SoFi Personal Loans
in Personal Loans from SoFi
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SoFi Personal Loans

in Personal Loans from SoFi
SuperMoney Net Recommendation Score +39  


This product is mostly recommended by SuperMoney users with a score of +39, equating to 3.8 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Community Rating Mostly recommended
APR  (Fixed APR) 8.99% - 25.81%
(Verified 12/09/2023)
Loan Amount $5,000 - $100,000
Loan Term (Months) 24 - 84 months
Number of Reviews 108

SoFi Personal Loans Review

SoFi Personal Loans is offered by SoFi, a nonbank financial services provider founded in 2011 and based in San Francisco, CA. Sofi loans are available in 49 states (and Washington, DC).

Key Takeaways

  • APRs starting at 8.99%. Rate is quoted with autopay discount*. These are typical starting rates for personal loans.
  • Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
  • Large loan amounts. You can apply for loan amounts of up to $100,000 with SoFi Personal Loans.
  • Strongly recommended. 70 out of 108 SuperMoney community members recommended SoFi Personal Loans.
  • Prequalified rate. You can check your prequalified rate at SoFi with a soft pull that will not affect your credit score.
  • Origination fees of 0% to 6%. This is on the high end for lenders on SuperMoney's database. Don't forget that these fees are deducted from the loan amount, so take them into account when deciding how much money to borrow.
  • No late fees. Missing a payment can seriously damage your credit, but SoFi Personal Loans will not charge additional fees if you miss the due date on a payment.
  • Coborrower applications accepted. Applying for SoFi Personal Loans with a coborrower who has better credit than you could improve your chances of approval and may help you qualify for lower interest rates.
  • Super long loan terms. SoFi Personal Loans offers loan terms of up to 84 months. Most personal loans have a maximum term of 60 months.

Sofi loans Pros & Cons

Pros Cons
  • No fees required.
  • $0 prepayment fee.
  • Funding available within 1 business day.
  • Accepts coborrowers.
  • APRs as high as 25.81%.
  • Charges an origination fee of up to 6% of the loan amount.
  • Only considers applicants with good credit.

Sofi loans FAQ

What interest rates and personal loan terms does Sofi loans offer?

What interest rates does Sofi loans offer?

Sofi loans offers a fixed APR personal loan product that ranges from 8.99% APR up to 25.81% APR. Rate is quoted with autopay discount*.

How much can you borrow via Sofi loans?

Personal loan amounts start at $5,000and go up to $100,000

What is the maximum loan term you can get with Sofi loans?

Sofi loans offers loans with terms of up to 84 months.

Sofi loans Interest Rates & Loan Terms
Personal Loan Amount $5000 - $100000
Loan Term 24 - 84 months
APR 8.99% - 25.81%
Rate is quoted with autopay discount*

What fees does Sofi loans charge?

Does Sofi loans charge an origination fee?

Sofi loans may charge a personal loan origination fee of 0% to 6% of the personal loan amount of $0 Sofi loans deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.

Does Sofi loans charge a late fee?

No, Sofi loans will not charge you a late fee if you miss one of the monthly payments.

Does Sofi loans charge prepayment fees?

No, Sofi loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Sofi loans Fees
Origination Fee 0% - 6%
Prepayment Fee No
Late Payment Fee No

What do you need to qualify for SoFi Personal Loans?

Applicants with a credit score of at least 680 and up to 850 may be eligible for SoFi Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

SoFi Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. SoFi Personal Loans only considers borrowers who are employed. Note that borrowers can add a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via SoFi Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by SoFi Personal Loans. Not all companies will work with visa holders. SoFi does offer its services to temporary resident visa holders such as F1 or H1B holders.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Recent pay stubs
  • Proof of income
  • Driver's license
  • Proof of citizenship or residence permit
Sofi loans Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Co-borrowers
  • Individual Applications
Credit Score 680 - 850

What is the estimated funding time for a personal loan via Sofi loans?

