Since I just received approval from SoFi personal loans, I am writing this review without prior experience. As a veteran financial writer, I’ve researched many financial companies, but I have only used a few for my personal finances. SoFi is one of them. SoFi earns a great editorial rating from LendEDU and is our best personal loan for those with good credit, so it was at the top of my list.
In this SoFi Personal Loans Review, I’ll share the history of SoFi, the types of personal loans it offers, the benefits, drawbacks, and several genuine customer reviews (including my own). I’ll also share several alternatives for you to consider, so that you can decide which personal loan company is best for you.
About SoFi
The business known as SoFi, which stands for Social Finance, had modest beginnings. SoFi was founded in 2011 by a few Stanford University classmates to assist students in refinancing their private and federal student loans. The business expanded quickly to include mortgages and personal loans among its many lending options.
By the end of 2024, SoFi had 10 million members, up from 1 million in 2020. Now, it’s a publicly traded company and, as of June 2022, a national bank that offers checking and savings accounts.
Personal loans made easy online
The entire SoFi personal loan application process can be completed online. After you set up an account with SoFi, select the type of loan you want. Debt Consolidation, Home Improvement, Family Planning, Travel, and Weddings are just some of the personal loan applications SoFi offers.
You can check your rate by prequalifying for a loan, which does not affect your credit. If you qualify, SoFi will offer you a variety of loan options with varying terms and monthly payments. Once you choose one, SoFi conducts a hard pull and checks your credit as part of the approval process.
Large loan amounts
SoFi might be a good choice for you if you need a very large personal loan. While many lenders limit personal loans to no more than $40,000, SoFi will lend up to $100,000 to those who meet the requirements.
Competitive interest rates and a discount for autopay
SoFi offers competitive interest rates, particularly for people with strong credit. You’ll also be eligible for a 0.25% rate discount if you make automatic payments. While that’s a nice perk, you’ll find other lenders that offer similar rate reductions.
DirectPay for credit card debt consolidation
SoFi will do the legwork of credit card debt consolidation for you. With Direct Pay, SoFi can pay your credit card lenders directly so you don’t have to. Plus, if you opt in, you’ll earn a 0.25% discount on your rate.
High eligibility requirements
SoFi eligibility requirements aren’t specific, but the company states you may be a good candidate if you have a “responsible financial history” and “strong monthly cash flow.” The fine print indicates that healthy credit, professional experience and income are important, too.
Fees
SoFi doesn’t charge late payment fees. It also won’t charge you a prepayment penalty if you decide to pay off your loan early. But SoFi personal loans come with origination fees of 0% to 7% of the amount of your loan, which will be deducted from any proceeds you receive. Plus, you’ll be responsible for any interest that accrues on your loan.
A closer look at SoFi personal loans
Here are a few more details you should consider before you apply for a SoFi personal loan.
- Co-applicants allowed — SoFi will let you apply with a co-applicant, which may improve your odds of being approved for a loan or getting better terms. But keep in mind that your co-applicant will have to live at the same address as you.
- Same-day funding — Sofi says that many applicants who have accepted a loan offer before 7 p.m. Eastern time on a business day has been funded the same day.
- Mobile app — SoFi offers a mobile app where you can apply for a personal loan and manage your payments if you’re approved.
- Change your due date — SoFi will let you change the date your monthly payment is due, as long as your account is in good standing. After your loan has been funded and the first payment has been processed, you can log in to your account and change the due date to any date between the 1st and 25th of the month.
Who is a SoFi personal loan good for?
- Need to consolidate high-interest debt (e.g., credit cards) into one fixed monthly payment.
- Have a solid credit history and income, so you’re likely to qualify for competitive rates.
- Want an unsecured loan (you don’t have to put up collateral like your home).
- Appreciate extras like flexible repayment terms, autopay discounts, and member-benefits that SoFi offers.
- Have a clear plan for how you’ll use the money and how you’ll pay it back — SoFi states loans are for personal, household purposes (not business or investment)
How to apply for a SoFi personal loan
You can apply for a SoFi loan online or through its iOS or Android mobile app. You can start the application process by applying to prequalify — which usually only takes a few minutes, involves only a soft credit inquiry and can give you an idea of what rates you might qualify for. Just note that prequalification doesn’t guarantee your approval and estimated rates.
To apply, you’ll need to be at least 18 years old, be a U.S. citizen, permanent resident or non-permanent resident and live in an eligible state.
Not sure a SoFi personal loan is right for you? Consider this alternative
Even if you think SoFi is right for you, taking a few minutes to compare your other personal-loan choices is a smart move. Here’s another option to consider.
- Wells Fargo personal loan: Wells Fargo also offers large personal loan amounts.
- LightStream personal loan: If you have strong credit, LightStream offers a rate beat program that could help you save money.
Estimate personal loan costs
To better understand the total cost of any personal loans you’re considering, use an online calculator like Credit Karma’s simple loan calculator. A loan calculator can help you estimate your monthly payment and how much you’d pay in interest versus principal over the length of the loan.