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SoFi offers low rate personal loans to well-qualified borrowers with excellent credit scores and higher incomes. They offer the most flexible payment options that include letting you change your payment due date, no late payment fees, and even the ability to put your payments in forbearance if you lose your job.

SoFi Personal Loan

8.3 out of 10

SoFi Bank, or Social Financial, Inc.,  has been around since 2011 and offers  a wide variety of loan products and financial services. There is no charge to apply for a SoFi personal loan and even non customers can get a SoFi personal loan application. 



Fixed & Variable Loan Options

Low APR For Excellent Credit

Helpful Financial Tools


Bad APR For OK Credit Scores

High Income Requirement


SoFi is a niche lender that targets customers with excellent credit scores and high annual incomes by offering them extremely competitive rates. However, if your credit score and income are not high enough, SoFi’s APR rates are much less competitive, and we’d recommend you look elsewhere. The SoFi vibe feels very elitist and designed for the well to do or well-qualified borrower. They offer a more socially conscience or new-age lending philosophy and do not charge loan fees or for late payments. Of course, any lender not charging loan fees may increase the interest rates of the loan, so be sure to compare the APR’s of your offers. Overall, if you are a well-qualified borrower, you probably won’t find much better than SoFi for your next personal loan. If your credit score or income is anything but the best, check out our Top Ranked Personal Loan Companies, to find you the best rate possible.

Who Is SoFi?

Social Financial, Inc., more commonly known as SoFi, was founded in 2011 as a niche loan company specializing in student loan refinancing.

To date, SoFi’s customers tend to have high incomes, excellent credit scores with limited credit history.

The average SoFi customer has an annual income in excess of $100,000.

Sofi offers a wide range of finacial products including student loan refinancing, home mortgages, and personal loans. 

Many customers rave about their members only events, couples financial workshops, and career counseling programs. 

What Makes Them Different?

SoFi banks philosophy is more forward thinking with plenty of evidence they care about being a good member of society. 

To this end they offer their customers low rates (if you are well-qualified), no fee loans with no late payment penalties. 

If you select the SoFi auto-pay method you will receive a 0.25% discount on your personal loan interest rate.

A no-fee loan may mean you’ll pay a higher interest rate, so make sure you compare the annual percentage rate before applying.

To qualify, you must attack a checking or savings account to your SoFi personal loan account and select auto-payment.  

SoFi will even let you change your payment due date when you sign up so you can adjust it based on your monthly cash flow. 

Another really cool feature they offer is the SoFi unemployment protection program. 

How it works is that if you lose your job for no fault of your own, you can have you monthly personal loan payment put on forbearance (just like student loans) for three month intervals up to 12 months. 

While in forbearance you will not be required to make any payments and your credit score will not be hurt so long as you you work with the SoFi career strategy services. 

How Does SoFi Personal Loans Work?

SoFi offers a 100% virtual online experience from application to funding your loan. 

Everything can be done online including uploading the necessary documents with your cellphone through the SoFi app. 

The application process is easy with the ability to complete each step online. 

We review our top rated personal loan companies application and review process below. 

1. Find Your Rate

The first thing you do is select “Personal Loans” and fill out the short form. It takes about 1 – 2 minutes to enter your information.

You need to provide basic information and financial income, as well as the amount of the personal loan you are looking to apply for.

And guess what: 

Our top lenders do not check your credit score to get lender offers, they only do a soft credit check.

This means you get to see what rates you can qualify for without the worry of it affecting your credit. 

You would find your SoFi personal loan rates at this time if you applied through them. 

2. Compare Your Options

Once you put your information in and submit the form you will be taken to a dashboard. 

This dashboard will have multiple pre-approval offers from different lenders.

The personal loans rate SoFi is nothing new, everyone wants to get the best rates and with our top lenders you will have multiple to choose from. 

Keep in mind, these are Pre-Approvals and your actual approval is not guaranteed; however, you will get to see your actual pre-qualified rates.

The rates you see are usually very accurate as long as you can verify your information and nothing changes on your credit report. 

Once you confirm and verify everything the rates are pretty solid.  The best thing is that you get to see your options up-front and know exactly which option is best for you.

3. Apply For Your Personal Loan

Once you pick a lender, it’s time for you to apply. Unfortunately, you won’t be able to apply for personal loan SoFi since they do not offer them at this time. During the application process, you’ll get asked more in-depth questions about your use of the loan, your financial history, and the lender will run a credit check. *Note: This all happens on the personal loan website. 

Once this step is done the lender will work with you directly to finalize all of the loan details.

SoFi Loan Eligibility For The Well-Qualified Borrower

In order to be eligible for SoFi Personal loans you must meet at least these below requirements:

  • Be a U.S. Citizen or Permanent Resident
  • You are at least 18 years old
  • Minimum income requirement of $45,000
  • Must have at least 680 credit score but usually 700+

What Information Will You Need To Apply?

The SoFi personal loans application for pre-approval would include the same things that our top lenders request.

