SoFi Personal Loan review

SoFi offers low rates for good credit customers and no fees, while still offering flexible payments.

(Image: © SoFi)

Top Ten Reviews Verdict

A loan for those with a good credit rating, which is rewarded with low rates, no fees to pay and decent flexible payment options. There are also membership perks to enjoy but you may have to wait up to a week to get your funds.


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    Low rates

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    Flexible payment options

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    Membership perks


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    Strong credit rating required

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    Funding can take seven days to come in

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The SoFi Personal Loan is a great way to get a funding boost online easily for anyone with a decent credit rating, as one of the best online personal loans. Since there is that credit prerequisite it means that the company is able to offer better features for those that qualify. 

Things like low rates, flexible payment options and membership perks are just a few of the positives that this online personal loan affords you.

The loan amount varies anywhere between $5,000 and $100,000 depending on factors like your credit rating and personal history. Plus, of course, how much you actually need to borrow.

One of the best things about SoFi is the clarity and transparency offered from start to finish. The result is that you know exactly where you stand throughout so you don't need to worry about getting in over your head of suffering any unforeseen payments.

You can enjoy more peace of mind with features like a temporary forbearance, should you lose your job and find yourself unable to pay back the loan.

For high-income earners with a good credit score, this is one of the top personal online loans out there right now.


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Cost: How much does SoFi charge?

SoFi Personal Loans: Key figures

APR variable: 5.99 - 17.67%
Loan range: $5,000 - $100,000
Min credit score: 680
Term: 2-7 years

  • Minimum APR: 5.99%
  • Maximum APR: 17.67%

SoFi offers a nice range of loan amounts, from $5,000 all the way up to $100,000 (just like Lightstream) for personal finance. It does this with fixed rates of APR that vary between 5.99% and 17.67% (again, the same as Lightstream and better than rivals like Prosper), so you know exactly how much you will need to pay back in the long run. 

There are also variable rate loans which have rates that range from 5.47% up too 14.70%.

Both of these rates are based on a repayment system setup using AutoPay. This AutoPay sign-up represents a saving of up to 0.25% as a discount off your interest rate.

SoFi Personal Loans review: Unemployment protection

  • Defer payments up to a year
  • Option for interest-only payments

One of the great features of the SoFi Personal Loan is its unemployment protection. This means that if you were to lose your job, rendering you unable to pay back your loan, then you won't have to.

This worry-free feature means you'll be able to place repayments of the loan on hold until you are earning again and can then begin repaying the loan once more.

This forbearance feature is something you will need to apply for, so it's not guaranteed. Also it works for three months before you need to reapply. This runs for a total of 12 months before you have to start repaying the debt.

Also, while you're not repaying, the interest will still accrue on the loan amount meaning you will have more to pay back once you start payments again. However, there is an option to make interest-only payments during the forbearance period so you don't have a higher amount to face when you're back to making full repayments again.

SoFi Personal Loans review: Members benefits

  • Savings on other loans
  • Private event invites

Getting a SoFi Personal Loan has been compared to joining a private members club, since that is effectively what you're doing. If you manage to meet the requirements for entry, AKA to get a loan, then you're eligible for even more. 

One perk for members is a reduced rate on any other loans you may wish to take out. You can get a 0.125% rate discount on an additional SoFi loan since you're already a member.

A rather unique benefit is that as a loan user you'll be invited to exclusive events where you have the opportunity to network with business owners, attend mentorship events and even get career counselling. 

SoFi Personal Loans review: Requirements to qualify

  • At least a 680 credit score
  • Median income is $106,000

The thing that SoFi is looking for is free-flowing cash, as opposed to just a good credit rating. While the official number it aims for is a credit score of 680, it's your cash flow that it's really looking at. This means the amount of money you have coming in after your expenses are deducted from that.

So, essentially, SoFi wants to lend to those that have a decent income with a good debt-to-income ratio. For those with a bad credit score or financial difficulties, this isn't the loan best suited.

The median income of SoFi loan borrowers is $106,000. So a high income and good credit score are generally required if you want to get into the SoFi loan members club.

Since SoFi notifies all three credit bureaus when it reports your payments, it can actually really help your credit score, presuming you on time.

SoFi Personal Loans review: Fees

  • No fees
  • Total transparency

In short there are no fees. Yup, that's one of the great features of SoFi – you don't need to worry about extra costs.

There are no origination fees, no closing fees and no prepayment penalties. As a result you can easily see exactly how much your loan will cost you. This level of transparency is something that SoFi prides itself on.

SoFi Personal Loans review: Application process

  • No initial hard pull
  • Simple online process

Thanks to a pre-qualify assessment you can be offered exactly the loan options that are available to you in your situation. This also has the added benefit of not having a hard pull, which could affect your credit score.

Simply enter details like your name, state, email and a password before offering information about education and employment history. Then you'll be given loan options, yup, without the need to put in your social security number yet.

Pick the loan you want, upload some ID and income evidence documents then you'll have your hard check. If you qualify you'll get a document to digitally sign and return. Then you'll receive a phone call to confirm your address. Then simply wait for your funds with payments for fixed rate loans due on the first of the month and for variable on the tenth.

SoFi Personal Loans review: What users say

  • JD Power 3 star rating
  • Total points of 856

JD Power carried out its independent study of the customer satisfaction for personal loan offerings across the US in 2019 and found that SoFi was one of the higher rated options with a total of a three-star rating. The number rating, on a 1,000 point scale, was 856.

Four stars were awarded for loan offerings and terms, while it was three stars across the board for the other categories that include interaction, billing and payment, plus application and approval process.

SoFi Personal Loans review: Verdict

SoFi is an excellent online personal loan option for those with a good cash flow, decent credit score and healthy income. It offers great transparency with no fees, lots of membership benefits including guidance and events, low interest rates and good loan sizes and repayment periods. 

While this isn't ideal for those in less financially secure situations, it's a great option for those that want to pay off credit cards or make a big purchase with the peace of mind that even if they lose their job there is a chance to defer payments until securely in work again.


<a href="" data-link-merchant=""">Compare personal loan rates at Credible
Credible is the perfect place to search for the best personal loan rates. Get rates from hundreds of banks and lenders without having to fill out the same details again and again.

Luke Edwards

Luke is a veteran tech journalist with decades of experience covering everything from TVs, power tools, science and health tech to VPNs, space, gaming and cars. You may recognize him from appearances on plenty of news channels or have read his words which have been published in most tech titles over the years. In his spare time (of which he has little as a father of two) Luke likes yoga, surfing, meditation, DIY and consuming all the books, comics and movies he can find.