- Low APR: 7.99% - 23.43%
- Loans as high as $100,000
- Flexible terms: pay back in 24 - 84 months
- Few complaints
- No origination, prepayment or late fees
- Co-applicants allowed
- Credit score requirement of 680+
- Decision can take up to 15 business days if self-employed
- Must create an account to check rates online
SoFi 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 7.99% 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 Personal Loan Terms
|APRs||7.99% - 23.43%|
|Loan Amount||$5,000 - $100,000|
|Loan Terms||24 - 84 months|
|Minimum Credit Score||Fair*|
|Minimum Income||Not disclosed|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement|
|Time to Receive Loan Money||6 - 11 business days (up to 15 if self-employed)|
According to multiple third-party sources
SoFi Loan Rates, Fees & Other Terms
Category Rating: 4.6/5
- Overall APR range: SoFi personal loans have an APR range of 7.99% - 23.43%. 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 does not charge any fees. There is no origination fee to process the application and no early repayment fee. SoFi does not have any fees for late payments, either.
- 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: 4.5/5
- Minimum credit score: SoFi requires a credit score of at least 680 for personal loans, according to company representatives.
- Minimum income: SoFi does not disclose any kind of minimum income requirement.
- Age: You must be at least 18 years old.
- 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, Individual Taxpayer Identification 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: 3.5/5
- 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 130 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 2.9/5 across more than 740 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
|Rates, Fees & Other Terms||4.6/5|
|Requirements & Application Info||4.5/5|
|Reviews & Transparency||3.5/5|
SoFi Loans vs. Popular Competitors
Marcus by Goldman Sachs
|APRs||7.99% - 23.43%||5.99% - 19.99%||6.99% - 24.99%|
|Loan Amounts||$5,000 - $100,000||$3,000 - $100,000||$3,500 - $40,000|
|Loan Terms||24 - 84 months||12 - 84 months||36 - 72 months|
|Minimum Credit Score||Fair*||Fair*||Good*|
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.
- 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.
- 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.
- 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.