Pros & Cons
Pros
- Joint loan option.
- Multiple rate discounts.
- Hardship program for borrowers in need.
- Mobile app to manage loan.
Cons
- No option to choose initial payment date.
- High minimum loan amount.
Lender | Est. APR | Loan amount | Min. credit score | |
|---|---|---|---|---|
4.5 Visit Lenderon LightStream's website on LightStream's website Check Rateson NerdWallet on NerdWallet | 7.99-25.49% | $5,000-$100,000 | 660 | Visit Lenderon LightStream's website on LightStream's website Check Rateson NerdWallet on NerdWallet |
5.0 Visit Lenderon SoFi's website on SoFi's website Check Rateson NerdWallet on NerdWallet | 8.99-29.99% | $5,000-$100,000 | None | Visit Lenderon SoFi's website on SoFi's website Check Rateson NerdWallet on NerdWallet |
5.0 Visit Lenderon Upgrade's website on Upgrade's website Check Rateson NerdWallet on NerdWallet | 8.49-35.99% | $1,000-$50,000 | 560 | Visit Lenderon Upgrade's website on Upgrade's website Check Rateson NerdWallet on NerdWallet |
4.5 Visit Lenderon Upstart's website on Upstart's website Check Rateson NerdWallet on NerdWallet | 7.80-35.99% | $1,000-$50,000 | None | Visit Lenderon Upstart's website on Upstart's website Check Rateson NerdWallet on NerdWallet |
4.5 Visit Lenderon Happy Money's website on Happy Money's website Check Rateson NerdWallet on NerdWallet | 11.72-17.99% | $5,000-$40,000 | 640 | Visit Lenderon Happy Money's website on Happy Money's website Check Rateson NerdWallet on NerdWallet |
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Full Review of SoFi Personal Loan
SoFi’s personal loans have the standard features of a five-star lender: a wide variety of loan amounts, flexible repayment terms, plus special features like free career and financial advising, unemployment protection and estate planning discounts. SoFi loans can be used for common purposes like debt consolidation, as well as for adoption or in vitro fertilization procedures, travel or weddings.
While there are no required fees, SoFi may offer the option to pay an origination fee up to 7% of the loan amount. The fee amount is deducted from the loan proceeds before disbursem*nt.
Table of Contents
SoFi loans at a glance
Where SoFi personal loans stand out and fall short
Do you qualify for a SoFi personal loan?
How to apply for a SoFi personal loan
How SoFi personal loans compare
How we rate SoFi personal loans
SoFi personal loans at a glance
Minimum credit score | None. |
APR | 8.99% - 29.99%. |
Fees | Origination fee: 0% to 7%. |
Loan amount | $5,000 to $100,000. |
Repayment terms | 2 to 7 years. |
Time to fund after approval | Same-day funding. |
Loan availability | Loans available in all states. |
Disclosure from SoFi
Fixed rates from 8.99% APR to 29.99% 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 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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%-7%, 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.
Where SoFi personal loans stand out
Joint loans. Borrowers can add a co-applicant to their application. Adding someone with better credit or higher income can improve your chances of qualifying or getting a lower rate. Co-borrowers on a joint loan are both responsible for repaying the loan. Unlike single-borrower applications, which may be approved the same day, joint applications may require up to 10 business days to process.
» MORE: Best co-sign and joint loans
Multiple discounts. Borrowers may qualify for multiple discounts that can lower their interest rate. A rate discount of 0.25 percentage points is available for setting up autopay. If the loan is for debt consolidation, borrowers can get another 0.25 percentage point discount for having SoFi directly pay off creditors.
An additional rate discount of 0.25 percentage points may apply for borrowers who set up a monthly direct deposit of at least $1,000 to a SoFi checking account.
Unemployment protection. If you lose your job while paying off the loan, you can apply for SoFi’s unemployment protection program. Once approved, SoFi will put the loan into forbearance and modify the monthly payments. Interest still accrues during that time, but you can make interest-only payments.
Career and financial advising. SoFi gives borrowers access to one-on-one career coaching to help with job searches, career transitions and personal branding. Customers can also receive free financial advice and discounted estate planning services.
