Pros Explained

• No loan fees: SoFi does not charge any origination fees on loans, which saves a lot of money compared to competitors that may charge up to 10%. Plus, there are no application, prepayment, or even late payment fees.
• Low rates: SoFi offers rates as low as 8.99% on unsecured personal loans (after the autopay discount). This is close to as low as it gets for most online personal loans, so if you have good credit you can save on interest when consolidating your debt or making a large purchase.
• Loans up to $100,000: While many personal loan companies don’t offer more than $50,000, SoFi offers up to $100,000 to qualified borrowers.
• Unemployment protection available: SoFi provides unemployment protection on personal loans, allowing you to stop payments for up to three months if you lose your job. SoFi even offers career counselors to help you find a job during this time.

Cons Explained

• Co-signers not available: SoFi does not allow co-signers to help you qualify for a personal loan. Co-signers give additional assurance to SoFi, and become responsible for the loan if you default. You can apply with a co-applicants, however, which is similar; a co-applicant is someone who applies with you and is jointly responsible for the loan.
• Minimum loan amount is $5,000: While some personal loan providers offer loans as low as $1,000 (or less), SoFi requires a $5,000 minimum loan size.
• Relatively high credit requirements: Although SoFi doesn’t disclose its minimum credit score requirements, you (or your co-applicant) will typically need good to excellent credit to qualify for a SoFi personal loan. 

Types of Personal Loans Offered by SoFi

SoFi offers unsecured personal loans for various use cases, including:

• Home improvements
• Consolidating high-interest credit cards and other debts
• Medical bills
• Vacation expenses
• Paying for a wedding
• Paying for a new or used car

Loans cannot be used to pay for any post-secondary educational expenses or business expenses. And though it goes without saying, SoFi personal loans cannot be used in connection with illegal activities.

Time to Receive Funds

SoFi offers same-day funding on some applications, depositing funds into the borrower’s bank account on the same business day that the loan is approved.

SoFi states that “82% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2022–January 1, 2023 that were signed before 7 p.m. ET on a business day were funded the same day.”

Borrower Requirements

To qualify for a SoFi personal loan, you must meet the following eligibility criteria:

• You are at least the age of majority in your state and able to enter into a binding contract.
• You are either a United States citizen, eligible permanent resident, or non-permanent resident alien (including DACA recipients and asylum seekers). Documentation may be required.
• You reside in one of the 50 U.S. states or Washington, D.C. 
• You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
• Qualify based on financial history, credit score, and other factors

SoFi Personal Loan Features

• Use your loan for (almost) anything: Outside of post-secondary education and business expenses, you can use your loan for almost any expense.
• Direct Pay: SoFi will pay off your eligible credit cards directly, if you so choose. This can take up to three business days after your loan is signed.
• Unemployment protection: SoFi will pause your payments for up to three months at a time if you become unemployed. A total of 12 months of unemployment protection is available over the life of a loan.
• Member benefits: SoFi offers many member benefits, including referral bonuses and rate discounts. In particular, SoFi offers a 0.125% rate reduction on personal loans to customers who also have a SoFi Money account.
• Access to career coaches and financial advisors: All SoFi customers have access to career coaches and financial advisors at no additional cost, You can set up a 1:1 call, or simply converse over email to get your financial and career questions answered by a professional.

Co-Signers and Co-Applicants

SoFi does not support co-signers at this time, but you can add a co-applicant to your personal loan. A co-applicant is jointly liable for the loan, and must live at the same address as the primary applicant, unlike a co-signer.

Can You Refinance a Personal Loan With SoFi?

Yes, you can refinance a SoFi personal loan with SoFi. Your rates and terms may vary at the time of application, and it may not end up saving you money compared to your original loan.  There are a few things to consider if you are looking to refinance your SoFi personal loan: 

• All SoFi loans must be in good standing
• You can’t refinance a personal loan with a co-borrower
• You must have made at least three consecutive on-time payments
• You must still qualify based on SoFi personal loan qualifications

You can refinance a SoFi personal loan directly within your account. Always review the terms and details of your loan before refinancing.

