SoFi Personal Loans Review for 2024

SoFi stands out in the world of online lending with its array of financial products, including personal loans, mortgages, and both student loans and refinancing options. If you have a good credit score and a stable income, SoFi’s competitive interest rates and clear lending process might be just what you’re looking for.


What’s interesting about SoFi is how they evaluate loan applications. Instead of just looking at your credit score, they take a broader view, considering your career path, income, spending habits, financial history, and even your educational background. This means that if your loan application is solid, you could get rewarded with lower interest rates.

Even if you’re new to the workforce or haven’t built up a long credit history yet, SoFi encourages you to apply. This could be a great opportunity, especially if you’re just starting out with a good job after college.

In this article, we’ll explore the kind of loan terms SoFi offers, walk you through their application process, and help you figure out which of their loan products might fit your needs best.

SoFi’s Personal Loan Options

SoFi, a leader in online lending, provides a range of personal loan options tailored to meet various financial needs. Understanding the specifics of these loans can help you determine if SoFi is the right fit for your borrowing requirements.

Variety of Loan Types and Terms

SoFi’s personal loans are designed for flexibility, offering both fixed and variable rates to suit different financial scenarios. These loans are intended for personal, family, or household purposes, providing versatility in how they can be used. However, it’s important to note that SoFi loans cannot be utilized for education-related expenses.

Interest Rates and Discounts

Interest rates at SoFi are competitive, with fixed-rate loans ranging between 5.99% APR and 20.01% APR. One key benefit is the option to lower your interest rate by 0.25% when you sign up for autopay, which automatically deducts monthly payments from your bank account. This discount simplifies repayment and makes the loan more cost-effective.

*All rates, repayment terms, state availability, and savings calculations are current at the time this article was written. Rates, repayment terms, state availability, and savings calculations may update in the future. For current rates and terms, visit

Loan Amounts

SoFi caters to a wide range of borrowing needs, offering loans from $5,000 to $100,000. This high maximum loan limit indicates that SoFi is capable of accommodating substantial financial needs, which is particularly beneficial for borrowers looking to consolidate debt or fund major expenses.

Transparency and No Hidden Fees

SoFi prides itself on a transparent lending process with no hidden fees. This means no origination fees, closing fees, late fees, or penalties for early repayment. The absence of these fees ensures borrowers can easily understand the total cost of their loan.

Get started with SoFi on SoFi’s secure website

Criteria for Securing a Personal Loan from SoFi

SoFi’s approach to personal lending is unique, focusing on a borrower’s complete financial picture rather than just credit scores.

Ideal Borrower Characteristics

The typical SoFi borrower has a good to excellent credit score, with a minimum requirement of 680. However, SoFi looks beyond credit scores, considering other factors such as employment history, income potential, and financial behavior.

Income and Employment

While there is no strict income requirement, most SoFi borrowers have a median income of around $106,000, indicating that SoFi’s personal loan products are particularly suited for high-income earners. This income level, combined with stable employment, is a strong indicator of a borrower’s ability to manage and repay their loan.

Credit History and Cash Flow

SoFi also values a flawless payment history and a robust cash flow. Even if your credit history isn’t great, having a strong cash flow that can comfortably cover your new loan payments, in addition to your regular expenses, increases your chance of approval.

SoFi’s Application Process

Applying for a SoFi loan is a streamlined process designed to be as user-friendly as possible. Here’s what you need to know to get started:


Start by checking what rates you might be eligible for with SoFi’s pre-qualification process. This involves a soft credit check, which won’t affect your credit score. You’ll need to provide some basic information about your education and employment, but no Social Security number yet. This step gives you a glimpse of the potential loan terms without a full commitment.

Formal Application

If the pre-qualified rates look good to you, the next step is the formal application. This is where you’ll have to furnish more detailed information, including your Social Security number. SoFi then presents various loan options, both fixed and variable rates, and you can select the one that best suits your needs.

Document Submission and Verification

After choosing a loan, you’ll be asked to upload documents to verify your identity and income, such as pay stubs and bank statements. This is also when SoFi performs a hard credit check, which can impact your credit score.

Tips for a Smooth Application

  • Have all your financial documents ready before you start.
  • Choose the right loan type for your needs to ensure you get the best rate.
  • If you have any questions, don’t hesitate to contact SoFi’s customer service for guidance.

