SoFi Personal Loans Review
- APR
- 8.74% – 35.49%
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, 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 11/03/25 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. 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 11/03/25. 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.
- Eligibility and access: 4.5/5
- 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:
- Competitive rates: With APRs as low as 8.74%, SoFi is a worthy competitor if you’re shopping around the personal loan market.
- No required fees: SoFi doesn’t charge any required fees. However, if you want to qualify for lower rates, you can pay an origination fee.
- Wide range of loan amounts: SoFi offers one of the largest loan ranges among online lenders, from $5,000 to as much as $100,000.
- Fast funding: Borrowers may receive funding on the same business day they apply, if approved.
- Allows for co-applicants: For borrowers who want to qualify for a lower interest rate, SoFi offers joint personal loans, but you’ll have to live at the same address as your co-applicant. Keep in mind that adding a co-applicant can add an extra week or two to the approval timeline.
- Best for borrowers with good credit: Borrowers will need a credit score of at least 620 to be approved for a SoFi personal loan. This lender may also be a good fit for consumers looking for large loans or loans with a quick funding timeline.
SoFi pros and cons
There’s a lot to like about SoFi’s personal loan options, but there are also a few details you’ll want to keep in mind before submitting an application.
Pros
- Same-day funding available
- No required fees
- Perk for setting up automatic payments
- Can borrow as much as $100,000
Cons
- May need to pay origination fee for lowest rates
- No physical branch locations
- High minimum loan amount
- Good credit required
SoFi doesn’t charge any required fees, including late fees or fees for making early payments. If you want to qualify for lower rates, you can accept a 0.00% - 7.00% (optional) origination fee, which will be taken out of your loan amount. Borrowers can also receive a 0.25% discount if they sign up for autopay, and may get same-day funding for their loan.
On the other hand, because SoFi is an online lender, it has no physical branches to visit. Plus, its minimum loan amount of $5,000 is relatively high, so borrowers looking for a small personal loan should look elsewhere.
With a minimum credit score of 620, it also may be difficult for those with less-polished credit to qualify. You can check your credit score before applying to see if you’ll meet this requirement, and you may also consider using a co-borrower with strong 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 | 620 |
| Employment requirements |
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| Citizenship requirements |
– OR –
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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 personal 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
To learn whether you may be approved for an online loan with SoFi, follow these steps:
Prequalify for a loan
SoFi allows you to prequalify for a personal loan, which means you can see your potential loan rates, terms and amounts with no impact on your credit score. To do this, you’ll need to supply SoFi with information such as how much you want to borrow, how you plan to use the money and what your monthly rent or mortgage payments are.
Verify your information
If you move forward with a SoFi personal loan, you’ll then need to verify your information. You may need to provide the following documentation:
- A government-issued form of ID (such as a driver’s license or passport)
- Income verification (such as recent pay stubs or a W-2)
- Proof of address (such as a utility bill, lease agreement or mortgage statement)
Accept and close on your loan
After you’ve verified your information with SoFi, you’ll have to submit to a hard credit pull (note that this can temporarily put a small dent in your credit score) before they can officially approve your request. If SoFi approves your personal loan application, you could receive your funds the same day you’re approved.
If your credit score is below 620, you might have some trouble qualifying for a SoFi personal loan unless you apply with a co-applicant. Before applying for a loan, you can boost your odds of personal loan approval by improving your credit score and lowering your debt-to-income ratio.
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.
| SoFi | LightStream | Wells Fargo Bank | |
|---|---|---|---|
| LendingTree’s rating | 4.8/5 | 4.4/5 | 4.4/5 |
| Minimum credit score | 620 | Not specified | Not specified |
| APRs | 8.74% – 35.49% (includes discounts) | 6.24% – 24.89% (with autopay) | 6.74% – 26.49% (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 84 months | 12 to 84 months |
| Origination fee | 0.00% – 7.00% (optional) | None | None |
| Funding timeline | May receive same-day funding | May receive same-day funding | May receive funds in one to three business days |
| Bottom line | SoFi customers can benefit from flexible terms and fast funding, but may pay an origination fee for lower rates. | LightStream has similar features to SoFi — but while it doesn’t charge any fees, it also doesn’t offer prequalification. | Wells Fargo Bank offers smaller starting loan amounts and shorter repayment terms, but funding takes longer than with SoFi. |
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.
With a minimum credit requirement of 620, it may be difficult for consumers who don’t have a good credit score to qualify for a SoFi personal loan. However, SoFi does give borrowers the opportunity to apply with a co-applicant, which can increase your chances of getting approved.
During the personal loan application process, you’ll have to submit to a hard credit check, which can temporarily bring your credit score down. However, your credit score can increase over time as you continue to repay your loan.
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