SoFi Personal Loans

5 out of 5

Funded by: Social Finance

At A Glance

SoFi offers competitive fixed interest rates with no origination fee. Well-qualified borrowers can borrow up to $100,000. You can also apply for a joint loan and SoFi lets all borrowers adjust their monthly payment due date.

Pros & Cons


  • Loan amounts up to $100,000
  • No origination fee
  • Can change monthly payment due date
  • Joint loans are available


  • $5,000 minimum loan amount
  • Strict applicant requirements

SoFi Personal Loans Borrowers Qualifications

Annual income


Credit history

At least 2 years

Credit score



No recent bankruptcy or delinquencies

State eligibility

SoFi is available to borrowers in all 50 states

SoFi Personal Loans Key Details

Loan amount

$5,000 – $100,000

Loan term

2 to 7 years

Estimated APR

5.99 – 18.53%

Approval time

In as little as minutes

Time to funds

As fast as 24 hours


No fees

Pre-payment option

Prepayment option available

Credit inquiry

Soft credit check to prequalify

SoFi Personal Loans Review

Our Experts Take
Josh Patoka - Spade Business Team
Josh Patoka
December 1, 2020

SoFi is a growing online lender that is possibly best known for their unique borrower benefits like unemployment protection and the lack of fees other lenders charge. Personal loans are available with balances between $5,000 and $100,000 with a repayment term of 2 to 7 years. Interest rates are between 5.99% and 18.53% APR with the 0.25% monthly autopay discount. It’s also possible to get a variable interest rate with a maximum interest rate of 14.95%. Most loan funds are distributed within three business days.

These are some of the most impressive loan options available to borrowers who meet the minimum qualifications of a 680 personal credit score and $45,000 in annual income. The average SoFi borrower has a 700 credit score with a $100,000 annual income. As you may be considering using a personal loan to help launch a business, the SoFi unemployment protection places your monthly payments into forbearance for up to 12 months when you lose your current job at no fault of your own.

Where SoFi Stands Out

High loan amounts: Most lenders only offer personal loans with a $40,000 to $50,000 limit. SoFi makes it possible for the most well-qualified borrowers to qualify for up to $100,000 with a 7-year repayment term. If you have strong personal credit but have minimal business revenue, this can be a very appealing option.

Competitive interest rates: With the 0.25% monthly autopay discount, interest rates range between 5.99% and 16.24% APR. These rates can be competitive with traditional bank rates. It’s also possible to save more money by getting a variable rate loan if the balance can be repaid quickly.

No origination fee: SoFi doesn’t charge any upfront loan fees. This is very uncommon for most lenders who usually charge a fee between 1% and 6% for most borrowers.

Unemployment protection: It’s possible to pause your monthly loan payments for up to 12 months when you lose your job at no fault of your own. Interest still accrues during forbearance and SoFi accepts monthly interest payments to minimize your loan costs.

Where SoFi Falls Short

Strict applicant requirements: You will need good or excellent credit to qualify for a SoFi loan. A minimum 680 credit score and $45,000 annual income are two of the most stringent requirements among personal loan lenders. If you meet these basic qualifications, SoFi can offer a loan with low loan costs because of the competitive interest rates and zero origination fee.

Variable interest rates may be more expensive: A variable interest rate can be lower than the current fixed interest rate. If interest rates increase, the potential savings will decrease. Most borrowers may still prefer a fixed interest rate loan for predictable monthly payments. Prepaying the loan can avoid interest charges and SoFi doesn’t charge a prepayment penalty.

Minimum $5,000 borrowing amount: Other lenders issue loans with a balance as low as $1,000. SoFi requires a minimum $5,000 starting loan balance although some states may require a higher amount.

Is SoFi The Best Option For Me?

If you meet SoFi’s minimum credit score and annual income requirements, they are a good option because they don’t charge an origination fee and lend up to $100,000. The flexible repayment options like the autopay discount and a 7-year term also help set SoFi apart from other lenders. Unfortunately, SoFi isn’t an option for borrowers with fair credit or a low annual income at this time.





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