Mobile app to manage the loan. Borrowers can use SoFi’s mobile app to manage their money, check available rates, monitor their credit score and make payments.
» MORE: Best good-credit lenders
Where SoFi personal loans fall short
High minimum loan amount: SoFi loans start at $5,000, which could be too high for borrowers looking to fund a small project or other minor expense.
» MORE: Best small personal loans
No secured loan option: Borrowers can’t secure a SoFi loan with collateral such as a car or savings account. A secured loan often helps in getting a lower annual percentage rate or higher loan amount.
» MORE: Best secured personal loans
Do you qualify for a SoFi personal loan?
Most lenders have basic requirements to apply, and some have financial requirements or recommendations to qualify. SoFi doesn’t have specific credit scores or income requirements for applicants, but the average borrower has excellent credit.
To apply for a SoFi personal loan, you must be:
At least 18 years old in most states.
A U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
Employed, have sufficient income, or have an offer of employment to start within the next 90 days.
» MORE: Can non-U.S. citizens get a personal loan?
To qualify borrowers, the lender evaluates your overall cash flow, ability to pay, credit history and additional factors.
Before you apply:
Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.
Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.
Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses to repay the loan, it’s better to know that before you borrow.
Gather your documents. SoFi requires a valid U.S. or state government ID, proof of income, address and Social Security number. Having these documents handy can speed up the application process.
How to apply for a SoFi personal loan
Here are the steps to apply for a SoFi loan.
Pre-qualify on SoFi’s website. You’ll be asked for personal information like your name, email and state of residence, as well as how much you want to borrow and the purpose of the loan. Then, the lender will ask for your birthdate, citizenship status, address and sources of income before you can preview loan offers. There’s no hard credit pull at this stage.
Preview loan offers and accept the one that fits your budget. Once you accept a loan offer, you’ll submit a formal personal loan application. This could require more documents, like W-2s, pay stubs and bank statements, to confirm the information you gave during pre-qualification. SoFi will do a hard credit check at this stage, so your credit score could temporarily dip.
Stay on top of your loan payments. SoFi reports payment to all three major credit bureaus (Equifax, Experian and TransUnion), so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.
Check rates at SoFi
Compare SoFi to other lenders
Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh your options. The best personal loan is usually the one with the lowest APR.
Upstart and LightStream are online lenders that offer a range of loan sizes and terms, like SoFi. But SoFi’s unique benefits can be a strong choice for qualifying borrowers.
SoFi vs. Upstart
Upstart offers quick funding time after approval, similar to SoFi, but loans come with a required origination fee and a late fee if you miss a payment.
Upstart uses alternative data like education and work experience to evaluate applicants, and borrowers with thin or no credit history may qualify. Upstart lets borrowers pre-qualify online and customer service is available seven days a week. SoFi offers a wider array of member benefits and a mobile app to manage your loan.
» MORE: Read our review of Upstart
SoFi vs. LightStream
LightStream boasts a wide loan amount range and no fees. However, SoFi offers perks for borrowers, like unemployment protection and the option to pre-qualify. With an extended repayment period, LightStream can be a good option for borrowers looking to finance a home improvement project.
» MORE: Read our review of LightStream
How we rate SoFi personal loans
NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:
Category | Star rating |
|---|---|
Affordability | |
Underwriting | |
Loan flexibility | |
Transparency | |
Customer experience | |
Overall |
Category definitions
Affordability (30%)An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.
Underwriting and eligibility (25%)The lender reviews borrowers credit reports and credit history, and tries to understand their ability to repay a loan, before making a final application decision.
Loan flexibility (20%)A flexible loan is one that lets users customize terms and payments. That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly.
Customer experience (15%)A good customer experience can include a fully online application process, financial education on the lender’s website and a customer service team that’s available most of the time and can be reached multiple ways.
Transparency (10%)A transparent lender makes information about the loan easy to find on its website, including rates, terms and loan amounts. Transparency also means allowing users to pre-qualify online to preview potential loan offers and reporting payment information with the major credit bureaus.
Ready to apply? Tap the "Get Rate" button and head to SoFi's website to pre-qualify.
on SoFi's website
