SoFi Personal Loans Review

SoFi, also known as Social Finance, Inc., is an online lender that provides a variety of financing options, including personal loans, student loan refinancing, and mortgages. Our comprehensive SoFi loans review reveals a lender that is willing to take care of its borrowers through member-exclusive career planning, financial advice, and its Unemployment Protection and Career Strategy programs, which help borrowers get back on their feet after losing a job.


  • No fees
  • Easy online application
  • Cosigners accepted


  • Long approval process
  • Strict eligibility requirements
  • Fund transfers take a few days

SoFi by the numbers

  • APR range: 5.99% to 21.11%
  • Loan amount: $5,000 to $100,000
  • Repayment terms:  2 to 7 years
  • Minimum credit score: 680 
  • Minimum gross income: $50,000
  • J.D. Power Customer Satisfaction Score: About Average (3 out of 5)


  • Origination fee: $0
  • Late payment fee: $0
  • Pre-payment fee: $0


  • SoFi personal loans can’t be used for real estate, business purposes, investments or purchases of securities.

Who should consider SoFi personal loans?

SoFi is a great financing option for borrowers who want extra customer service support, as its list of services includes career planning, exclusive events, financial planning and networking events. Borrowers who use SoFi will also have access to no-fee investing and the company’s wealth management platform. SoFi loans range from $5,000 to $100,000, so it’s a great option for anyone trying to pay off high-interest debt as well as other expenses. A defining feature of SoFi personal loans is that borrowers will not be responsible for paying origination or prepayment fees. Refinancing through SoFi can also potentially help you save thousands on interest payments with flexible fixed and variable rate options. 

Who should avoid SoFi personal loans?

While SoFi personal loans are offered on flexible terms with no origination or late fees, there are some negatives to consider. Unlike other lending companies, SoFi requires that applications maintain a credit score of at least 680, which will be difficult for borrowers with short credit histories. Approvals can also take up to two weeks, and even when approved for a loan, it can take several more days until funds are released, so people looking for quick cash in an emergency should avoid SoFi. 

How to apply for a SoFi personal loan

One of the benefits of requesting a SoFi personal loan is that the application process is extremely simple. Regardless of the type of loan you’re applying for, SoFi’s website makes it easy to get prequalified for a personal loan. To qualify, follow the steps below:

  1. Navigate to SoFi’s website where you can get prequalified for specific loan amounts in under two minutes.
  2. Create an account.
  3. SoFi allows individuals to apply for multiple loan types. Choose the loan you want to apply for, and you’ll be directed to the appropriate form to complete.
  4. Fill out the application, entering your personal information, history of employment, social security number, gross income and banking details.
  5. Once approved for a loan, review the terms, sign the electronic documents and your funds will be deposited into your account in a few business days.

Alternatives to SoFi


LendingClub is another refinancing solution for individuals looking for help with debt consolidation, as well as small loans between $1,000 to $40,000. While LendingClub is better suited for applicants with well-established credit history, it does allow borrowers to apply with a cosigner and typically requires looser income requirements than SoFi. A unique feature of LendingClub is its grading system that all applicants are scored on. The system is based on 25 different variables that dictate what interest percentage the applicant will pay — between 5.49% and 35.89%. 


Prosper, along with SoFi, is another one of the largest providers of personal loans. The unique feature of Prosper is its peer-to-peer lending format with no minimum income requirement. As a peer-to-peer lender, Prosper matches borrowers with the right individual investors who fund loans. One benefit of Prosper when comparing with SoFi is that Prosper only requires a minimum FICO score of 640, while SoFi requires at least 680. Prosper also provides preapproved rates in minutes using its online application process and digital document signing. Once approved, funds are deposited into your bank account within seven business days.


For borrowers who are focused on not having to pay any type of payment processing or prepayment fees, Avant and SoFi are both great options. Avant is a more flexible financing option for individuals with lower credit profiles and who need funding quickly. Avant offers unsecured personal loans and approves individuals with fair to average credit scores starting at a FICO score of 580 or above. Although Avant is limited to loan amounts of $35,000, one of the main benefits is that approved applicants will receive funds much quicker than SoFi. Unlike SoFi, which can take several days to submit funds after approval, Avant approved applicants receive funds within one business day.

Josh Nadeau

Contributing Writer

Josh Nadeau is a seasoned sales operations and financial services writer with years of experience working in manufacturing, software, Fintech, and managed services. He uses his first-hand industry knowledge and technical expertise to help businesses and consumers alike make better financial decisions now and in the future.