Overview

SoFi was founded by Stanford University graduates and became the 1st company to refinance both private and federal student loans. It has since earned multiple awards, including the 2024 NerdWallet Best Checking Account Overall, Best Checking Account for Overdraft Fee Avoidance, and Best Personal Loan Overall.

One of SoFi's standout offerings is its unsecured personal loans, which have no origination or late fees and allow you to borrow $5,000-$100,000. You can check your rate in just 60 seconds with no impact on your credit score and no obligation. If you decide to apply, the process is quick and entirely online—often with funds available the same day and typically within three days.

SoFi personal loans are a strong option for customers with good credit looking to consolidate credit card debt, because APRs range from 8.99% to 29.49%, depending on your creditworthiness. You’ll benefit from zero fees, allowing you to put more toward paying down your debt. SoFi can even pay off your credit cards directly, saving you time and effort.

SoFi loans may also be a good choice for those who can’t qualify for a secured loan or line of credit. While interest rates are typically higher than with secured financing, you may still be approved if you can show a steady income and employment.

Requirements

To apply for a SoFi personal loan, you typically need a credit score of at least 650. You must also demonstrate the ability to repay the loan, usually by providing pay stubs, tax returns, or a job offer indicating employment within the next 90 days.

You must be at least 18 years old and a United States citizen, permanent resident, or resident alien with a US address. If you're a Green Card holder, your card must be valid for more than two years from the issuance date.

SoFi also considers your debt-to-income ratio. For the best chance of approval, this ratio should be below 30%. If you carry a significant amount of debt, you can apply with a co-applicant who must live at the same address as you. Should this person make more income or have a better credit score, it may be easier to get approval. Once approved, both you and the co-applicant will be responsible for repaying the loan.

To qualify for a SoFi personal loan, you don’t need collateral. However, in most states, you must apply for a loan of at least $5,000—though some states allow loans as small as $1,000. If you already have SoFi loans, you must have made at least three payments, with the last three being on time.

Loan Process

I like how quick and easy it is to apply for a SoFi personal loan online. Here’s how the process works:

• Prequalify. Check your rate in just 60 seconds with no obligation and no impact on your credit score. You'll need to provide basic personal information, such as your name, email, and state of residence.
• Choose your loan terms. Indicate how much you want to borrow and your preferred monthly payment and loan term in an online form.
• Complete the application. Provide additional details, including your address, income, Social Security number, employment information, debts, housing costs, banking details, and citizenship status.
• Receive a decision. SoFi may request further information, such as bank statements or pay stubs while reviewing your application. Most decisions are made within three days, and you could find out the same day you apply. However, if you have a co-applicant, it could take up to two weeks.

Once approved, you'll receive a loan offer outlining the amount SoFi is willing to lend and the terms. Review the offer and, if you accept, sign the agreement. SoFi will then deposit your funds into your bank account.

Loan Terms

SoFi personal loans offer flexible terms ranging from two to seven years, with APRs between 8.99% and 29.49%, depending on your credit score. The median APR for a five-year loan is 14.90%.

To qualify for the lowest rate of 8.99%, you need to secure two rate discounts. First, earn a 0.25% discount by setting up direct deposit with your SoFi Checking and Savings account. Secure an additional 0.25% discount by enrolling in autopay, so your monthly payments are automatically deducted from your SoFi Checking account.

Returning borrowers may also be eligible for the lowest rates. If you currently have or have previously had a SoFi personal loan, mortgage, or student loan refinancing and meet other eligibility criteria, such as a strong credit score, you may qualify for Returning Borrower rates. SoFi does not reveal how much you can save as a previous customer.

Should your financial situation change after you get your loan, you can refinance with SoFi once in the lifetime of your loan. To refinance, your loan must be in good standing, and you must have made the past three repayments on time.

In addition to good rates, SoFi personal loans feature no origination fees. There are also no pre-payment penalties, no late fees, and no annual fees.

Customer Support

SoFi provides phone support with dedicated customer service agents available Monday- Thursday, 5am-7pm (PT), and Friday-Sunday, 5am-5pm (PT). Personal loan customers have access to a dedicated phone line.

You can also reach SoFi through its 24/7 virtual chat assistant via the website or app, or use live chat support during regular hours. Other contact options include email or SoFi’s verified X (formerly Twitter) account.

I appreciate that SoFi’s website features an extensive resource section called SoFi Learn, which includes articles on common financial topics, including personal loans. There’s also a comprehensive FAQ section and a personal loan calculator to help you estimate monthly payments and overall loan costs.

SoFi is not accredited by the Better Business Bureau (BBB), where it has a rating of 1.37 out of five stars. Dissatisfied customers report challenges in reaching support and issues with follow-up, including representatives failing to return calls as promised. Some reviewers report having trouble getting answers about loan denials.

However, on Trustpilot, SoFi has a rating of 4.4 out of five stars. Many satisfied customers highlight the ease of communication and the clarity of loan terms. Reviewers also praise how easy it is to apply for a loan.