SoFi Personal Loan – Requirements and Review


SoFi Personal Loan Offer Quick Hits

  • APR 5.990% to 16.240% (with AutoPay)
  • Loan amounts range from $5,000 to $100,000
  • SoFi is looking for a minimum credit score of 680 (average scores are above 700)
  • The average approved SoFi applicant has an annual income of $100,000
  • SoFi will never hit you with a bothersome late fee and allows the customer to pick their due date
  • Visit to apply or learn more

SoFi Personal Loan – How Does SoFi Compete In The Personal Loan Space?

SoFi Loans has exploded on to the scene in recent years.  They are most known for their aggressive push into the student loan refinance and consolidation space.  Their key demographic is typically catered towards customers with good to great credit.  This means they are able to provide very competitive interest rates and lower servicing fees than some of their competitors.  SoFi also provides another popular lending options in their personal loan service.

Before choosing to apply for a personal loan it is important to review whether or not it is the most prudent option for you.  Check out our personal loan write up for a deep dive into personal loans.  This article includes reviewing reasons for a loan as well as possible alternatives to personal loans.

sofi lending review

Personal Loans From SoFi – Below 15% Interest Rate – Reviewing The Details

The 15% interest rate is often looked at as the key appeal of a personal loan.  This is because that value often comes in lower than credit card interest rates.  Paying off credit card debt happens to be the most common reason individuals choose to take out a personal loan.   If you are paying above 15% on high-interest credit cards then a SoFi personal loan could be a good option for you.  SoFi advertises their loans at a rate of 6.99% through 14.99%.

A screenshot from Sofi – Why they think you should apply for a loan with them… they make solid points.


A sub 15% rate is going to be important if you are paying off higher interest debt.  SoFi is one of the few companies that promise approval rates below this amount.   Keep in mind, this does require auto payment features to be used for your loan but that is more of a convenience than a hassle.

Sofi Personal Loans – No Extra Fees

Another important takeaway is that SoFi loans do not include some of the expensive fees often found with competing products.  The two most important fees to avoid when considering a personal loan is origination fees and early payment fees.  The origination fee is an expense associated with accepting your loan.  This may come as a percentage or flat rate.  SoFi provides customers with no origination fee for their personal loan.  Additionally, there is no cost associated with making early payments on your SoFi loan.  This is great for customers who have the ability to pay off their loans ahead of schedule.

Sofi Personal Loans – No Late Payment Penalty

SoFi Personal loans also come with a “no late payment” penalty which allows for some forgiveness if you miss a payment date.  It is important not to be fooled by these types of promises (not just with SoFi but with any lending product).  Any loan providing no late payment fees ultimately mean you will be paying higher on interest costs.  Consumers will ultimately pay more in the long run.  Additionally, missing payments can eventually result in loan default which is reflected in future credit reporting.  This would negatively impact your credit score in the long run.

SoFi provides an additional feature which should not be overlooked which is their unemployment protection.  This feature can be applied for in the event that you lose your job.  If approved, SoFi will suspend your monthly payments and even provide assistance with your job search.  What is important to keep in mind is that your loan will still accrue interest during this period. With that said, forbearing your monthly payment can be crucial to financial stability during a period of joblessness.

Complete Your SoFi Loan Application Online

One final point to review is that the entire loan process can be completed online.  You can check your rate for free based on the terms you select.  With flexible terms and lending amounts, it is valuable to be able to review your rates before committing to a hard credit pull.  Checking your rate can be completed online with no impact to your credit score.

SoFi Personal Loan Requirements

Unlike some other personal loan options, the minimum loan requirement ($5,000) for a SoFi loan is quite a bit higher than you may find elsewhere.  This is a positive aspect in the fact that it allows them to be more selective of the loans they fund.  This is ultimately is reflected in the interest rate they are able to offer.  The downside to this is that if you were looking for a much smaller loan you will have to search elsewhere.  Here is a breakdown SoFi provides of their loan versus other personal loan competitors and typical credit card rates:

Customers will also find that SoFi loans require pretty good credit.  It is reported that the average approved credit for a loan is about 700.  If you are a customers searching for a personal loan with poor credit SoFi is not necessarily going to be the best option.

Interested In Checking Learning About Other Personal Loan Offers?  Check out our review on TD Express Personal Loans.

Sofi Offer – Responding To A SoFi Mail Offer

Some consumers are provided with pre-approved offers from SoFi for personal loan offers.  The SoFiOffer requires applicants to provided the Confirmation number they received in the mail in order to access their application online.  Customers will be directed to the SoFiOffer page where they will be able to enter their information.  Once provided, potential customers will be able to complete the application process.

SofiOffer – Requires Confirmation Number and Zip Code to Access Offer

As you can see above, all you need to do is enter the confirmation number you received and your zip code.  The best part about the SoFi Offer is that customers credit score will not be impacted if you only want to view your rate. Reviews (from credible blogs)

  • NerdWallet: Editors from gives SoFi a perfect 5 out of 5 stars
  • Credit Karma: 4 out of 5 stars from customer reviews (69% giving a perfect 5 out of 5)

Other Options Personal Loan Options

  • Discover Personal Loan: APR 6.99% – 24.99% (Loan amounts from $2,500 to $35,000)
  • Payoff Personal Loan: APR 5.99% – 24.99% ($2,500 to $35,000)

SoFi Customer Service

  • Tweet @SoFiSupport Customer Support
  • Customer Support Call 1-855-456-7634 Mon-Thu 4:00 AM – 9:00 PM PT Fri-Sun 4:00 AM – 5:00 PM PT
  • For Home Loans General Support Call 1-8440763-4466 Monday to Friday 6:00 AM – 6:00 PM PT (not available on weekends)
  • For Invest Support Call

Overall Review and Summary

SoFi loans have received high reviews across popular financial review sites including Credit Karma where they have a 4/5 based on user reviews.  The negative reviews tend to be focused around issues that were unique to their case rather than a systemic issue within the company.  The most common positive takeaway is the lightning-fast turnaround time from application to payment.  Based on the overall positive reviews and the features discussed above, SoFi definitely should be a top contender when deciding who to do business with for a personal loan.

Have a student loan? Check out Sofi vs Lendkey: compare student loan refinancing.

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