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SoFi Personal Loans Review: Low Rates and No Fees

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SoFi landed on our best personal loans list for a number of reasons. Not only does it offer an easy-to-use application, but SoFi 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.

Ratings Methodology

As of Mar. 01, 2022

Lending Partner Min. Credit Score Loan Amounts APR Range Next Steps
SoFi
Rating image, 5.0 out of 5 stars.
Min. Credit Score: 680 Loan Amounts: $5,000 - $100,000 APR Range: Fixed: 6.99-21.78% APR (with all discounts)
Disclaimers

*SoFi Personal Loan Disclaimer

Fixed rates from 6.99 -21.78% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 4/12/22 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.

To check the rates and terms you 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. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank then your rate may be outside the range of rates listed above.

*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.

Full SoFi Personal Loans review

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

Pros

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

Cons

  • 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 keeps rates low with its strict lending standards, such as good credit and an appropriate balance of income and expense.

No fees: SoFi -- like several of our top lenders -- won't charge you fees. That means there are no origination fees and no late fees. If you decide to pay a SoFi 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 because of their fee-free policy.

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.

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.

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.

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 suit borrowers looking for lower amounts.
  • If you need a loan for bad credit, Avant may be the lender you're looking for. Avant considers loan applications with credit scores as low as 580. Avant also offers loans for as little as $2,000.
As of Mar. 01, 2022
Lender
Avant
Upstart
Rating
Rating image, 4.5 out of 5 stars.
Rating image, 4.0 out of 5 stars.
Min. Credit Score
580
580
Loan Amounts $2,000 - $35,000 $1,000 - $50,000
APR Range 9.95% - 35.99% 4.81% - 35.99%
Next Steps
Disclaimers

*SoFi Personal Loan Disclaimer

Fixed rates from 6.99 -21.78% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 4/12/22 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.

To check the rates and terms you 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. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank then your rate may be outside the range of rates listed above.

*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-fee 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.

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