
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, 5.99% to 18.64%. SoFi’s personal loans also offer the opportunity for large amounts of funding and long payoff periods. You can borrow anywhere from $5,000 to $100,000 for 24 to 84 months. Plus, the loans are completely fee-free – there isn’t even a fee for paying late.
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: 5.99% - 18.64%
• Loan sizes: $5,000 - $100,000
• Payoff timeline: 24 - 84 months
• Origination fee: $0
• Late fee: $0
• Joint application policy: Allowed
• Typical funding timeline: Up to 11 business days
• Pre-qualification: Create an account to check your rates online.
• SoFi personal loan requirements: 680+ credit score, U.S. citizen/permanent resident/immigration-visa holder, at least 18 years old.
• Customer satisfaction: SoFi isn’t accredited with the BBB, but they do have an A- rating. The Consumer Financial Protection Bureau has recorded relatively few complaints about the company.
SoFi is a personal loan option that everyone with a high enough credit score should consider. Their mix of low rates, no 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:
Terms: 5 / 5
Requirements & Application: 4.5 / 5
Reviews & Transparency: 3.8 / 5
Overall Score: 4.7 / 5