SoFi Personal Loans Review: 2024

Get pre-qualified for a personal loan. Checking rates won’t affect your credit score

Enter $2,000 - $100,000
Personal Loans

SoFi is one of the most popular loan options out there, especially when it comes to online lenders. If you’re considering applying for a loan through this online lender but aren’t sure if it’s the right fit for you, here are some of the most commonly asked questions about this specific lender and information to help you make your decision.

What is SoFi?

SoFi stands for “Social Finance” and offers a variety of financial services. Since 2017 they have offered a service called SoFi Invest which allows users to invest in stocks and cryptocurrency. The service SoFi is most well-known for its personal loan offerings which boast features such as zero fees, flexible repayment terms, and a range of fund amounts.

SoFi is the best option for anyone who is interested in extra perks and a full service experience in addition to simply receiving a loan. Members of SoFi can access financial advising services as well as career advice. Instead of a standalone advice offering, SoFi members will enjoy a community that promotes financial wellbeing and aims to help improve their financial life. There are networking events and referral bonuses offered, amongst other perks and ways to get involved. Members may even get exclusive discounts and perks at certain times.

SoFi rates and terms (at a glance)


Varies depending on borrower

Loan term:

2 - 7 years

Loan amounts:

$5,000 - $100,000 

Hidden fees:

No origination or hidden fees.

Minimum credit score required


Extra perks:

Get a $500 bonus when a loan is funded and unemployment protection if you lose your job.

Fund availability

As fast as several business days.

How does SoFi work?

SoFi is a personal lender that offers loans between $5,000 and $100,000. To qualify, borrowers must have good to excellent credit. SoFi's loans are fee-free, and the company offers a variety of loan products, including student loans, home loans, small business financing, and refinancing.

SoFi also offers a unique membership program that provides borrowers with access to networking events, career counseling, and financial advice. This program is not offered by most other lenders, and it can be a valuable resource for borrowers. The membership program is available throughout the loan repayment term, so borrowers can continue to learn and grow even after they've taken out a loan.

The community aspect of SoFi's membership program can be a huge draw for borrowers. By connecting with other borrowers and financial experts, borrowers can gain the knowledge and support they need to avoid needing a loan in the future.

Who is eligible for a SoFi personal loan?

SoFi is a good option for borrowers with excellent or good credit (minimum credit score of 690). They offer loans starting at $5,000 and can be managed online.

What are the benefits of a SoFi personal loan?

SoFi personal loans offer a number of benefits, including:

  • Competitive interest rates: SoFi personal loans typically have competitive interest rates, especially for borrowers with good to excellent credit.
  • Flexible repayment terms: SoFi personal loans offer a variety of repayment terms, from 2 to 7 years. This allows borrowers to choose a term that fits their budget and financial goals.
  • No origination fees: SoFi personal loans do not have origination fees, which can save borrowers money.
  • No prepayment penalties: SoFi personal loans do not have prepayment penalties, which means borrowers can pay off their loans early without incurring any additional fees.
  • Member benefits: SoFi personal loan borrowers have access to a number of member benefits, including career counseling, financial advice, and access to a community forum.

Compare personal loan rates in April, 2024

What are the interest rates and fees for a SoFi personal loan?

SoFi personal loans have a range of interest rates, depending on your credit score and the amount of the loan you request. As of March 8, 2023, SoFi offers personal loans with fixed rates from 8.99% APR to 25.81% APR. The APR you qualify for will depend on your credit score, income, and other factors.

SoFi personal loans do not have origination fees. However, there is a 0.25% late payment fee and a 3% fee for paying off your loan early.

Here is an example of how much you would pay in interest and fees for a SoFi personal loan:

  • Loan amount: $30,000
  • Interest rate: 10% APR
  • Loan term: 5 years
  • Monthly payment: $625
  • Total interest paid: $15,000
  • Total fees: $0

How does SoFi compare to other personal loan lenders?

SoFi is a popular personal loan lender that offers competitive interest rates, flexible repayment terms, and no origination fees. However, there are other lenders that offer similar terms and conditions.

Here is a comparison of SoFi to some of the other top personal loan lenders:

Lender Interest rates Loan amounts Repayment terms Fees
SoFi 8.99% APR to 25.81% APR $5,000 to $100,000 2 to 7 years No origination fees
Earnest 5.99% APR to 25.99% APR $5,000 to $50,000 2 to 7 years No origination fees
LightStream 6.99% APR to 35.99% APR $5,000 to $100,000 2 to 7 years $300 origination fee
Upstart 5.49% APR to 35.99% APR $1,000 to $50,000 2 to 7 years $35 origination fee

How can I apply for a SoFi personal loan?

Here are the steps on how to apply for a SoFi personal loan:

  1. Go to the SoFi website and click on the "Personal Loans" tab.
  2. Enter the amount of money you need to borrow and the loan term you prefer.
  3. Click on the "Get Started" button.
  4. You will be asked to create an account and provide some personal information, such as your name, address, and Social Security number.
  5. You will also be asked to provide information about your income and employment history.
  6. SoFi will do a soft credit check to verify your information.
  7. If you are approved, you will be able to see the terms of your loan, including the interest rate and monthly payment.
  8. If you agree to the terms, you can sign the loan documents electronically.
  9. Funds will be deposited into your bank account within 1-2 business days.

Is SoFi a reputable company?

SoFi is a reputable lender. It has an A+ rating with the Better Business Bureau and a 4.7 out of 5 star rating on Trustpilot. SoFi has been in business since 2011 and has helped over 1 million people borrow money.

Here are some of the factors that contribute to SoFi's reputation as a reputable lender:

  • Financial stability: SoFi is a well-capitalized company with a strong financial foundation. The company has never defaulted on a loan and has a history of paying its debts on time.
  • Transparency: SoFi is a transparent lender that provides borrowers with clear information about its loan terms and fees. The company's website includes a detailed loan calculator that allows borrowers to see how much they will pay in interest and fees over the life of their loan.
  • Customer service: SoFi has a reputation for providing excellent customer service. The company's customer service representatives are knowledgeable and helpful, and they are available to answer questions 24/7.

Closing thoughts

SoFi personal loans are a popular choice for individuals seeking financing options. With competitive interest rates and flexible terms, SoFi provides borrowers with an opportunity to secure funds for various purposes. They offer a streamlined application process and efficient loan approval, allowing borrowers to access funds quickly. SoFi's emphasis on member benefits and financial education sets them apart from traditional lenders, providing borrowers with additional resources and support to manage their finances responsibly. Overall, SoFi personal loans are a reputable option for those looking for a reliable and customer-centric lending experience.

Compare personal loan rates

Compare personal loans from top lenders

Are you ready to find a personal loan for your needs? We've partnered with Credible to help you find your rate. Checking your score is free and won't impact your credit!

How Pasha Funding Works

How it Works
Apply in minutes

Get pre-qualified in less than 2 minutes and compare offers from top lenders with no impact on your credit score.

Choose your offer

Compare and choose an offer that works best for you based on your timeline and budget needs.

Get funded

After your loan is approved with the lender of your choice, receive your funds as fast as 1-2 business days.

Personal Loans for Every Occasion

"A seamless experience from start to finish, and not to mention FAST! I got funded in just 3 days for an unexpected family expense and was able to obtain a great rate"

Marc Amado

"They are a team of top-notch professionals and were very responsive to a few questions I had on my loan application. I’d definitely work with them again. Thank you for making the process so easy and painless!"

Allison Brenner

Compare Personal Loans in Minutes

Apply online and find your rate. Checking rates won’t affect your credit score.

Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.