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SoFi Personal Loans Review 2025
SoFi is a financial platform offering unsecured personal loans with reasonable APRs. Although the company doesn’t specify its minimum credit score requirements, borrowers are more likely to qualify for better loan terms with a credit score of at least 680. SoFi’s personal loans are also available with a co-applicant with good to excellent credit. However, applicants also need to have a sufficient income and low debt-to-income ratio.
Pros
- Low interest rates;
- Co-borrowers are allowed;
- No prepayment penalties;
- Flexible loan amounts;
- Wide repayment terms;
- No origination fee.
Cons
- Good credit is required;
- Late fees might apply;
- No co-signer option available;
- No physical branches.
SoFi Personal Loan: Full Review
SoFi is a trusted company that has been offering a wide range of loan solutions for various personal needs since 2011. With its convenient loan amounts and flexible repayment terms, the service can be used to finance various long-term projects and big life events, including vacations, weddings, medical expenses, home improvements, and debt consolidations.
The company has reasonable loan APRs and charge no mandatory fees. However, SoFi may let you pay a starting cost of up to 6% of the loan amount in exchange for a lower interest rate. This fee will be deducted from your loan amount before you get it.
The service also offers several extra features that make its loans stand out.
Interest Rate Discounts
Besides its reasonable interest rates, SoFi also offers several discounts to its borrowers. Your interest rate could decrease by 0.25% if you set up monthly automatic payments from your bank account. If you use a loan to pay off other debts you owe, you can save another 0.25% by letting SoFi pay directly to your creditors.
Another 0.25% interest rate discount may be offered to you if you receive at least $1,000 in paycheck in a SoFi checking account each month through automatic deposits.
Unemployment Protection
SoFi offers unemployment protection for borrowers, meaning that if you lose your job while repaying the loan, you can apply for unemployment benefits through SoFi. SoFi will place the loan into forbearance and alter the monthly payments after authorization. Interest continues to accrue during that period, but you can make interest-only payments.
Financial Planning
The company provides one-on-one financial advice from its experts to SoFi members. You can get free insights on career boosts,retirement planning, debt management, personal finance, and more.
Mobile App
SoFi provides a mobile app to help you manage your loans, savings, and checking accounts. Through this app, borrowers may control their finances, check available rates, monitor their credit score, and make regular payments.
How Do You Qualify For SoFi Personal Loans?
To be eligible for a SoFi loan, you need to meet the following requirements:
- Reside in a state where SoFi Lending Corporation or SoFi Bank, N.A is authorized to lend.
- Be at least the age of majority in your state.
- Be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
Loan eligibility also depends on your financial history, credit score, and debt-to-income ratio. Additionally, applicants need to provide the following documents and information:
How Do I Apply For A SoFi Personal Loan?
Here are the steps you should follow to apply for a personal loan from SoFi:
- Pre-qualify on SoFi’s website by specifying your personal and financial information needed to determine your potential loan terms. This process won’t hurt your credit score.
- Choose the repayment period. Once you see what interest rate you may be offered, choose a convenient repayment option, which can be from 2 to 7 years. Then, complete the final application by submitting the required documents. Please note that SoFi will perform a hard credit check to make an approval decision.
- Sign the documents. If approved, read your loan agreement terms to ensure they are the same you were offered when prequalifying. If everything suits you, e-sign the contract.
- Access the money. SoFi transfers the funds into your bank account via a direct deposit. The process typically takes 1-3 business days.
When Should You Use A SoFi Personal Loan?
A personal loan from SoFi can be used for home improvements, moving, medical expenses, and significant purchases. If you have high-interest credit card debt, consider replacing it with a SoFi personal loan. This way, you might get an interest rate discount and make your debt management more straightforward.
Alternatives To SoFi Personal Loans
Think that SoFi loans won’t work for you? Check the following alternative options:
| SoFi | LightStream | Upstart | Upgrade | |
|---|---|---|---|---|
| Our Rating | 4.5 | 4.3 | 4.5 | 4.5 |
| APRs | 8.99% – 29.49% | 5.94% – 25.29% | 7.8% – 35.99% | 9.99% – 35.99% |
| Fees | Optional 6% fees | None | Origination fees of up to 12%Late and NSF fees of $15 | Origination fees of 1.85% to 9.99%Late and NSF fees of $10 |
| Minimum Credit Score | Not Specified | 670 | 300 | Not Specified |
| Loan Amounts | $5,000 – $100,000 | $5,000 – $100,000 | $1,000 – $50,000 | $1,000 – $50,000 |
| Repayment Terms | 24 to 84 months | 24 to 240 months | 36 to 60 months | 24 to 84 months |
| Funding Times | 1-3 business days | 1-2 business days | 1 business day | One business day after clearing verification |
| Who It Suits for? | Applicants with good to excellent scores who want to consolidate debt, make major purchases, or cover their long-term needs | Borrowers with good-to-excellent credit profiles who need a long-term financial solution at a reasonable interest rate | Poor credit borrowers who can’t qualify for traditional personal loans and want to get reasonable interest rates | Fair-credit borrowers who need the money quickly |
Methodology
BadCredify aimed to provide the most accurate and up-to-date information about the lenders we review. Our ratings are made based on the following determining factors:
- Application process
- Interest rates
- Additional fees
- Repayment options
- Eligibility criteria
- Funding times
- Extra perks and discounts
- Lender’s reputation
Based on these data, we calculate the total number of points and determine the final rating.
Frequently Asked Questions
Is SoFi good for personal loans?
Yes, SoFi can offer you quite favorable loan terms if you have a good to excellent credit score. Additionally, the company has several interest rate discounts and multiple perks for its members.
What credit rating should I have to apply for a SoFi personal loan?
SoFi doesn’t specify any minimum credit score requirement but states that your responsible financial and credit histories are among factors they consider when making approval decisions. Most SoFi borrowers have a credit score of 680 or higher.
Can I get pre-approved for a personal loan with SoFi?
Yes, you can prequalify with SoFi to check your potential interest rate. This process won’t affect your credit score.
How long does it take for SoFi to approve a personal loan?
Usually, the SoFi loan approval takes from one to three business days.
