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2023 SoFi Personal Loans Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Personal loan rating: 4.6/5
  • Accessibility: 4.1/5
  • Rates and terms: 4.8/5
  • Repayment experience: 5/5
Personal loan overview
  • APR range: 7.99% – 23.43%
  • Loan terms: 24 to 84 months
  • Loan amount: $5,000 to $100,000
  • Minimum credit score: 680
Our verdict: While SoFi has a higher credit score threshold than some other lenders, this lender offers unique perks and doesn’t charge fees, which many borrowers may find appealing.

SoFi personal loans offer 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 7.99%, SoFi is a worthy competitor when it comes to the personal loan market.
  • No fees: SoFi does not charge origination fees, prepayment penalties or late fees.
  • 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 can apply and get funding on the same business day, if approved.
  • Allows for co-applicants: For borrowers with lower credit scores or those who want a lower interest rate, SoFi allows you to apply with a co-applicant. The co-applicant must live at the same address as you. (Keep in mind that adding a co-applicant can add an extra week or two onto the approval timeline.)
  • Best for borrowers with good credit: Borrowers will need a credit score of at least 680 to be approved for a personal loan with SoFi. This lender may also be a good fit for people looking for large loans or loans with a quick turnaround time.

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.


  No fees

  Perk for setting up automatic payments

  Prequalification offered

  Unemployment assistance

  No physical branch locations

  High minimum loan amount

  Good credit required

SoFi charges zero fees: That means no origination fees, late fees or prepayment penalties. Borrowers can also receive a 0.25% discount if they sign up for autopay and can get unemployment assistance should they face financial challenges. This means SoFi can temporarily adjust your repayment plan as well as provide support in finding employment again.

On the other hand, because SoFi is an online lender, it has no physical branches. The minimum loan amount of $5,000 is relatively high and may be even higher in certain states. With a minimum credit score of 680, it also may be difficult for those with less-polished credit to qualify for a loan. You can check your credit score before applying to see if you’ll meet this requirement.

SoFi requirements

Other than being at least the age of majority in the state you live in, you’ll need to meet several other borrower criteria requirements in order to be eligible for a personal loan with SoFi. SoFi also spells out specific guidelines as to how consumers can and can’t use these funds.

Minimum credit score[[SHORTCODE]]
Minimum credit score680
Employment requirements
  • Borrowers either must be employed or have an employment offer to start within 90 days
  • If you’re not employed, you must have income from other sources, such as alimony or Social Security benefits
ResidenceSoFi now offers loans in all 50 states plus the District of Columbia
Citizenship requirements
  • Must be a U.S. citizen
- OR - 
  • Must be a permanent resident or non-permanent resident (including Deferred Action for Childhood Arrivals (DACA) program recipients and asylum-seekers). Permanent residents and non-permanent residents must present documentation demonstrating that your immigration status is current.

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…SoFi loans CANNOT be used for…

  Repaying credit card debt

  Home improvement projects


  Engagement and wedding expenses

  Real estate purchases

  Business expenses


  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 can best suit your financial goals and can offer you the best fitting rates, terms and amounts.

How to get a loan with SoFi

Because SoFi is an online lender, you won’t need to visit a branch in person in order to apply for a loan. To find out whether you’ll be approved for a personal loan with SoFi, follow these steps:

Create a SoFi account

Start by creating a SoFi account by supplying your first and last name, your state of residence and your email address. Once your account is active, you’ll need to submit the following information:

  • How much you’d like to borrow
  • How you plan to use the funds
  • Your preferred monthly payment
  • Your birthday
  • Your citizenship status
  • Your address
  • Whether you rent or are a homeowner
  • Your annual income
  • Whether you’d like a co-applicant (they also will need to set up an account and add their information)


Next, SoFi will run a soft-credit pull on your credit profile. This will not impact your credit score, but you will be able to see what kind of rates, terms and amounts you may be eligible for.

If you’re initially approved for a personal loan via prequalification, SoFi will contact you to verify your information. You may need to provide the following documentation:

  • A government-issued ID (like a driver’s license or passport)
  • Income verification (like a W-2 or tax filing)
  • Proof of address (like a utility bill, lease agreement or mortgage statement)

Submit to a hard-credit pull

After you’ve verified your information with SoFi, you’ll have to submit to a hard-credit pull if you choose to move forward with the loan. This can temporarily put a dent in your credit score. If you’re approved for a personal loan from there, you could receive your funds the same day you’re approved.

If your credit score is below 680, you might have some trouble qualifying for a personal loan with SoFi unless you apply with a co-applicant. Before applying for a loan with SoFi, you can also work on improving your credit score by applying these tactics.

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.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

LenderSoFiLightStreamWells Fargo
LendingTree’s rating4.6/54.5/53.9/5
Minimum credit score680Not specified620
APRs7.99% - 23.43%5.99% - 23.99%6.99% - 23.24%
Loan amount$5,000 to $100,000$5,000 to $100,000$3,000 to $100,000
Repayment term24 to 84 months24 to 144 months12 to 84 months
Origination feeNo origination feeNo origination feeNone
Funding timelineReceive funds as soon as same day as approvalReceive funds as soon as same day as approvalReceive funds as soon as the same business day
Bottom lineWith a high minimum credit threshold, this lender is mostly geared toward those with good credit who are looking for a large and quick loan.A lower minimum credit score requirement may make LightStream more accessible to borrowers looking for a large loan with no fees.Wells Fargo offers similar loan amounts to SoFi; however, it's only available to the bank's current customers. While this lender doesn't charge origination fees, unlike SoFi, it does charge late fees.

SoFi Personal Loans: FAQ

Are SoFi loans legitimate?

Unlike predatory loans, SoFi will not only report your payments to the credit bureaus so your credit score can improve, but will have you submit to a credit check and evaluation to ensure that you are in a financial position to be able to afford a personal loan.

How hard is it to get a SoFi personal loan?

With a minimum credit score requirement of 680, it may be difficult for consumers who don’t have good credit to qualify for a SoFi personal loan. However, SoFi does give borrowers an opportunity to apply with a co-applicant, which can increase your chances of getting approved. However, be sure your co-applicant knows that they will be considered equally responsible for the loan if you’re unable to repay it.

Does applying with SoFi affect your credit score?

During the application process, you’ll have to submit to a hard credit check, which can temporarily bring your credit score down a few points. However, over time, your credit score can increase as you continue to repay your loan.


To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

  • Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft-credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
  • Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
  • Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.


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