SoFi Loans Review

*Fixed rates from 8.99% APR to 29.99%APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved forthe most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

SoFi Personal Loans Review Summary

SoFi personal loans are great for people with a 680+ credit score who want to borrow a lot of money at a low cost. SoFi loans provide as much as $100,000 in funding, with interest rates as low as 0% and no fees of any kind. An application decision usually takes just 2-4 business days, too.

Due to their potentially low costs and high loan amounts, SoFi loans can be particularly good for debt consolidation. Borrowers can take out a lower-interest, fee-free SoFi loan to pay off high-interest debt – from a credit card, for example. SoFi also allows co-applicants to take joint responsibility for a loan, an option that not all lenders offer.

Below, you can find more information about the terms of SoFi personal loans and how WalletHub rates them in three key categories.

SoFi Personal Loan Terms

APRs	8.99% - 29.99% Fixed APR with all discounts
Loan Amount	$5,000 - $100,000
Loan Terms	24 - 84 months
Origination Fee	$0
Prepayment Fee	$0
Late Fee	$0
Minimum Credit Score	Fair*
Minimum Income	Not disclosed
Loan Purpose	Debt Consolidation, Refinance, Home Improvement
Time to Receive Loan Money	As soon as the same day after approval
Other Requirements	18 years old U.S. citizen, permanent resident or Visa holder

*According to multiple third-party sources

SoFi Loan Rates, Fees & Other Terms

Category Rating: 92% (4.6 out of 5)

• Overall APR range: SoFi personal loans have an APR range of 8.99% - 29.99% Fixed APR with all discounts. SoFi loan rates are fixed, so you will keep the same interest rate until your loan is paid off.
• How rates are determined: Each borrower’s individual rate will depend on their credit score, income, and existing debts, among other factors.
• Fees: SoFi does not charge any fees. There is no origination fee to process the application.
• Loan amounts & timelines: SoFi offers personal loan amounts from $5,000 - $100,000. Their payoff terms range from 24 - 84 months.

SoFi Loan Requirements

Category Rating: 86% (4.3 out of 5)

• Minimum credit score: SoFi requires a credit score of at least 680 for personal loans, according to company representatives.
• Citizenship: You must be a U.S. citizen, permanent resident, or immigration visa holder. If you are a permanent resident or immigration visa holder, you must have at least two years until your status runs out, or you must have filed for an extension or renewal.
• Identification: You can apply using a Social Security number or passport.
• Pre-qualification: SoFi lets you check your potential rate online with no impact on your credit score. However, actually submitting an application will result in a hard pull.
• Co-applicants: SoFi allows co-applicants. A co-applicant has joint responsibility for the loan and must live at the same address as the primary applicant.
• Ways to apply: If you decide to apply, you can do so online.
• Application status: You can check your application status any time though your SoFi online account.
• Funding timeline: You can get your money as soon as the same day you are approved.

SoFi Loan Reviews & Transparency

Category Rating: 60% (3 out of 5)

• Better Business Bureau: SoFi is not yet accredited by the BBB, but it does have an A+ rating from them.

• Consumer Financial Protection Bureau: The CFPB has catalogued more than 130 complaints about SoFi’s personal installment loans. Some complaints include being denied when the consumer thought they should not have and difficulties signing the loan agreement. SoFi has a good track record of providing “timely” responses to existing complaints.

• WalletHub: SoFI has a score of 2.7/5 across more than 740 reviews.

• Transparency: SoFi is highly transparent about their personal loan terms and shows them plainly on their website. SoFi also discloses their minimum credit score requirements, but they cannot be easily found online, and SoFi could be a bit more transparent by revealing their minimum income requirements.

SoFi scores well in this category because they have a good reputation with both consumer watchdogs and their own customers. In addition, they are very transparent, more so than many competing lenders.

Summary: SoFi Loans Scores by Review Category

Other Key Things to Know

• Age: You must be at least 18 years old.
• Late Fee: SoFi doesn’t charge late fee.
• Minimum Income: SoFi does not disclose any kind of minimum income requirement.
• Prepayment Fee: SoFi does not have any prepayment fee.

SoFi Loans vs. Popular Competitors

	SoFi	Wells Fargo	Marcus by Goldman Sachs
Reviews	*****	*****	*****
APRs	8.99% - 29.99% Fixed APR with all discounts	7.49% - 23.24%	6.99% - 24.99%
Loan Amounts	$5,000 - $100,000	$3,000 - $100,000	$3,500 - $40,000
Loan Terms	24 - 84 months	12 - 84 months	36 - 72 months
Minimum Credit Score	Fair*	Fair*	Good*
Winner	SoFi

*According to multiple third-party sources

Methodology

In order to provide the most accurate SoFi personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. SoFi terms do not fluctuate significantly by state, however.
2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.