SoFi Personal Loans: Rates, Terms & What to Know
Key Features
At a Glance
| APR Range | 8.99% – 29.99% |
| Loan Amounts | $5,000 – $100,000 |
| Repayment Terms | 24 – 84 months |
| Min Credit Score | 680 |
| Origination Fee | 0% |
| Funding Speed | Same day |
Pros and Cons
Pros
- No origination fees, which means you receive the full loan amount
- No late fees or prepayment penalties
- Unemployment protection may pause payments during involuntary job loss
- High maximum loan amount of $100,000
- Member rate discount available with autopay enrollment
Cons
- −Minimum credit score of 680 is higher than some competitors
- −Minimum loan amount of $5,000 excludes smaller borrowing needs
- −Does not offer joint applications or co-signer options
- −Autopay discount requires enrollment and a linked bank account
Why Borrowers Consider SoFi
SoFi has built its reputation on a fee-free lending model for personal loans. Unlike many competitors, SoFi charges no origination fees, no late fees, and no prepayment penalties. This fee structure can result in meaningful savings over the life of a loan, particularly for borrowers who might otherwise pay a 3% to 8% origination fee elsewhere.
SoFi also offers unemployment protection, a program that may allow you to temporarily pause your payments if you lose your job involuntarily. During this period, SoFi may assist you with job placement resources through its career services. This feature provides a layer of financial protection that few personal loan lenders offer.
Loan Amounts and Terms
SoFi offers personal loans from $5,000 to $100,000, one of the widest ranges among online lenders. Repayment terms span from 24 to 84 months, giving borrowers significant flexibility in structuring their payments. The combination of high loan amounts and long terms makes SoFi a viable option for major expenses such as home renovations, medical bills, or large-scale debt consolidation.
Keep in mind that longer terms result in lower monthly payments but higher total interest costs. Use a personal loan calculator to compare the total cost of a 36-month term versus a 60-month or 84-month term before deciding.
Rate Details and How to Qualify
SoFi personal loan APR ranges from 8.99% to 29.99%. Your actual rate depends on your credit score, income, employment status, and other factors. SoFi offers a rate discount for borrowers who enroll in autopay, which reduces your APR by a small percentage.
To be considered for a SoFi personal loan, you generally need a credit score of at least 680, a stable income history, and a manageable debt-to-income ratio. SoFi also evaluates your free cash flow and overall financial profile when making lending decisions.
Eligibility Requirements
- 1Minimum credit score of 680
- 2Must be a U.S. citizen, permanent resident, or visa holder (certain visa types)
- 3Must be at least 18 years old
- 4Must have sufficient income to support loan payments
- 5Must have a valid bank account for disbursement
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