SoFi Personal Loans Review

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SoFi is a digital lender founded in 2011. While the company is probably better known for its student loan refinancing options, they also offer several other types of loans, including personal loans and mortgages. SoFi offers some of the lowest starting rates in the business — a feat they claim is possible due to their lack of overhead and selective application process.

If you need a personal loan and SoFi is on your short list of lenders to consider, keep reading to learn more about their loan products, how they work, and eligibility requirements.

SoFi Personal Loans: Key Takeaways

  • Fixed and variable interest rates as low as 6.99%
  • Borrow up to $100,000
  • No origination fee, prepayment fees, or late fees
  • Easy prequalification process
  • Repayment terms from 36 to 84 months
  • Unemployment protection

SoFi Personal Loans Review

If you want to borrow money and secure the lowest interest rate possible, it makes sense to compare rates and fees across several different lenders. In addition to their low starting rates for consumers with excellent credit, SoFi personal loans stand out due to their lack of an origination fee, prepayment fees, or fees for making a late payment.

Also note that SoFi offers a special deal for borrowers who lose their job through no fault of their own. In special cases, SoFi allows consumers to apply for forbearance, or a temporary pause on loan payments, for three months at a time. Interest still accrues while forbearance is in place, but you have the option to make interest-only payments during that time.

If you need to borrow a large amount of money, SoFi is one of the online personal loan companies that will let you borrow up to $100,000. You also get up to 84 months to repay your loan, which is a lengthier timeline than certain loan company rivals like Earnest.

To qualify for a personal loan from SoFi, you need to meet basic eligibility requirements. It starts with being a U.S. citizen, a permanent resident, or a visa holder. If you’re a permanent resident or visa holder, you have to have at least two years until your status expires unless you have filed for an extension.

You must also be at least 18 years old and have sufficient income or an offer of employment that starts within the next 90 days. Your financial situation, employment and income history, and debt-to-income ratio will also be considered. Finally, you need a good credit score — 680 at the bare minimum — to qualify.

While SoFi offers personal loans that can be used for a variety of purposes, important life situations they market their loans for include:

  • Credit card and debt consolidation
  • Home improvements
  • Relocation assistance
  • Medical procedures
  • Auto refinancing

Where SoFi Comes Up Short

While SoFi is a reputable lender that offers high-quality loans for a variety of purposes, it’s not perfect. One of the problems with SoFi is simply the complex web of state rules that dictate who can borrow and how much. According to SoFi’s website:

“Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.”

These rules and terms can make the loan you want impossible to qualify for in certain states and situations. If you live in Pennsylvania and only want to borrow $10,000, for example, you’re out of luck. The same is true if you live in Kentucky, Arizona, Massachusetts, or New Hampshire.

And because SoFi is so choosy when it comes to which applicants to approve, it may also be difficult to qualify for a SoFi personal loan — as mentioned, you’ll need a credit score of at least 680. Finally, it’s important to note that the lowest interest rates (as well as advertised rates) go to those who have excellent credit and sign up for auto-pay.

SoFi Personal Loans Are Best for:

  • Consumers with excellent credit who can qualify for the lowest rates
  • Borrowers who live in states without loan amount or interest rate requirements
  • Anyone who wants to take out a personal loan with no fees
  • People who love the idea of unemployment insurance and forbearance if they lose their job

How We Rate SoFi Personal Loans

At, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how SoFi stacks up:

SoFi at a Glance
Overall Rating
Affordability (interest rates, fees, and terms) 🌕🌕🌕🌕🌕
Availability (credit requirements, geographic reach) 🌕🌕🌕🌑🌑
Ease of Use 🌕🌕🌕🌕🌑
Transparency 🌕🌕🌕🌕🌕

How to Apply for a Personal Loan with SoFi

One of the biggest benefits of considering SoFi is the fact that they let you get prequalified for a loan and loan amount without a hard inquiry on your credit report. With just a soft pull, you can get a sense of whether you may qualify for a personal loan and how much you could borrow if so. Still, it’s important to remember that prequalification doesn’t guarantee you’ll receive final approval.

Once you enter basic information to see if you’re prequalified, you can proceed through the formal loan application process with the following information:

  • How much you want to borrow
  • Ideal repayment term
  • Full name
  • Address
  • Social Security number
  • Income and employment information

If you’re approved for a personal loan from SoFi, it’s possible to find out if you’re approved or denied within a day’s time. Once you are approved and your full application has been processed, it’s also possible to get your funds deposited in your bank account within a few days.

The Bottom Line

While SoFi may be better known for its student loan refinancing options, you can also consider this lender for a personal loan or home mortgage. Among personal loan companies, SoFi stands out for its lack of fees, its low interest rates, and the unemployment protection it offers if you lose your job through no fault of your own.

Before you apply for a personal loan, however, make sure to compare interest rates, reviews, and fees to find the best deal.

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