Editorial Review

SoFi Personal Loans: 2019 Review

SoFi attracts high-income borrowers with low rates and member perks. It considers free cash flow in addition to credit score.

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Our Take

5.0

NerdWallet rating 

The Bottom Line: SoFi is a strong option for good-credit consumers, offering low rates, no fees and flexible payments.

SoFi

on SoFi's website

Min. Credit Score

680

Est. APR

5.99-17.88%

Loan Amount

$5,000-$100,000

Pros & Cons

Pros
  • Low fixed and variable rates.

  • Flexible payment options.

  • Offers member perks.

Cons
  • Can take 7 days to fund.

Compare to Other Lenders

SoFi
Earnest
Lightstream
Est. APR

5.99-17.88%

Est. APR

5.99-17.24%

Est. APR

5.49-17.29%

Loan Term

2 to 7 years

Loan Term

3 to 5 years

Loan Term

2 to 7 years

Loan Amount

$5,000-$100,000

Loan Amount

$5,000-$75,000

Loan Amount

$5,000-$100,000

Min. Credit Score

680

Min. Credit Score

680

Min. Credit Score

660

Compare estimated rates from multiple lenders

Compare Rates

Full 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 5.99%, 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 14.70%.

Flexible payment options: SoFi gives borrowers some flexibility in payments, like letting you change your payment due date. It also doesn’t charge late fees for missed payments or overdraft fees. The company has an app where borrowers can manage their payments.

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 to qualify:

  • Minimum credit score: 680, but typically 700 or higher.

  • Minimum annual income: $45,000, but borrowers' average is over $100,000.

Compare SoFi with other loan companies:

Before you shop for a personal loan

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Apply on SoFi

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

Personal Loans Rating Methodology

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.