SoFi: Personal Loan Review

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SoFi: Personal Loan Review

The basics

Estimated APR

5.99% – 18.53%

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 of $5,000.

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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

6 – 11 business days (up to 15 if self-employed)

BBB Rating



J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index


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 discount on interest rates
  • Offers unemployment protection
  • High loan amounts available (up to $100,000)
  • Allows cosigners or coborrowers
  • High credit score requirement
  • No refinancing options
  • Doesn’t offer direct payment to creditors with debt consolidation loans
  • High minimum loan amount ($5,000)

Most suitable for

  • Consumers with good-to-excellent credit scores
  • Consumers looking to borrow larger amounts
  • Consumers who need a cosigner or coborrower

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.

COVID-19 resources SoFi offers a guide to navigating COVID-19 and your finances. Those who have been affected by COVID-19 may be eligible for a payment deferral (login required).

Footprint SoFi personal loans are available in every U.S. state except Mississippi.

Loan example For a four-year $30,000 personal loan at an APR of 8.03%, you’d make 48 scheduled monthly payments at $732.81 with a total payment of $35,174.89.