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SoFi: Personal Loan Review

The basics

Estimated APR

8.99% - 23.43%

Min. Credit Score


Max. DTI Debt to Income Ratio


Origination Fees


Late Penalties


Prepayment Fees


Good for: High loan amounts available, no fees

Our verdict

SoFi's unemployment protection is a rare feature that could be particularly handy amid the predominance of job losses stemming from the coronavirus pandemic. That said, their loans require good-to-excellent credit scores and have a high minimum loan amount.

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Beyond the basics

No fees

Fixed rates

Autopay discount
Unemployment protection

Loan Amounts

$5,000 to $100,000

Loan Terms

24-84 months

Time to Funding

3-6 business days (up to 15 if self-employed)

Full review

Lender description SoFi, which stands for Social Finance, Inc., was founded by Stanford business school students and has a corporate mission of helping customers achieve financial independence.

Permitted usersProhibited users
Debt management and consolidationReal estate
Wedding expensesBusiness purposes
Medical expenses Investments
Moving expensesPurchases of securities 
Funeral expensesPost-secondary education 
Home improvement expensesShort-term bridge financing 
Family planning 
Car repairs
Other personal, family, or household purposes

Suitable for you if

  • You have good-to-excellent credit scores
  • You are looking to borrow larger amounts
  • You need a co-borrower

Pros & cons

Autopay rate discount of 0.25%High credit score requirement
Offers unemployment protection No refinancing options
High loan amounts available Doesn't offer direct payment to creditors with debt consolidation loans
Allows co-borrowers High minimum loan amount

Do you qualify SoFi doesn’t have credit score or income requirements but they do only mostly accept borrowers with excellent credit.| This is what SoFi looks for in qualified borrowers:| Must be a U.S. citizen| Must be at least 18-years-old| Must be employed, or have a steady income, or have an offer of employment to start in 90 days.

How to apply Apply online by creating a SoFi account and providing basic personal information.

Footprint SoFi loans are available in all states except Mississippi.

Loan example A $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 7.99% APR to 23.43% APR. It works out to 24 monthly payments ranging from $1,356.68 to $1,530.54

How to contact SoFi

You can either chat with Personal Loans Support online or call 855-456-SOFI (7634) Monday through Thursday 5 a.m. – 7 p.m. PT, and Friday through Sunday 5 a.m. – 5 p.m. PT.

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Yes, SoFi is a legitimate lender. Founded in 2011, this company has more than $73 billion in funded loans and more than 5 million customers. 

SoFi may take two to three business days to approve a personal loan, though in some cases it can take longer (depending on your application and personal situation). Then, funds are typically deposited within two or three additional business days.

Yes, you can have two personal loans from SoFi. To qualify for a second loan, you must have made three consecutive on-time payments for your first loan.

As long as you have a credit score of at least 670, have a decent credit history, and meet minimum income and employment requirements, it’s not difficult to get a personal loan. However, if you have a lower credit score, don’t have reliable income or employment, or have a rough credit history, it can be more difficult. The good news is borrowers can apply with a co-applicant, which can increase their chances of approval.

Per Upgrades’ site, the majority of personal loans through Upgrade are unsecured and do not require any form of collateral whatsoever. However, they may offer you the option of adding collateral in order to be approved for the loan or to receive a better rate.

The minimum income requirement is $45,000 per year, or at least $1,500 per month in free cash flow.

Yes, SoFi allows you to get pre-approved for a personal loan. This can be done in just a few minutes online and it doesn’t have any impact on your credit score. You may also receive a preapproval letter in the mail directly from SoFi. If you’re interested, enter the confirmation number listed in the mail to see what rates you qualify for.