personal loans are ideal for consolidating large amounts of credit card debt. Borrowers can go from multiple monthly payments to just one, and typically at a significantly lower interest rate.

    SoFi doesn’t have any origination fees, meaning your upfront costs will be lower than a balance transfer would be. Borrowers can use personal loans ranging from $5,000 to $100,000 to pay off their debt.

    Can I refinance a personal loan with SoFi?

    Borrowers may be able to refinance an existing personal loan to get a lower interest rate or to extend their loan term. As long as someone meets the eligibility requirements for a SoFi loan, they can use a personal loan to refinance an existing one.

    [ Read: Secured Personal Loans vs. Unsecured Personal Loans ]

    Cheaper alternatives to SoFi personal loans

    SoFi offers such low interest rates and favorite loan terms that it’s hard to find a cheaper personal loan. LightStream does offer slightly lower interest rates — 2.49%–19.99% compared to SoFi’s 5.99%–18.85%. And if you can’t get the lowest rates with SoFi due to a bad credit score, you might try applying with another lender.

    SoFi in the news

    • In 2020, SoFi applied for a national bank charter. The charter would allow the financial institution to expand its current offerings to include checking and savings accounts, mortgages and more. The move would also make it easier for SoFi to serve customers nationwide, rather than seeking authorization in each individual state. SoFi was granted conditional approval from the Office of the Comptroller of the Currency (OCC) in November 2020. It still must receive approval from the Federal Deposit Insurance Corporation (FDIC).
    • In October 2020, SoFi announced that it would be releasing its first credit card. The card would be first available to current SoFi members, while others can join the waitlist. The card will come with perks such as no annual fee and 2% unlimited cash back if redeemed in other SoFi accounts.

    Personal loan FAQ

    No. SoFi personal loans are generally reserved for borrowers with good credit. You must have a credit score of 680 to qualify.

    SoFi doesn’t charge any prepayment penalties if you pay off your loan early, meaning borrowers can do so without facing fees.

    SoFi doesn’t offer same-day personal loans. If you qualify, expect to wait a few days for the money to be deposited into your account.

    Advertiser Disclosure

    We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence. The offers that appear on this site are from companies from which InfoReadersUSA.com receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. Info Readers USA does not include all card/financial services companies or all card/financial services offers available in the marketplace. Info Readers USA has partnerships with issuers including, but not limited to, Capital One, Chase & Discover. View our full advertiser disclosure to learn more.

    Editorial Note: Compensation does not influence our recommendations. However, we may earn a commission on sales from the companies featured in this post. To view a list of partners, click here. Opinions expressed here are the author’s alone, and have not been reviewed, approved or otherwise endorsed by our advertisers. Reasonable efforts are made to present accurate info, however all information is presented without warranty. Consult our advertiser’s page for terms & conditions.

    We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at inquiries@inforeadersusa.com with comments or questions.

    Methodology

    InfoScore

    The InfoScore is a proprietary scoring metric we use to objectively compare products and services at Info Readers USA.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single InfoScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different InfoScores on different pages?

    To ensure the InfoScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at Info Readers USA. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple InfoScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at hayley@inforeadersusa.com.

    Rates

    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

    Support

    We awarded higher scores to lenders with the most channels for customer support.

    Fees

    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

    Reviewed by

    • Brittney Lundager
      Brittney Lundager
      Loans Editor

      Brittney Lundager is an editor at Info Readers USA who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.