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SoFi Personal Loans Review: Low Rates and No Fees Required

Review Updated
Dana George
Matt Frankel, CFP®
By: Dana George
Dana George
Dana George
Writer

Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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 and  Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Nathan Alderman
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Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Not only does SoFi Personal Loans offer an easy-to-use application, but it is also famous for its no-fee loan products and consumer-centric business model. Read our in-depth SoFi personal loan review to decide if it's the right loan company for you.

Award Icon 2024 Award Winner

SoFi Personal Loans

Great for: Low APR for borrowers with high income

Check Rates for SoFi Personal Loans
Logo for SoFi Personal Loans
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5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Check Rates for SoFi Personal Loans
Minimum Credit Score
680
Loan Amounts
$5,000 - $100,000
APR Range
Fixed: 8.99%-29.99% APR (with all discounts)
Term Length
24 - 84 months

We find that SoFi stands out in the personal loan landscape by offering competitive interest rates and a generous loan limit of up to $100,000. By opening a SoFi checking or savings account and setting up auto-pay, you can enjoy a 0.25% rate reduction, which can be stacked for a total of 0.5% if you do both. Plus, there are no origination fees, late fees, or prepayment penalties, and you can benefit from same-day funding for added convenience.

  • Competitive interest rates
  • No fees or prepayment penalty
  • High maximum loan limit
  • Same-day funding available
  • High minimum loan amount
  • High minimum credit score
  • No in-person support
Disclaimers

*SoFi Personal Loan Disclaimer

Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.


Autopay: 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. Autopay is not required to receive a loan from SoFi.


Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
7.99% - 24.99%
$2,500 - $40,000
660
7.80% - 35.99%
$1,000 - $50,000
None
8.99% - 35.99%
$2,000 - $50,000
550
Apply Now for Best Egg

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Full SoFi Personal Loans review

This personal loan is a good fit for: Borrowers with good credit in search of a no-fees-required personal loan.

Top perks

Low loan interest rates: SoFi's low rates are a standout that can go toe to toe with some of the most competitive lenders in the industry. SoFi (short for Social Finance) keeps rates low with its strict lending standards, such as good credit and an appropriate balance of income and expense. The low rates make a SoFi loan a great option for people looking for ways to consolidate higher-interest credit card debt.

No fees required: SoFi -- like several of our top lenders -- offers no-fee loans. That means there are no origination fees or late fees required. If you decide to pay a SoFi no-fee loan off early, you won't have to worry about a nasty prepayment penalty. Even if a competitor offers you a slightly lower personal loan rate, you might save money by going with SoFi.

Autopay discount: You can secure a 0.25% rate discount if you set up automatic loan payments from your bank account.

Large loan amounts: SoFi's loan amounts range from $5,000 to $100,000. This is at least double the maximum loan amount available from most of SoFi's competition.

Check rates without affecting your credit score: Like many online lenders, SoFi can use a soft credit check that does not hurt your credit score to show you what rates you prequalify for. It's not until you decide to accept SoFi's offer that the lender runs a hard credit check to verify your information.

Same-day funding: At SoFi, most typical personal loan applications made before 7 p.m. on business days are funded the same day.

Easy-to-use mobile app: SoFi makes it easy to do business wherever and whenever you want by offering an advanced, user-friendly mobile app that lets you borrow, invest, and save. You can use it to check your rate and apply for a loan, as well as manage your SoFi Invest account and SoFi checking, savings, and loan accounts.

Access to member benefits: SoFi calls its customers members. You get more than a loan when you borrow from SoFi. As a member you also get free access to special perks like financial planning, plus discounts off estate planning services. SoFi also plans member experiences and access to the Member Lounge at SoFi Stadium.

Co-borrowers are allowed: SoFi allows co-applicants on personal loan applications, as long as they live at the same address as the primary applicant. A creditworthy co-borrower can increase your likelihood of approval for a loan in the amount you need.

What could be improved

More diverse loan amounts: SoFi could be a more versatile loan provider if it offered loans to borrowers looking for less than $5,000. If you need a loan to repair broken water pipes or replace a few windows, you're probably not looking for a $5,000 loan.

How to qualify for a SoFi personal loan

You'll generally need the following to qualify for a SoFi personal loan:

  • Good credit, or a FICO® Score of 680 or higher. The average SoFi borrower has a credit score of 730.
  • An acceptable debt-to-income ratio (DTI). If your monthly debt obligations already take up a large chunk of your paycheck, it is a red flag for lenders.
  • Higher education and a strong work record. SoFi considers these good predictors of borrowers' future ability to pay.
  • High income. The average SoFi customer has a six-figure annual income.

As you can see, SoFi's loan approval is based on more than just your current income and credit score. The company prides itself on its unique approach to underwriting and considers factors such as the borrower's education, professional history, and more.

If you qualify for a SoFi personal loan, you should receive the funds within a few business days. Most typical loans fund the same day or the next business day.

You can use the money in a number of different ways:

You can't use a personal loan for just anything. All lenders impose some restrictions on how the proceeds may be used. If you need money for real estate, business purposes, investments, purchases of securities, post-secondary education, or short-term bridge financing, you can't use a SoFi loan.

If you already have a SoFi loan, you are eligible to apply for a second loan after you've made three consecutive scheduled payments on your first loan, as long as your total outstanding balances don't exceed the $100,000 limit. Michigan residents may only have one SoFi loan at a time.

Applicants who don't qualify may reapply with a co-borrower, so long as that person lives at the same address. If approved, both co-borrowers will be fully liable for the debt. Co-borrowers may not be removed from a loan. To get someone's name off the loan, you need to pay it off or refinance it with a new loan in your name only.

For applicants who don't qualify for a SoFi loan, there are other options to consider. You could try one of our other top personal lenders, and if you have below-average credit history, we've rounded up a list of reputable lenders who will consider applications from borrowers with bad credit (including applicants with a credit score as low as 580).

SoFi's personal loan application process

SoFi's application process is pretty straightforward.

  • Fill in your basic information online. As with many other personal lenders, you can prequalify for a SoFi loan and check your interest rates in just minutes.
  • If you decide to apply, complete your application. The form is pretty simple, and any documentation requests are made in a timely manner. You may need to provide a photo ID, proof of address, proof of income, and other documents.
  • If you're approved, sign your loan documents. In all, SoFi says your personal loan will be funded within a week of when you start the application. Most loans fund the same day or the next business day.

This SoFi personal loan is right for you if:

  • You're seeking a no-fees-required personal loan with competitive interest rates.
  • You have good credit, a high income, and a college degree.
  • You use, or are willing to use, other SoFi financial products to maximize your discounts.
  • You need to borrow more than $50,000, in which case SoFi may be one of your only options.

Need a loan? Check out The Ascent's guide on how to apply for a personal loan.

FAQs

  • There is no specific minimum income requirement for a SoFi personal loan, although your income must be high enough to justify your new loan, as well as any existing debts you may have.

  • SoFi's loan amounts range from $5,000 to $100,000. However, the amount you can qualify for will depend on factors such as your income, credit score, and employment situation.