2023 SoFi Personal Loan Review
A personal loan from SoFi is one of the best options around for borrowers with a credit score of 680 or higher. The biggest benefit is SoFi’s very low APR range, 8.99% - 25.81%. SoFi’s personal loans also offer the opportunity for large amounts of funding and long payoff periods. You can borrow anywhere from $5,000 - $100,000 for 24 - 84 months. Plus, the origination fee is No Fees Required and the late fee is No Fees Required.
But because SoFi loans are inexpensive, they’re also a bit more difficult to get than the average personal loan. SoFi isn’t as quick as some lenders when it comes to funding loans, either. It can take up to 11 business days to get funded, though the process may be shorter for some customers.
SoFi Personal Loan Review Highlights:
- SoFi rates: 8.99% - 25.81%
- Loan sizes: $5,000 - $100,000
- Payoff timeline: 24 - 84 months
- Origination fee: No Fees Required
- Late fee: No Fees Required
- Co-applicants: Allowed
- Funding timeline: As soon as the same day you are approved
- Pre-qualification: Create an account to check your rates online.
- SoFi personal loan requirements: 680+ credit score; 18+ years old; U.S. citizen/permanent resident/immigration-visa holder; SSN/ITIN/passport
- Customer satisfaction: SoFi isn’t accredited with the BBB, but they do have an A+ rating. The company has an average user rating of 2.9/5 on WalletHub.
SoFi is a personal loan option that everyone with a high enough credit score should consider. Their mix of low rates, low fees, lots of funding and long payoff periods is hard to beat. Below, you can see how WalletHub rates SoFi in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
SoFi Ratings by Category:
|Requirements & Application||4.5/5|
|Reviews & Transparency||3/5|
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.