Best for: borrowers with a solid credit history looking for higher loan amounts
Loan amounts up to $100,000
Loan lengths from 2 to 7 years
0.25% reduction in APR with autopay
Most suitable for high income/high credit score borrowers
Higher minimum loan amount ($5,000)
No direct payment to creditors for debt consolidation
In-depth Review of SoFI Personal Loans
SoFI (officially, Social Finance) got its start by offering student loan refinancing to graduates of top tier schools — think Stanford Law School or Harvard Business School. While SoFI has greatly expanded its product offerings — including personal loans — its target market remains the “creme de la creme”. While it offers the highest maximum loan amount at a whopping $100,000, and attractive interest rates, you’ll need an excellent credit history and a verifiable income that supports your repayments.
Like competitor Marcus by Goldman Sachs, SoFI’s personal loan boasts no origination or any other fees. SoFI’s personal loan also offers a rate as low as 5.99% (with autopay discount) — but only for loan terms of two years and for well-qualified borrowers.
Is SoFI right for me?
If you have an excellent credit history (high/stable income, high credit score and low utilization of credit cards / low debt-to-income ratio), SoFI could be an excellent choice. It offers no fees, competitive interest rates, and a wider range of loan terms than other popular lenders.
SoFI Personal Loan Details
|Loan amount range||$5,000 - $100,000|
|Loan lengths||24-84 months|
|Interest rate type||Fixed interest rate|
|APR range||6.24% - 21.45%|
|Fees||Origination fee: None
Late fee: None
Prepayment fee: None
|Can check rate with no impact to score?||Yes|
|Loan uses||Pretty much any reason: refinance credit cards; consolidate debt; major purchase; home improvement; vacation; moving/relocation; medical expenses; etc.|
|Time to fund||Like other lenders, Sofi’s personal loan application is entirely online. If Sofi is able to automatically verify the information you’ve provided (for instance, your identity, income and employment information), your application may be approved virtually instantly. If you need to upload supporting documents, they will typically be reviewed within a day. Once approved, funds are usually available the next business day.|
|Joint application (co-borrower) option||Yes|
|Minimum qualifications||Minimum credit score: 680, but most borrowers have a score above 700
Minimum annual income: $45,000, but most have a significantly higher income
|Can send loan proceeds directly to creditors (for debt consolidation loans)||No|
|Other||0.25% reduction in APR when enrolled in autopay|
Representative Loan Example
Borrow $30,000 for 48 months
Receive $30,000 (no origination fee)
7.56% – 20.89% fixed APR
Pay back $726.21 – $927.20 per month for 48 months
Total repaid $34,857.95 – $44,505.45
Cost of financing $4,857.95 – $14,505.45
What People Are Saying
CFPB complaint data: 116 complaints in last 24 months (personal loans, credit reporting, or debt collection)
Trustpilot rating: Great (4/5) from 2,423 reviews
Better Business Bureau: Not Accredited, A- Rating
A note on reviews
When looking at reviews or complaints, we urge you to think about them in context and take them with a grain of salt. For instance, companies that have more customers are likely to generate more complaints to the CFPB — so the raw number of complaints on its own doesn’t paint the full picture.
Similarly, it’s possible for companies to attempt to game ratings on services like TrustPilot, by timing when they ask borrowers for a review to encourage positive comments and by challenging negative reviews on the platform.
Most of all, borrowers should be cautious in how they interpret a firm being Better Business Bureau (BBB) “Accredited” or having an A+ rating. BBB “Accreditation” means merely that a business makes a commitment to make a good faith effort to resolve customer complaints and follow the BBB’s Code of Business Practices. It’s not clear how closely adherence to these practices is followed or how non-compliance is enforced.
Also note customer reviews are not included in the BBB rating, and it’s possible to have an “A+” rating despite having a poor customer rating.