Before filling out the online form make sure you have the below information ready:

  • Date of birth.
  • Estimated credit score.
  • Annual income (before taxes).
  • How much you want to borrow.
  • Your Current employment status.
  • What you plan to use the money for.
  • Your highest level of completed education.

SoFi Personal Loan (Basics)

SoFi Personal Loan offers are based on a number of factors including your credit score, income and debt ratios

These personal loan estimated ranges are provided by SoFi as the minimum and maximums you may be offered for a personal loan.  

Actual rates and terms will change for a variety of factors. This is for information only, do not use this information to make a loan decision or, for that matter, any decision at all. 

  • Loan Amount Range: $5,000 – $100,000
  • APR Range: 5.99% – 17.88%
  • Fees: None
  • Prepayment Penalties: None
  • Loan Terms: 2 to 7 years
  • Payments Directly To Creditors: Varies. 

Remember, once you pick a lender, they will pull your credit report and create a hard pull on your credit.

SoFi Personal Loan Calculator

Use the SoFi Personal Loan Calculator to help determine your personal loan payment amounts based on factors such as; interest, length of the personal loan and amount borrowed. 

The interest rate will be determined primarily by your credit score and your ability to repay the SoFi personal loan. 

Their calculator lets you adjust the different loan variables to give you a good understanding of how each affects your monthly payment. 

As you increase the length of the loan the monthly payments decrease.

If you are able to find a personal loan with a lower interest rate that will decrease your monthly payment amounts, also. 

What To Use SoFi Personal Loans For?

There are several reasons you may need a personal loan and below we list out some of the reasons you may need a SoFi personal loan:

  • Debt/Credit Card Consolidation
  • Major Purchase    
  • Home Improvement   
  • Medical Expenses   
  • Moving/Relocation    
  • Vacation
  • Your Wedding

As you can see, there is a huge list of reasons for getting a personal loan.

Of course our favorite reasons are for Debt Consolidation, Education, and Starting a Business. 

sofi personal loan reviews sofi home improvement loans process fixed rate home equity no fees

SoFi Personal Loan Reviews

It is not uncommon for a lender to have many one-star complaints from people who applied for a loan and didn’t qualify. 

After reading hours of SoFi personal loan customer reviews, the common thread is that SoFi goes above and beyond most customer’s expectations. 

Most reviews talk about the phenomenal customer service and how easy it is to work with SoFi. 

Customers love that there are no late payment fees and the ability to put your payments on hold if you lose your job through their payment forbearance program.

Below are some of the SoFi Personal Loan reviews:

SoFi Better Business Bureau Reviews 

SoFi Personal Loan BBB has had a file at the Better Business Bureau since 2011.

They have an excellent BBB rating of A- with 122 complaints in the past three years (as of 11/12/2019). 

SoFi BBB complaints tend to be related to people who applied for a loan and were denied for various reasons. 

Keep in mind that SoFi personal loans are targeted for people with excellent to really good credit scores and it is not a surprise to see so many complaints by people who feel snubbed. 

sofi bbb sofi personal loan bbb better business bureau sofi customer reviews sofi customer complaints

The SoFi BBB Reviews generally point to a company that wants your business and will make a reasonable effort to treat you well. 

SoFi BBB reviews and customer complaints are  taken seriously by the company as most complaints receive a prompt response. 

Steps To Take After SoFi Personal Loan Approval

It feels great getting approved for something, no matter what it is, you feel like you have just won something.

But, after you have been approved, there are some things you should be doing with your accounts.

Make On Time Payments

I am sure you are tired of seeing everyone saying “on-time payments”.

Helpful Tip

If your application goes to “Pending” status it doesn’t mean Declined. Usually, more information may be needed.

But it is super important and is one of the largest factors in helping grow your credit score.

Of course you probably didn’t obtain this loan for building your credit.

However, you still need to be mindful that this product can harm your credit if you don’t manage it correctly.

No matter what, avoid late payments.

Pay Back The Loan ASAP

Along with making on-time payments you should definitely pay this loan off as super fast as possible.

Large personal loans tend to linger and we usually only pay the minimums. 


While this does keep more cash in your pocekt in the initial phase, eventually you end up spending thousands of more dollars in interest payments.

Getting the credit utilization below 30% will also be great for helping your credit score grow. 

Taking Action & Getting A Loan

Hopefully, you found this SoFi Personal Loans Review to be helpful because Personal Loans are a great option to pay down debt, or even start a business. 

If you need a personal loan SoFi is an excellent option if you are a well-qualified borrower. 

You can click the link  below to complete your application process and get a loan in under 2 minutes through our top rated personal loan companies. 

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Additional Resources

Best Personal Loan Rates By Credit Score

Best Personal Loan Companies Of 2020


Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers’ credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval. Discrimination based on gender is absolutely forbidden. Whether the loan is for her or for him, you should receive the same terms. 

Best Personal Loan Companies

Best Personal Loan Rates By Credit Score