SoFi Personal Loans: 2019 Review

Good for: Good credit, debt consolidation

SoFi personal loans match up favorably to competitors on rates, fees and perks. You can use its loans for most purposes, including debt consolidation, home improvements and medical expenses.

SoFi may be a good fit if:

• You have strong credit. SoFi requires a minimum credit score of 680, and borrowers’ average scores are above 700.
• Your income is high. SoFi’s borrowers on average have income over $100,000.
• You want flexible payment features. SoFi doesn’t charge late fees, lets you change your payment due date, and offers protection if you lose your job.

SoFi loan rates and terms

Loan amounts	$5,000 - $100,000
Typical APR	Fixed: 6.79% – 16.24% (with autopay) Variable: 6.54% – 14.95% (with autopay)
Fees	No origination fees, late fees or overdraft fees
Time to funding	Typically 7 days
Repayments	2 to 7 years
Soft credit check?	Yes
How to qualify	Minimum credit score: 680, but typically 700 or higher. Minimum annual income: $45,000, but borrowers' average is over $100,000.
Best for	Good credit, flexible payment options
Click “Check Rate” to pre-qualify and receive a personalized rate. CHECK RATE

SoFi is unavailable to borrowers in Mississippi and Vermont.

» MORE: Lenders for people with good credit

SoFi personal loan review

To review SoFi, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same type of customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Getting a SoFi personal loan can feel like joining an elite club, thanks to the lender’s high credit standards and members-only networking events. SoFi customers can attend social events and member dinners around the country or tap an online forum for career and financial advice.

SoFi provides unsecured personal loans, plus mortgages and student loan refinancing. To SoFi, an applicant’s credit score doesn’t matter as much as other factors. Most important in determining your creditworthiness is free cash flow, or how much of your income is left after expenses, according to the company.

Best of 2019: NerdWallet recognized SoFi among our list of Best Personal Loans of 2019 in the categories of good credit and home improvement.

Low rates: To well-qualified borrowers, SoFi offers loans as large as $100,000 with fixed annual percentage rates as low as 6.79%, which includes a quarter-point discount if you agree to automatic payments from a checking or savings account.

Variable- and fixed-rate options: SoFi is unusual in that it offers variable- as well as fixed-rate loans. The fixed-rate option is more popular and comes with peace of mind that your rates and payments will never change. However, some SoFi borrowers choose the variable rate, particularly for loans of short duration, according to the company.

Interest rates on variable-rate loans tend to be lower than those on fixed-rate loans, but they can go up over the life of the loan to a maximum 14.60%.

Flexible payment options: SoFi gives borrowers some flexibility in payments, like letting you change your payment due date. SoFi also doesn’t charge late fees for missed payments or overdraft fees.

Unemployment protection: If you lose your job through no fault of your own, SoFi lets you apply for forbearance — temporary suspension of your monthly loan payments — for three months at a time, up to 12 months.

While you’re participating in the program, interest still accrues on the loan, but you can avoid having it added to your balance by making interest-only payments during the forbearance period.

How SoFi compares

APR 6.54% - 16.24% (with autopay) Loan amounts $5,000 - $100,000 Loan terms 2 to 7 years Best for Good credit, high income, debt consolidation	APR 6.99% - 18.24% Loan amounts $5,000 - $75,000 Loan terms 3 to 5 years Best for Good credit, short credit history	APR 3.34% - 16.99% (with autopay) Loan amounts $5,000 - $100,000 Loan terms 2 to 7 years Best for Good credit, debt consolidation, home improvement
Click “Check Rate” to pre-qualify and receive a personalized rate from multiple lenders on NerdWallet. CHECK RATE

Online lenders Earnest and LightStream also cater to people with excellent credit and high incomes.

Earnest charges no fees and offers flexible payment options to those with thin credit. LightStream has low interest rates that vary according to loan purpose, but it requires several years of credit history.

More ways to compare SoFi:

• SoFi vs. LendingClub
• SoFi vs. Prosper

How to apply for a SoFi loan

You can apply on SoFi’s website by setting up an account and entering information about your education and employment.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.

• Learn how personal loans work
• Boost your chances of getting approved
• 4 steps to pre-qualify for a personal loan

NerdWallet’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.