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SoFi Personal Loan Review

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SoFi is a digital lender that offers personal loans with high borrowing limits. With low fees and flexible repayment terms, this lender offers a flexible personal loan option. However, you’ll find a large borrowing minimum, and it’s unclear who may qualify for a loan without submitting to a soft credit check.

Click below to explore our SoFi personal loan review:

SoFi Bank, N.A personal loan highlights

  • Minimum loan amount varies based on state: The minimum loan amount, which is typically SoFi Bank, N.A, will vary based on your state. SoFi does not confirm which states have a different minimum loan amount.
  • No fees: SoFi borrowers are not charged origination, prepayment or late fees.
  • AutoPay discount: Borrowers who sign up for automatic payments will receive a rate reduction of 0.25%.
  • Check rates before applying for a loan: Anyone interested in a SoFi personal loan can check their rate with a soft pull before they formally apply for a loan.
  • Unemployment protection: Eligible borrowers who become unemployed can have their loan payments postponed. The lender also provides assistance in finding work.

SoFi Bank, N.A at a glance

  • APR range: 6.99% to 21.78%
  • Minimum credit score: 680
  • Terms: 24 to 84 months
  • Origination fee: No origination fee

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

Terms Fees and penalties
  • Terms: 24 to 84 months
  • APR: 6.99% to 21.78% (includes 0.25% AutoPay discount)
  • Loan amounts: $5,000 to $100,000(minimum varies based on state)
  • Time to funding: Within a few days
  • Credit check: Soft Pull when checking rates; hard pull when applying for loan
  • Origination fee: No origination fee
  • Prepayment fee: No
  • Late payment fee: None

Eligibility requirements

  • Minimum credit score: 680
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

To secure a personal loan from SoFi, applicants are required to be at least 18 years old and be considered U.S. citizens, permanent residents or visa holders. They must live in one of the states served by SoFi and be employed, have an offer of employment for a position that will start within 90 days or have a different source of income that will allow them to repay the loan.

Although SoFi will use an applicant’s credit score, income and financial history when deciding to approve or deny an application, the lender does not specify the minimum credit score, credit history or the maximum debt-to-income ratio that is expected of borrowers.

What borrowers are saying about SoFi

With a rating of 4.4 stars out of 5 on LendingTree, SoFi has received praise from LendingTree users who have worked with the lender. Many of the positive reviews pointed out how the loan process was fast, how helpful customer service was and how low the rates were.

Brandi from Arkansas said, “Super easy process! Literally did everything online and only one simple phone call to confirm my information! Money was deposited in less than three days!”

A few customers expressed disappointment with SoFi due to their applications being denied.  They specifically noted that even though they had received several loan offers and had even been approved for a SoFi loan when they submitted their information via LendingTree, they were denied when they actually applied for a loan on the SoFi website.

Applying for a personal loan from SoFi

SoFi’s personal loan application can be completed online on the lender’s website and mobile app. The application process is not fully outlined for the online application or mobile application, but when applying online, account creation and pre-qualification are requirements for all applicants. To create an account, applicants will be asked to provide a few personal details, including:

  • Name
  • Email address
  • State of residence

After creating an account and pre-qualifying for a loan, an application can be submitted. Once the application is received, it is reviewed and verified by SoFi. Approved applicants will be sent a loan agreement that they will need to sign electronically. Upon receipt of the signed document, SoFi will reach out and confirm the borrower’s address. At this point, the application process is complete, and the borrower should receive their funds in just a few days.

Pros Cons
  • Mobile app: SoFi’s mobile app is a fast, convenient way to apply for a personal loan and manage payments.
  • Unemployment protection: If a borrower becomes unemployed, they may be able to have their loan payments paused, as well as get assistance with locating a new job.
  • No fees: Borrowers will not be required to pay origination, prepayment or late fees.
  • Flexibility with payment due date: If necessary, a borrower can change their payment due date as long as the payment date is between the 1st and 25th of the month.
  • No physical branch locations: SoFi is a digital lender that operates online, so there are no physical branch locations where borrowers can apply for loans or make payments.
  • Loan offerings limited to certain states: SoFi does not offer its personal loan product in all 50 states.
  • Minimum loan amount is higher in certain states: SoFi’s loan minimum is $5,000, but depending on the state, the loan minimum will be higher. Even then, $5,000 is a high minimum.

Who’s the best fit for a SoFi personal loan?

A personal loan from SoFi is suitable for a borrower who needs assistance covering large expenses or consolidating a large amount of debt. Few fees and low rates make this a low-cost financing option. However, SoFi is likely not a viable option for borrowers with poor or bad credit; on traditional personal loans, your credit is heavily weighed when determining your eligibility, so SoFi’s low rates and fees are most likely reserved only for borrowers with top-tier credit.

With no physical branch locations, potential borrowers must be comfortable without the face-the-face interaction a traditional lender can offer.

Alternative personal loan options


  • APR: 3.99% to 19.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

LightStream is an online lender and strong competitor to SoFi. It offers the same minimum and maximum borrowing limits but loan funds may be released faster than with SoFi; funds may be transferred to borrowers the same day an application is approved.

LightStream’s Rate Beat program also offers a rate reduction of 0.10% lower than what a borrower has been approved for with a different lender. However, SoFi’s unemployment protections are a competitive safety net, and checking your rate with LightStream will trigger a hard pull on your credit.

Marcus by Goldman Sachs®

  • APR: 6.99% to 19.99%
  • Minimum credit score:
  • Terms: 36 to 72 months
  • Origination fee: No origination fee

Marcus by Goldman Sachs may be a good pick for borrowers with strong credit who need a slightly lower minimum borrowing amount. Personal loans range from $3,500 to $40,000. However, borrowers may need to wait longer to receive loan funds; borrowers can expect to receive their loan funds within five days of being approved for a loan.

Marcus by Goldman Sachs does not charge its borrowers any fees, including origination and prepayment fees. And the lender offers a unique perk: Borrowers who make on-time payments every month for 12 months may defer their payment for one month. When taking advantage of this reward and deferring their payment, borrowers will not accrue any additional interest or have to pay any fees.


  • APR: 5.94% to 35.97%
  • Minimum credit score: 620
  • Terms: 36 or 60 months
  • Origination fee: 2.90% - 8.00%

Upgrade is an online lending platform that borrowers can use to secure personal loans for as little as $1,000 or as much as $50,000. Loan funds can be received within one day of loan approval and the minimum loan APR matches SoFi’s.

However, borrowers will find origination and late fees with this option, plus only two term lengths to choose from. Upgrade is not available in all 50 states. Residents of Colorado, Maryland, Iowa, Vermont and West Virginia will need to look elsewhere when shopping loans.


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