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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.

Best used for

  • Debt consolidation
  • Home improvement
  • Moving and relocation
  • Medical expenses

Pros & cons

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

Most suitable for

  • Consumers with good-to-excellent credit scores
  • Consumers looking to borrow larger amounts
  • Consumers who need a co-borrower

How to qualify You'll need to meet minimum age requirements as determined by the state you live in and provide proof of residence and income/employment. Loan eligibility depends on several other factors including financial history, credit score, and debt-to-income ratio.

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

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