What to Expect After SoFi Loan Approval

Once your application is approved, and you’ve electronically signed the loan agreement, SoFi processes the disbursement of funds. Typically, the money will be in your bank account within a few business days.

Repayment Options

SoFi offers flexible repayment options. Fixed-rate loan payments are due on the 1st of each month, while variable rate loans are due on the 10th. You can choose to set up electronic ACH transfers, use bill pay through your bank, or send paper checks.

Loan Management

  • Keep track of your repayment schedule to avoid any late payments.
  • Remember, SoFi currently doesn’t charge late fees, but staying on top of payments is essential for maintaining your credit score.
  • Consider setting up autopay to ensure timely payments and potentially lower your interest rate.
Get started with SoFi on SoFi’s secure website

Unemployment Protection: A Unique SoFi Feature

SoFi’s Unemployment Protection program offers a safety net if you lose your job. If you become unemployed through no fault of your own, you can apply for this program. You’ll need to be actively receiving federal unemployment benefits and work with SoFi’s career strategy team to find new employment.

You can suspend your loan payments for up to 12 months during the life of the loan, in three-month increments. Keep in mind, interest continues to accrue during this period and will be added to your principal balance once you resume payments.

SoFi’s History

SoFi began in 2011 at Stanford’s graduate business school, initially focusing on student loan refinancing funded by alumni. This innovative model connected recent graduates with alumni investors, offering competitive rates and community benefits.

Over the years, SoFi has expanded beyond student loans to include personal loans, mortgages, and more, moving from an alumni-backed model to traditional investor funding. This transition marks SoFi’s evolution into a broad financial services provider, adapting to meet a wider range of customer needs while maintaining its commitment to competitive rates and innovative services.

SoFi Personal Loan Reviews

When considering a SoFi personal loan, it’s beneficial to look at a spectrum of customer reviews to get a well-rounded view of their services.

SoFi’s reviews often highlight its competitive rates and customer-friendly terms. Borrowers frequently commend the ease of the application process and the clarity of loan options. On the flip side, some reviews point out limitations, like the high credit score requirements, which may exclude potential borrowers with average credit histories.

As you read through these reviews, focus on factors that align with your personal financial situation. Pay attention to comments about customer service responsiveness, flexibility in handling financial challenges, and the actual impact of the loan on borrowers’ finances. This insight can help you gauge whether SoFi’s terms and services match your expectations and needs.

Advice for Taking Out a SoFi Personal Loan

Before applying for a personal loan with SoFi, consider these steps to ensure it’s the right financial move for you.

Financial Preparation

  • Review your credit: Check your credit report for accuracy and understand your credit score, as it’s a key factor in your loan approval and terms.
  • Assess your financial health: Consider your debt-to-income ratio and overall financial stability. Ensure you have the capacity to manage additional loan payments.

Comparison Shopping

  • Explore options: Even if SoFi seems like a good fit, compare loan terms with other lenders. Look for differences in interest rates, loan terms, and any additional fees.
  • Pre-qualification: Utilize tools that offer pre-qualification without impacting your credit score. This will give you an idea of what terms you might receive from various lenders.

Understanding Loan Impact

  • Calculate repayments: Use loan calculators to understand how different loan amounts and terms will impact your monthly budget.
  • Long-term financial planning: Consider how this loan fits into your broader financial goals. Ensure that taking on this debt aligns with your long-term plans and doesn’t hinder other financial objectives.

Remember, a personal loan should aid your financial situation, not create additional stress. Taking these steps can help you make a more informed and confident decision about securing a personal loan with SoFi.

Bottom Line

SoFi is a leader in the industry of online lending with its diverse loan offerings, unique underwriting process, and commitment to customer-focused services. Tailored for individuals with good to excellent credit scores and robust financial backgrounds, SoFi’s loans are characterized by competitive rates, transparency, and a range of borrower-friendly features, including unemployment protection and no hidden fees.

Whether you’re contemplating a major purchase, consolidating debt, or seeking financial flexibility, SoFi’s loans offer a viable option. However, like any financial decision, choosing a SoFi personal loan should be a well-considered move. Potential borrowers are encouraged to review their financial situation thoroughly, compare available options, and understand the long-term implications of taking out a loan.

Get started with SoFi on SoFi’s secure website

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