SoFi Personal Loan Review
- APR (with discounts)
- 7.74% – 35.49%
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 02/23/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions. Fixed rates from 8.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 02/23/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. 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. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay: 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. Autopay is not required to receive a loan from SoFi. SoFi Plus Discount: SoFi Plus members are eligible for an interest rate reduction of 0.25% on a Personal Loan. To be eligible for the discount, you must meet the SoFi Plus eligibility criteria within 31 days of the funding of your loan. For complete SoFi Plus eligibility, please see the SoFi Plus terms. When you enroll in SoFi Plus, the discount will lower the interest rate that applies to your loan only during periods in which you are enrolled in SoFi Plus. The discount will be removed during periods in which SoFi determines you are not enrolled in SoFi Plus. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to change or terminate this offer for unenrolled participants at any time. You are not required to enroll in SoFi Plus to be eligible for Loan approval.
- Eligibility and access: 5/5
- Cost to borrow: 5/5
- Loan terms and options: 4.6/5
- Repayment support and tools: 5/5
SoFi offers personal loans online with many attractive features to prospective borrowers. Here’s what you need to know before filling out an application:
- No required fees: SoFi doesn’t charge any required fees, but you can pay a one-time origination fee to get lower rates and save money on interest.
- Quick loans: SoFi has some of the fastest loans on the market. You could get your money as soon as the same day you apply.
- Borrow what you need: SoFi offers loan amounts from $5,000 to $100,000 — a wider range than most personal loan lenders offer, giving you room to choose the amount that works for you. If you need less than $5,000, though, it’s better to find a small personal loan lender than to take out more than you need with SoFi.
- Customizable repayment terms: You can choose between a wide range of loan terms — 24 to 84 months — to customize your SoFi loan. To save money on interest, choose the shortest loan term that has monthly payments you can afford.
- Get lower rates with a co-borrower: SoFi lets you add a second person to your loan, which can lower your rates and increase your odds of approval. Your co-borrower has equal right to the loan money and equal responsibility for paying it back.
- Best for no required fees and same-day funding: It’s worth your time to check your rates with SoFi if you need a loan fast and want to customize your fees, loan amount and repayment terms.
SoFi pros and cons
SoFi offers highly customizable loans with fast funding, but it’s not for everyone. Weigh SoFi loan pros and cons before you sign.
Pros
- Get money as soon as the same day
- No required fees
- Two discount opportunities
- Borrow up to $100,000
Cons
- Can’t borrow less than $5,000
- Can’t qualify with bad credit
- Other lenders offer better rates for excellent credit
SoFi stands out among personal loan lenders for allowing borrowers to customize their loans. You can choose between paying a one-time origination fee or skipping the fee for a higher interest rate. You’ll save money on interest by paying the fee, but SoFi will add it to your loan amount. SoFi also lets you choose between a wide range of loan amounts and terms.
You can get discounted rates for using autopay and for letting SoFi pay back your creditors when you use the loan to consolidate debt.
SoFi is best for people with fair or good credit. Its minimum credit score (600) means it doesn’t offer bad credit loans, and other lenders offer better starting rates for people with excellent credit.
SoFi requirements
Other than being at least the age of majority in your state of residence, you’ll need to meet several other borrower criteria requirements in order to be eligible for a SoFi personal loan.
| Minimum credit score | 600 |
| Employment requirements | Must be employed, have an employment offer to start within 90 days or have enough regular income from other sources |
| Citizenship requirements |
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| Documents |
Read more about SoFi’s ID requirements |
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While SoFi does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
SoFi loans CAN be used for…
- Repaying credit card debt
- Home improvement projects
- Vacations
- Engagement and wedding expenses
- Debt consolidation
SoFi loans CANNOT be used for…
- Real estate
- Business expenses
- Investments
- Purchases of securities
- Post-secondary education
- Short-term bridge financing
If SoFi’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with SoFi
1. See if you qualify
SoFi shows you your potential loan rates, terms and amounts with no impact on your credit when you prequalify. Go to SoFi’s website, click “View your rate,” and answer basic questions about yourself and the money you need.
2. Compare your offers
SoFi will show you loan offers if you qualify. Compare your offers and decide whether the optional origination fee is worth the lower rates. Once you’ve chosen your offer, you’ll likely need to upload documents to prove your identity, income and address.
3. Accept and close on your loan
After you’ve verified your information, SoFi will need to pull your credit before it can approve you. Hard credit pulls can cause a small dip to your credit (usually about five points), but your credit will bounce back quickly if you keep making on-time payments. You could get your money as soon as the same day after approval.
How SoFi compares to other personal loan companies
Even if you believe SoFi aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how SoFi stacks up against similar personal loan lenders.
| Lender | SoFi | LightStream | Wells Fargo Bank |
|---|---|---|---|
| LendingTree’s rating | 4.9/5 | 4.4/5 | 4.4/5 |
| Minimum credit score | 600 | Not specified | Not specified |
| APRs | 7.74% – 35.49%(includes discounts)
| 6.49% – 24.89% (with autopay) | 6.74% – 25.99% (with relationship discount) |
| Loan amounts | $5,000 – $100,000 | $5,000 – $100,000 | $3,000 – $100,000 |
| Repayment terms | 24 to 84 months | 24 to 84months | 12 to 84 months |
| Origination fee | 0.00% – 7.00% (optional) | None | None |
| Funding timeline | Get money as soon as the same day | Get money as soon as the same day | Get money as soon as the same day |
| Bottom line | SoFi loans are customizable and fast, but LightStream and Wells Fargo offer lower starting rates for excellent credit. | LightStream also offers no-fee loans and lower starting rates, but it doesn’t let you prequalify. That means your credit will take a hit when you check your rates. | Wells Fargo Bank offers small, short loans and bigger, longer loans — ideal for customizing your loan. But you’ll need to have a Wells Fargo Bank account for at least a year before getting a loan. |
How we rated SoFi
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Yes, you can pay off a SoFi loan early because this lender doesn’t charge prepayment penalties.
SoFi’s minimum credit score (600) means that you won’t qualify with bad credit (a FICO Score below 580), and you may have a hard time qualifying with fair credit (580 – 669 FICO Score). You can boost your odds of getting a loan by applying with a co-borrower.
Checking to see if you qualify with SoFi won’t affect your credit, but SoFi will pull your credit if you follow through with your loan. This is standard practice for all personal loan lenders.
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