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SoFi Personal Loans Review: Low Rates and No Fees Required

Review Updated
Dana George
By: Dana George

Our Loans Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

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 2023 Award Winner
Logo for SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
Minimum Credit Score
Loan Amounts
$5,000 - $100,000
APR Range
Fixed: 8.99-25.81% APR (with all discounts)
Term Length
24 - 84 months

SoFi offers rock-bottom interest rates and higher loan limits than most lenders. Its loans are designed for well qualified applicants. SoFi doesn't require an origination fee, late fees, or a prepayment penalty.

  • Competitive interest rates
  • No fees required
  • Paused payments for unemployment
  • High minimum loan amount

*SoFi Personal Loan Disclaimer

Fixed rates from 8.99% APR to 25.81% 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 05/19/23 and are subject to change without notice. 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%-6%, 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.

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.


  • Competitive interest rates
  • No fees required
  • Paused payments for unemployment


  • High minimum loan amount

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 and pay off 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.

Paused payments for unemployment: SoFi will allow you to pause your monthly payments if you lose your job. This unemployment protection is capped in three-month increments for a total of 12 months over the life of your loan. If a global pandemic has taught us anything, it's that financial emergencies can strike at any time.

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 career coaching and financial planning, plus discounts off estate planning services. SoFi also plans member experiences and access to the Member Lounge at SoFi Stadium.

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.

No cosigner allowed: SoFi does not accept cosigners for personal loans, but you can apply together with a co-borrower.

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. 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. 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.

Alternatives to consider

SoFi is an excellent choice for many consumers in need of personal loans. However, that doesn't mean it's the best personal loan for everyone. Here are some alternatives that might suit you better.

  • Upstart prides itself on its unconventional approach for borrowers with little to no credit history. Plus, Upstart's minimum loan amount is just $1,000, which might better meet the needs of borrowers looking for lower amounts.
  • If you need a loan for bad credit, Avant may be the lender you're looking for. You don't need excellent credit here. Avant considers loan applications with credit scores as low as 580. Avant also offers loans for as little as $2,000.

Upstart and Avant both offer a loan term up to 60 months, where SoFi offers a repayment term of thee to seven years.

As of May. 22, 2023
Min. Credit Score
Loan Amounts
APR Range
Next Steps
Rating image, 4.5 out of 5 stars.
$2,000 - $35,000
9.95% - 35.99%
Rating image, 4.0 out of 5 stars.
$1,000 - $50,000
4.60% - 35.99%

*Upstart Loan Disclaimer

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

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 need to borrow more than $50,000, in which case SoFi may be your only option.

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

Our Loans Expert