Need an unsecured personal loan? SoFi offers competitive rates and loans up for $100,000.

SoFi personal loans: Overview

APR: 8.99%–25.81% fixed (including all discounts)

Term length: 2–7 years

Loan amount: $5,000–$100,000

Fees: 

• Origination fee: 0%–6%
• Late payment fee: None

With a SoFi personal loan, you can borrow as little as $5,000 or as much as $100,000. Loans are unsecured, meaning no collateral is required. Interest rates are fixed and start at 8.99%, which includes all available discounts. The actual rate you’re offered will depend on your personal credit and financial details.

SoFi notes that its personal loans can be used for just about any personal, family, or household purpose, including home improvements, debt consolidation, medical bills, IVF, and more. However, personal loans can’t be used for buying real estate or investments, business purposes, post-secondary education, or short-term bridge financing.

As of April 2018, SoFi allows personal loan applicants to apply with a co-applicant. Adding a co-applicant isn’t required, but it could help you qualify for a loan or lower interest rate. Both applicants will be equally responsible for repaying the loan. Keep in mind that a co-applicant is not the same as a co-signer; SoFi currently doesn’t allow co-signers on personal loans.

One of SoFi’s most notable features is its unemployment protection. If you lose your job through no fault of your own, you can apply for this benefit. If approved, SoFi will modify your monthly personal loan payments and provide job placement assistance during the forbearance period. 

To be eligible for unemployment protection, your loan(s) must be in good standing when you apply for this benefit, and interest will continue to accrue and be added to your principal balance at the end of each forbearance period. Benefits are offered in three-month increments, with a 12-month aggregate maximum over the life of the loan. 

SoFi personal loan: eligibility requirements

To be eligible for a SoFi loan, you must meet the following requirements:

• Be 18 years or older, and reside in one of SoFi’s eligible states
• Be a US citizen, permanent resident, non-permanent resident
• If you’re a permanent resident, you must be able to show an image or scan of your permanent residency card, and it must be valid for two years past the “resident since” date. 
• Be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.

In addition to these requirements, loan eligibility is also based on several other factors, such as credit score, monthly income vs. expenses, and professional experience. 

Personal loan applicants that have one or more existing SoFi personal loans must have made at least three payments, and the most recent three payments must have been made on time in order to be eligible for an additional personal loan. (Michigan residents can only have one SoFi personal loan at any given time.)

SoFi personal loan discounts

SoFi offers a couple of discounts that can help make your monthly payments more affordable.

Autopay discount: If you agree to have your monthly payments automatically deducted from a checking or savings account, you will receive a 0.25% interest rate reduction on your personal loan. The benefit doesn’t apply during any periods in which you don’t pay by automatic deduction.

Direct deposit discount: Borrowers can also receive a 0.25% interest rate reduction on their personal loan with payroll direct deposits totaling at least $1,000 made to their SoFi bank account. 

SoFi customer service

SoFi has a TrustPilot rating of 4.7 stars, based on nearly 7,000 reviews. Satisfied customers note that the application and funding process is quick and easy. Negative reviews mostly revolve around issues not related to personal loans, such as trouble with bank accounts and student loan payments.

Additionally, SoFi has an A+ rating from the Better Business Bureau, though it is not a BBB-accredited business.

You can reach a representative in the personal loans department by calling (855) 456-SOFI (7634) Monday through Thursday from 5 am to 7 pm PT and Friday through Sunday from 5 am to 5 pm PT. SoFi also offers chat support.

Who is a SoFi personal loan best for?

SoFi personal loans appeal to a wide range of borrowers due to their flexible borrowing terms and low fees. However, the ideal borrower for a SoFi personal loan has good credit and can qualify for the lender’s best rates, which are competitive for the industry, without the need for collateral or a co-signer.

How to apply for a SoFi personal loan

SoFi makes it easy to apply for a personal loan: 

• Get prequalified. SoFi allows you to get a rate quote online without affecting your credit score. The process takes just 60 seconds. 
• Choose your loan term. Once you get your quote, you can choose your loan’s term and finish the application online (this part does require a hard credit pull).
• Receive funds. After your loan is approved, you only need to sign your documents, and the funds will be wired to your account. You can receive your money as quickly as the same day.

SoFi personal loans vs. alternatives

If you’re looking for a low-cost, unsecured personal loan, SoFi isn’t your only option. Here are a couple of alternatives to consider.

Avant personal loans vs. SoFi personal loans

Avant is another online lender that provides quick funding on personal loans. However, this lender appeals more to those looking to borrow a smaller amount—from $2,000 to $35,000. Avant also offers shorter loan terms (one to five years) and a wider range of interest rates (9.95%-35.99% APR).

Upstart personal loans vs. SoFi personal loans

Another option for online, next-day financing is Upstart, which offers unsecured personal loans in amounts between $1,000 and $50,000. You can choose a repayment term of either three years or five years. Upstart’s interest rates are also quite competitive, starting at 5.20% for highly qualified borrowers, which is lower than SoFi’s starting rate. You’ll need excellent credit to qualify for the lowest rates, however.

Frequently asked questions

How hard is it to get approved for a SoFi personal loan?

SoFi evaluates a number of factors when determining whether to approve a loan application. Generally, it’s not hard to get approved for a SoFi personal loan if you have good credit and a reliable income.

How long does it take to get funds from a SoFi personal loan?

Once you’re approved for a SoFi personal loan, you can expect to receive your funds within a few days. Often, applicants receive their money the same day.

Does SoFi do credit checks for personal loans?

Yes, SoFi performs a hard credit inquiry once you submit an official application for a personal loan.