What credit score do you need for a SoFi personal loan? This question is about SoFi

What credit score do you need for a SoFi personal loan?

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This question is about SoFi

Rick Bormin, Personal Loans Moderator

@rhandoo2020 • 03/24/23 This answer was first published on 04/22/21 and it was last updated on 03/24/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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SoFi requires a minimum credit score of 680 to qualify for a loan. That means the SoFi personal loan credit score requirement is in the fair credit range, which is on par with most other lenders' credit score requirements.

Keep in mind that just having a 680 credit score is not enough to qualify you for a SoFi personal loan. SoFi will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from SoFi with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.

If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a SoFi personal loan online to gauge your chances of getting approved with your current credit score.

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Does SoFi do a soft pull?

SoFi does a soft pull when checking the rates that a potential applicant qualifies for, which will not impact their credit score. SoFi does a hard pull for anyone who chooses to submit an application after checking their rates. This will cause a temporary credit score drop of a few points.

In all, you shouldn't worry too much about having a hard pull from SoFi, as the score damage should be relatively minor unless...

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Can you repay a personal loan early without a penalty?

Yes, you can pay off a personal loan early without a penalty – in most cases, at least. Penalties for repaying a personal loan ahead of schedule are very rare among major lenders. In fact, none of the personal loan providers that WalletHub has reviewed charges a prepayment fee. The purpose of such a fee, when it’s actually used, is to help the lender recoup some of the money it would have earned had the...

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Are there any personal loans with guaranteed instant approval?

There are no personal loans with guaranteed instant approval. Many lenders offer the opportunity for near-instant approval, with a decision minutes to hours after they receive the application. But personal loan approval is never guaranteed under any circumstance. All lenders have some sort of requirements for approval, even those that accept people with bad credit. Plus, getting approved for a loan doesn’t mean that the applicant has the funds yet. It’s rare for a lender...

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