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SoFi Personal Loans: 2019 Review

May 10, 2019
Loans, Personal Loans, Personal Loans Reviews
At, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.
5.0 rating

Good for: Good credit, debt consolidation

SoFi personal loans match up favorably to competitors on rates, fees and perks. You can use its loans for most purposes, including debt consolidation, home improvements and medical expenses.

SoFi may be a good fit if:

  • You have strong credit. SoFi requires a minimum credit score of 680, and borrowers’ average scores are above 700.
  • Your income is high. SoFi’s borrowers on average have income over $100,000.
  • You want flexible payment features. SoFi doesn’t charge late fees, lets you change your payment due date, and offers protection if you lose your job.

SoFi loan rates and terms

Loan amounts$5,000 - $100,000
Typical APRFixed: 5.99% – 16.24% (with autopay)
Variable: 5.74% – 14.70% (with autopay)
FeesNo origination fees, late fees or overdraft fees
Time to fundingTypically about 3 days
Repayments2 to 7 years
Soft credit check?Yes
How to qualify
  • Minimum credit score: 680, but typically 700 or higher.
  • Minimum annual income: None; borrowers' average is over $100,000.
Best forGood credit, flexible payment options
Click "Check rates" to get started with SoFi.

SoFi is unavailable to borrowers in Mississippi.

» MORE: Lenders for people with good credit

SoFi personal loan review

To review SoFi, collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same type of customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Getting a SoFi personal loan can feel like joining an elite club, thanks to the lender’s high credit standards and members-only networking events. SoFi customers can attend social events and member dinners around the country or tap an online forum for career and financial advice.

SoFi provides unsecured personal loans, mortgages and student loan refinancing as well as other products. To SoFi, an applicant’s credit score doesn’t matter as much as other factors. Most important in determining your creditworthiness is free cash flow, or how much of your income is left after expenses, according to the company.

Best of 2019: recognized SoFi among our list of Best Personal Loans of 2019 in the categories of good credit and home improvement.

Low rates: To well-qualified borrowers, SoFi offers loans as large as $100,000 with fixed annual percentage rates as low as 5.99%, which includes a quarter-point discount if you agree to automatic payments from a checking or savings account.

Variable- and fixed-rate options: SoFi is unusual in that it offers variable- as well as fixed-rate loans. The fixed-rate option is more popular and comes with peace of mind that your rates and payments will never change. However, some SoFi borrowers choose the variable rate, particularly for loans of short duration, according to the company.

Interest rates on variable-rate loans tend to be lower than those on fixed-rate loans, but they can go up over the life of the loan to a maximum 14.70%.

Flexible payment options: SoFi gives borrowers some flexibility in payments, like letting you change your payment due date. SoFi also doesn’t charge late fees for missed payments or overdraft fees.

Unemployment protection: If you lose your job through no fault of your own, SoFi lets you apply for forbearance — temporary suspension of your monthly loan payments — for three months at a time, up to 12 months.

While you’re participating in the program, interest still accrues on the loan, but you can avoid having it added to your balance by making interest-only payments during the forbearance period.

How SoFi compares





5.74% - 16.24% (with autopay)

Loan amounts

$5,000 - $100,000

Loan terms

2 to 7 years

Best for

Good credit, high income, debt consolidation


6.99% - 18.24%

Loan amounts

$5,000 - $75,000

Loan terms

3 to 5 years

Best for

Good credit, short credit history


3.99% - 16.99% (with autopay)

Loan amounts

$5,000 - $100,000

Loan terms

2 to 7 years

Best for

Good credit, debt consolidation, home improvement

Click “Check Rate” to pre-qualify and receive a personalized rate from multiple lenders on

Online lenders Earnest and LightStream also cater to people with excellent credit and high incomes.

Earnest charges no fees and offers flexible payment options to those with thin credit. LightStream has low interest rates that vary according to loan purpose, but it requires several years of credit history.

More ways to compare SoFi:

How to apply for a SoFi loan

You can apply on SoFi’s website or through its mobile app by setting up an account and entering information about your education and employment. recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive a personalized rate from multiple lenders on


Before you shop for a personal loan:’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. does not receive compensation of any sort for our reviews. Read our editorial guidelines.

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