Customer Service

SoFi offers support by email, phone, or live chat during business hours.

Medium	Contact	When
Telephone	855-456-7634	M-Th: 5:00 a.m.–7:00 p.m. PT F-Su: 5 a.m.–5 p.m. PT
Chat		M-Th: 5:00 a.m.–7:00 p.m. PT F-Su: 5 a.m.–5 p.m. PT
X (formerly Twitter)	@SoFiSupport	24/7

Customer Satisfaction

SoFi is ranked as a top-ten personal loan lender in the latest J.D. Power Consumer Lending Satisfaction Study, coming in fourth place. SoFi also receives high marks on review sites such as Trustpilot (4.7 stars and 7,000 reviews).

Applying for a SoFi Personal Loan

You can apply for a SoFi personal loan online by following these four steps.

1. Get Pre-qualified: SoFi offers an online application for pre-qualification, which allows you to check your rates and loan terms without hurting your credit score. You will need to provide the following information: Full name, current address, income information, and date of birth
2. Select a loan offer: SoFi will list the loan options you qualify for, including interest rates and loan term lengths. Loan terms vary from 24 months up to 84 months, and interest rates may vary by loan term and the amount you select to borrow. Choose a loan to start your full application.
3. Submit an application: Once you have selected a loan, you will need to complete your online application. You may be required to submit various financial and identifying documentation, including tax forms, bank statements, pay stubs, driver's license, and other documents
4. Sign documents: To complete your loan application, you will need to sign the loan agreement. After signing, your loan may be funded as soon as the same day. Loans are typically disbursed via ACH directly to your bank account, except for Direct Pay loans, which are sent directly to creditors.

Other Banking Services and Loans Offered by SoFi

SoFi may have started as a student loan lender, but it offers much more now:

• Checking and savings accounts
• Active and automated investing
• Insurance, including auto, home, and life
• Mortgages
• Student loans a student loan refinancing
• Auto loan refinancing
• Credit cards

Compare SoFi With Other Personal Loan Lenders

			U.S. Bank
APR Range	8.99%–29.49%	8.99%–35.99%	8.74%–24.99%
Loan Amounts	$5,000–$100,000	$2,000–$50,000	$1,000–$50,000
Loan Terms	24–84 months	36–60 months	12–84 months
Recommended Minimum Credit Score	Not Disclosed	640	660
Origination Fee	None	Up to 8.99%	None
Time to Receive Funds	Same day	1 day	1 day

The Bottom Line

SoFi offers a wide variety of personal loan options for borrowers, with no loan fees, competitive rates, and excellent member perks. Borrowers may benefit from lower rates on additional loans, as well as access to career coaches and financial professionals to help answer any questions. SoFi is ideal for borrowers with decent or better credit scores, as it offers relatively low rates for highly qualified applicants compared to other lenders. The minimum loan amount is relatively high, but if you have good credit and need at least $5,000 in funding, SoFi is one of the best options available for personal loans.

Is SoFi Good for Personal Loans?

Based on our research, SoFi is a good, all choice for personal loans. You may find cheaper rates, elsewhere, more flexible loan amounts, or even friendlier terms. But considering all these factors together, SoFi comes out as among the best options for personal loans in the market.

Can I Refinance a SoFi Personal Loan?

Yes, you may refinance a SoFi personal loan. All the usual borrower requirements apply, plus a couple of extra ones (you may not refinance a loan with a co-borrower, your three most recent loan payments must have been made on time, among others).

Does SoFi ask for Proof of Income?

Income is among several factors SoFi considers when determining loan eligibility. The lender may ask for a variety of documents as proof of income, depending on the income source you noted on your application.

Do SoFi Loans Require Collateral?

SoFi personal loans are unsecured loans, which means borrowers do not need to provide collateral. Some lenders offer loans secured by certificates of deposit or savings accounts, cars, or even your home's fixtures.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%
• Learn more about how we evaluated personal loans in our complete methodology.