SoFi Personal Loans: 2022 Review

SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.

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Our Take

5.0

NerdWallet rating 

The bottom line:

Qualified borrowers will find few lenders better than SoFi, thanks to zero fees and thoughtful perks like unemployment protection and free financial advising.

SoFi
Est. APR
7.99-23.43%
Loan amount
$5,000-$100,000
Min. credit score
None
Get rate

on SoFi's website

Pros & Cons

Pros

  • No fees.
  • Joint loan option.
  • Rate discount for autopay.
  • Hardship program for borrowers in need.
  • Mobile app to manage loan.

Cons

  • No option to choose initial payment date.
  • High minimum loan amount.

Compare to Other Lenders

SoFi
Lending Club
Lightstream
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Est. APR

7.99-23.43%

Est. APR

8.30-36.00%

Est. APR

6.99-22.49%

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

$1,000-$40,000

Loan amount

$5,000-$100,000

Min. credit score

None

Min. credit score

600

Min. credit score

660

Compare estimated rates from multiple lenders

Compare Rates

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Full Review of SoFi

SoFi’s personal loans have all the standard features of a five-star lender: zero fees, a wide variety of loan amounts and flexible repayment terms.

But this lender outshines the competition with a slew of special perks. SoFi borrowers have access to free career and financial advising, unemployment protection, estate planning discounts, referral bonuses and a mobile app.

Table of Contents

SoFi personal loans at a glance

Minimum credit score

None.

APR

7.99% - 23.43%.

Fees

None.

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.

Fixed rates from 7.99% APR to 23.43% APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. 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 above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. 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.

Where SoFi personal loans stand out

No fees. SoFi doesn't charge an origination fee, late fee or prepayment fee. Among online lenders, true zero-fee loans are rare.

Term availability. Repayment terms range from two to seven years; these are more term options than most online lenders offer. With more choices, you can prioritize less overall interest with a shorter term or lower monthly payments with a longer term.

Multiple discounts. Borrowers may qualify for multiple discounts that can lower interest costs. A rate discount of 0.25 percentage points is available for setting up autopay. 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. If the loan is for debt consolidation, borrowers can get another 0.25 percentage point discount for having SoFi directly pay off creditors.

Joint loans. Borrowers can add a co-applicant to their application. Adding someone with better credit or higher income can improve their chances of qualifying or getting a lower rate. Co-borrowers on a joint loan are both responsible for repaying the loan.

Unemployment protection. If you lose your job while paying off your loan, you can apply for SoFi’s unemployment protection program. Once approved, SoFi will put your loans into forbearance and modify your monthly payments. Interest still accrues during that time, but you can make interest-only payments to avoid increasing your principal.

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 your loan. Borrowers can use SoFi’s mobile app to check available rates, apply for a loan and make payments.

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.

No secured loan option: Borrowers can’t secure a SoFi loan with collateral such as a car or savings account. A secured loan could help you get a lower annual percentage rate.

How to qualify for a SoFi personal loan

Most lenders have basic requirements to apply, and some have financial requirements or recommendations to qualify.

To apply for a SoFi personal loan, you must be:

  • At least 18 years old. 

  • A U.S. citizen, permanent resident 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.

SoFi doesn’t have specific credit score or income requirements for applicants. To qualify you, the lender assesses your overall cash flow, financial history, credit history and additional factors.  

SoFi’s average borrower has a credit score of at least 700, and the most common loan purposes are credit card consolidation, home repairs and emergencies.

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 in order to repay the loan, it’s better to know that before you borrow.

  • Gather your documents. SoFi requires proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.

How to apply for a SoFi personal loan

Here are the steps to apply for a SoFi loan.

  1. Pre-qualify on SoFi’s website or mobile app. You’ll be asked how much you want to borrow and what the funds are for, as well as some personal information like your name, state and email. The lender will ask for information about your income and employment before you can preview loan offers. There’s no hard credit pull at this stage.

  2. 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 also do a hard credit check when you apply, so your credit score could temporarily dip.

  3. Make a plan to repay the loan. SoFi reports payment to all three major credit bureaus, 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.

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.

LendingClub and LightStream are online lenders that offer a range of loan sizes and terms, like SoFi. But SoFi’s no-fee loans and unique benefits for borrowers can be a strong choice for qualifying borrowers. 

SoFi vs. LendingClub

SoFi and LendingClub are both strong online lenders for debt consolidation. SoFi’s loans have higher minimum loan amounts than LendingClub, and while LendingClub offers smaller loan amounts, the loans come with an origination fee. 

SoFi vs. LightStream

Like SoFi, 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. 

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

Transparency

Loan flexibility

Customer experience

Overall

Affordability: An affordable loan includes competitive rates, no origination or prepayment fees and rate discounts for autopayments.

Transparency: A transparent lender includes soft credit checks and credit reporting, as well as clearly presented rates, terms and fees.

Loan flexibility: A flexible loan includes options to change payment due dates; multiple loan types, amounts and terms; and refinancing options.

Customer experience: A good customer experience includes available and convenient customer support, mobile apps and financial education.

Ready to apply? Tap the "Get Rate" button and head to SoFi's website to pre-qualify.

on SoFi's website

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

Frequently asked questions