Sofi loans will typically approve (or deny) a loan application within 1 hour and fund loans within 7 business days of approval.

Does SoFi Personal Loans report your account activity to credit bureaus?

Yes, SoFi Personal Loans reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Are SoFi Personal Loans legit?

SoFi was founded in 2011, it is a well-established company that has been in business for 12 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.

SoFi Personal Loans Disclosure: Fixed rates from 8.99% APR to 25.81% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 05/19/23 and are subject to change without notice. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-6%, which 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. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
SuperMoney Disclosure: is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Sofi loans

SoFi’s mission is to help people reach financial independence to realize their ambitions. And financial independence doesn’t just mean being rich—it means getting to a point where your money works for the life you want to live. Everything we do is geared toward helping our members get their money right. We’re constantly innovating and building ways to give our members what they need to make that happen. Combining strong expertise in financial services and the experience of seasoned entrepreneurs, our team is passionate about building a company that’s unlike any other. Our core values are at the center of how we think about serving our members, building our company, and most importantly, how we work together. At SoFi, it’s not just what we do—but how we do it.

Low rates. No hidden fees. Personal loans made easy. No matter your next step, SoFi can help you get there.

Message From Our Editor

What we love about SoFi Personal Loans

SoFi offers personal loans with maximums far higher than the maximums offered by many other lenders. The company also offers highly competitive interest rates for its loans, making it one of the cheapest options on the market.

The company keeps fees to a minimum, not charging origination fees or early repayment fees. It also offers some flexibility, letting borrowers pause their payments if they lose their job.

Customers can customize their loan terms, letting them adjust the monthly payment to something that fits within their budget. Because there are no early repayment fees, there’s no penalty for choosing a low monthly payment and paying to loan off ahead of schedule.

Pre-qualifying for a loan takes minutes and won’t impact your credit. That means you can easily check if you qualify and the interest rate that SoFi will offer.

What could SoFi Personal Loans do better?

The greatest drawback of SoFi is that it primarily targets people with excellent credit. If you don’t have a good credit history, you may struggle to qualify for a loan from the company. Beyond that, there is little to complain about with the company.

SoFi Personal Loans’s backstory

SoFi started in 2011 as a community lender for graduates of Stanford. It grew into one of the Largest student loan refinancers in the United States before expanding into offering other forms of loans. By 2017, the company had funded more than $20 billion in loans.

The Verdict

If you have strong credit, SoFi is a great choice of lender thanks to its high loan maximums, flexible loan terms, low rates, and lack of fees. The catch is that people with less than perfect credit will struggle to qualify, meaning they’ll have to find another lender to work with.


Hours of Operation

  • Sunday 4:00am - 5:00pm
  • Monday 4:00am - 9:00pm
  • Tuesday 4:00am - 9:00pm
  • Wednesday 4:00am - 9:00pm
  • Thursday 4:00am - 9:00pm
  • Friday 4:00am - 5:00pm
  • Saturday 4:00am - 5:00pm

Other Services by SoFi


  Available in 49 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Late Fees
No Prepayment Fee
(Verified 05/18/2023)
Origination Fee ($) $0
Origination Fee (%) 0% - 6%
Checking Account Required
Cosigner Optional
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Other
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • U.S. Temporary Resident Visa Holders
Joint Loan Applications Accepted
  • Co-borrower
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Income
Credit Score Range 680 - 850
Approval Speed 1 hour
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 1 - 7 days
Payment Options
  • Automatic Payments
  • Check by mail
  • Credit/Debit Card
Pre-Qualified Soft Credit Inquiry
APR Type Fixed APR
Loan Amount $5,000 - $100,000
APR (Fixed APR) 8.99% - 25.81%
(Verified 12/09/2023)
Loan Term 24 - 84 months

SoFi Personal Loans Community Reviews


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This product is mostly recommended by SuperMoney users with a score of +39, equating to 3.8 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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