SoFi® Loans Review

SoFi Personal Loans Review Summary

SoFi® personal loans are great for people with a 680+ credit score who want to borrow a lot of money at a low cost. SoFi loans provide as much as $100,000 in funding, with interest rates as low as 0% and no fees of any kind. An application decision usually takes just 2-4 business days, too.

Due to their potentially low costs and high loan amounts, SoFi loans can be particularly good for debt consolidation. Borrowers can take out a lower-interest, fee-free SoFi loan to pay off high-interest debt – from a credit card, for example. SoFi also allows co-applicants to take joint responsibility for a loan, an option that not all lenders offer.

Below, you can find more information about the terms of SoFi personal loans and how WalletHub rates them in three key categories.

SoFi Loan Rates, Fees & Other Terms

Category Rating: 76% (3.8 out of 5)

• Overall APR range: SoFi personal loans have an APR range of 8.74% - 35.49% Fixed APR with all discounts**. SoFi loan rates are fixed, so you will keep the same interest rate until your loan is paid off.
• How rates are determined: Each borrower’s individual rate will depend on their credit score, income, and existing debts, among other factors.
• Fees: SoFi charges an origination fee of 0% - 7% to process the application. There are no prepayment or late fees, however.
• Loan amounts & timelines: SoFi offers personal loan amounts from $5,000 - $100,000. Their payoff terms range from 24 - 84 months.

SoFi Loan Requirements

Category Rating: 90% (4.5  out of 5)

• Minimum credit score: SoFi requires a credit score of at least 680 for personal loans, according to company representatives.
• Citizenship: You must be a U.S. citizen, permanent resident, or immigration visa holder. If you are a permanent resident or immigration visa holder, you must have at least two years until your status runs out, or you must have filed for an extension or renewal.
• Identification: You can apply using a Social Security number or passport.
• Pre-qualification: SoFi lets you check your potential rate online with no impact on your credit score. However, actually submitting an application will result in a hard pull.
• Co-applicants: SoFi allows co-applicants. A co-applicant has joint responsibility for the loan and must live at the same address as the primary applicant.
• Ways to apply: If you decide to apply, you can do so online.
• Application status: You can check your application status any time though your SoFi online account.
• Funding timeline: You can get your money as soon as the same day you are approved.

SoFi Loan Reviews & Transparency

Category Rating: 66% (3.3 out of 5)

• Better Business Bureau: SoFi is not yet accredited by the BBB, but it does have an A+ rating from them.

• Consumer Financial Protection Bureau: The CFPB has catalogued more than 137 complaints about SoFi’s personal installment loans. Some complaints include being denied when the consumer thought they should not have and difficulties signing the loan agreement. SoFi has a good track record of providing “timely” responses to existing complaints.

• WalletHub: SoFI has a score of 2.3/5 across more than 688 reviews.

• Transparency: SoFi is highly transparent about their personal loan terms and shows them plainly on their website. SoFi also discloses their minimum credit score requirements, but they cannot be easily found online, and SoFi could be a bit more transparent by revealing their minimum income requirements.

SoFi scores well in this category because they have a good reputation with both consumer watchdogs and their own customers. In addition, they are very transparent, more so than many competing lenders.

Summary: SoFi Loans Scores by Review Category

Other Key Things to Know

• Age: You must be at least 18 years old.
• Late Fee: SoFi doesn’t charge late fee.
• Minimum Income: SoFi does not disclose any kind of minimum income requirement.
• Prepayment Fee: SoFi does not have any prepayment fee.

SoFi Loans vs. Popular Competitors

**Fixed rates from 8.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount.

SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 02/23/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. 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.

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 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, 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.

SoFi Plus Discount: SoFi Plus members are eligible for an interest rate reduction of 0.25% on a Personal Loan. To be eligible for the discount, you must meet the SoFi Plus eligibility criteria within 31 days of the funding of your loan. For complete SoFi Plus eligibility, please see the SoFi Plus terms. When you enroll in SoFi Plus, the discount will lower the interest rate that applies to your loan only during periods in which you are enrolled in SoFi Plus. The discount will be removed during periods in which SoFi determines you are not enrolled in SoFi Plus. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to change or terminate this offer for unenrolled participants at any time. You are not required to enroll in SoFi Plus to be eligible for Loan approval.

Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

Direct Pay: Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.

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.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. 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. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 02/23/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

Methodology

In order to provide the most accurate SoFi personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. SoFi terms do not fluctuate significantly by state, however.
2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.