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March 2024 SoFi Personal Loan Review

SoFi personal loans are a good fit for credit card consolidation, solar panels, repairs and more plus customers get a $300 bonus.

SoFi personal loan rates for October 2023 make it a good choice to consolidate credit card debt, install solar panels, pay for repairs, or do whatever you like with some extra cash.

Top 3 Perks

Competitive Loan Rates 01
Borrowers get lower fixed rates between 8.99%-25.81% APR (with all discounts).
$300 Bonus 02
$300 bonus after your loan funds and is in good standing for at least 90 days.
Same Day Funding 03
View your rate online in 60 seconds and receive funds the same day you sign.

Who is SoFi Bank?

SoFi is full-service online bank headquartered in San Francisco that offers checking, high-yield savings, personal, student and mortgage loans along with investing products.

SoFi Bank is a member FDIC with customer deposits insured up to $250,000. SoFi personal loans are available in all states.

SoFi Personal Loan Details

SoFi Personal Loan

Loan amount
Est. APR
Min. credit score

Review of SoFi Personal Loans

What we like

In reviewing SoFi personal loans, we found several standout areas that include a wide variety of loan amounts, flexible repayment terms, borrowers' access to SoFi's free career and financial advising, unemployment protection and estate planning discounts. And there's so much more.

$300 Bonus. Approved borrowers get a $300 bonus after your loan has been in good standing for 90 days. Offer not available to residents of Vermont.

Optional origination fee. Most personal loans come with a mandatory loan origination fee that can range up to 10% of your loan amount. SoFi personal loans don't have an origination fee unless you choose one in exchange for a lower interest rate. If you choose this option, the origination fee of up to 6% amount is deducted from the loan proceeds before disbursement.

Repayment terms. Borrowers can repay SoFi personal loans in 2 to 7 years.

Joint borrower. Borrowers can add a co-applicant to their application. That may increase chances of qualifying if the co-borrower has better credit or higher income.

Funding timeline. Same-day funding is available once loan documents are signed.

Competitive rates. Borrowers enjoy rate ranging from 8.99% to 25.81% (includes autopay discount), depending on credit history.

Credit score needed. If your credit score is below 680, you might need to apply with a co-applicant with stronger credit.

Discounts to lower rate. Borrowers can lower their interest rate in several ways:

  • 0.25 percentage points for setting up autopay.
  • 0.25 percentage points if the loan is for debt consolidation.
  • 0.25 percentage points for borrowers who set up a monthly direct deposit of at least $1,000 to a SoFi checking account.

Unemployment protection. If you lose your job while paying off the loan, SoFi’s unemployment protection program may be available to qualified applicants. The program puts the loan into forbearance and modifies the monthly payments.

Check rates without affecting your credit score. SoFi pulls a soft credit check that does not hurt your credit score to show you what rates you prequalify for. Once you decide to accept SoFi's loan offer a hard credit check will be pulled to verify your information.

What we like don't like

Overall SoFi Bank is a good choice for personal loans but there are a few areas that could improve, for example:

High minimum loan amount. SoFi loans start at $5,000. Borrowers looking for a lesser loan amount cannot apply.

Good to excellent credit required. Borrowers with lower credit scores may not qualify. SoFi should consider looking at an applicant's overall financial picture like with Upgrade loans.

No secured loan option. Borrowers can’t secure a SoFi loan with collateral such as a car or savings account.

Minimum borrower requirements

Employment status. Borrowers either must be employed or have an employment offer to start within 90 days.

Other income can be considered. If you’re not employed, you must have income from other sources, such as retirement, alimony or Social Security benefits.

Self-employment. Self-employed applicants must provide tax documents and bank statements.

Citizenship. Must be a U.S. citizen or A U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.

Prequalify for a SoFi Personal Loan

Pre-qualify on SoFi’s website by providing the following information:

  • Personal information like your name, birthdate, email address and state of residence.
  • How much you want to borrow and the purpose of the loan.
  • Citizenship status.
  • Sources of income.

At this stage of the loan process, you can preview loan offers with no hard credit pull.

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Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

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