Why You Should Trust Us: Our SoFi® Personal Loan Review Methodology
We rated over 40 personal loan products on a scale of 1 to 5. SoFi loans received a score of 4 out of 5. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but they are not directly tied to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans »
At Business Insider, our reviews are guided by editorial independence, meaning our recommendations and ratings are based on objective criteria, thorough research, and expert analysis. Advertisers do not dictate our content, ensuring our reviews remain transparent and unbiased.
Business Insider compared SoFi® Personal Loan to the best personal loans of 2025 and found it to be an industry leader. SoFi loans have a large maximum loan amount of $100,000, which is helpful for borrowers who need to fund a significant expense.
SoFi personal loans is best for borrowers with good or excellent credit, with fixed rates starting with an APR as low as 8.99%.
To qualify for competitive interest rates, borrowers should build credit by paying bills on time, reducing debt, and maintaining a healthy credit utilization ratio.
However, unlike other loan companies, SoFi® doesn't offer in-person support. So, if you like the option of talking to a banker in person about your loan or making a payment in person, SoFi loans may not be the best option for you.
Pros & Cons
SoFi Personal Loan Pros
- Generous loan limits. You can borrow up to $100,000 with a SoFi personal loan.
- Avoids fees. SoFi® does not charge origination fees or late payment fees.
- Fully online loan application. Applying for a SoFi® personal loan is quick and easy.
SoFi Personal Loan Cons
- SoFi credit score requirements. While SoFi® doesn't disclose exact credit score requirements on its website, you'll likely need a credit score in the mid-600s to qualify.
- High minimum loan amount of $5,000. If you only need a few thousand dollars, you'll need to look elsewhere.
- No in-person support. No in-person support.SoFi® customer support is only available via phone or online chat.
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6.49% to 35.49% fixed (with all discounts)
$5,000 to $100,000
680
Pros
Cons
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
Compare SoFi Personal Loans
Overview
SoFi loans are an excellent option for personal loans from $5,000 to $100,000 with flexible terms ranging from two to seven years. You can use a SoFi personal loan to consolidate credit card debt or fund major life expenses, such as weddings, home improvements, fertility treatments, travel, and more.
SoFi is also a top pick in our guide for the best debt consolidation loans. This lender offers competitive fixed interest rates, which means your rate won't change for the entirety of your loan. You can consolidate multiple monthly payments into one and potentially save money by qualifying for a lower APR with SoFi. Another way to save money is by taking advantage of SoFi's 0.25% rate discount when you sign up for autopay. This discount can reduce the amount of interest you pay in the long haul.
Features and Benefits
SoFi operates completely online, offering personal loans from $5,000 to $100,000 with repayment terms ranging from 24 to 84 months. This wide range of loan amounts and flexible terms makes SoFi a strong option for borrowers with good to excellent credit who need to fund large expenses or prefer longer payoff periods.
SoFi personal loans can be used for a variety of purposes, including debt consolidation, home renovations, medical bills, relocation costs, weddings, and other significant expenses. However, like most personal loans, SoFi loans are unsecured, meaning they don't require collateral, and borrowers are personally responsible for repayment. SoFi loans cannot be used for business purposes, post-secondary education expenses, or illegal activities.
How to Apply
SoFi® is a strong personal loan lender for those with high credit scores and who are looking for a large loan — you'll get multiple perks, and there are no fees required. These features also make it a solid home improvement loan option.
Eligibility
To be eligible for a SoFi personal loan, you must meet the following requirements:
- Be a U.S. citizen, permanent resident, or non-permanent resident alien
- Be the age of majority in your state or older
- Be employed, have sufficient income sources, or have an offer for employment with a start date within 90 days
- Be a resident of a state SoFi is licensed to lend in (not including Alaska, Arizona, Connecticut, Georgia, Hawaii, Kentucky, Massachusetts, Mississippi, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Utah, Virginia, West Virginia, Wisconsin)
In addition, SoFi takes your credit score, financial history, and debt-to-income ratio into consideration when determining whether or not to approve loan applications.
Step-by-Step SoFi Loan Application Guide for Personal Loans
1. Check your rate. SoFi allows borrowers to prequalify for loans by applying through its website. That means you'll be able to get your rate without impacting your credit score. You'll need to input your name, email address, state of residence, desired loan amount and purpose, and other information.
2. Look over your loan offerings and choose the one that makes sense. After you submit your initial information, SoFi will send you potential loan terms. A shorter term length means bigger monthly payments — but you'll save more in interest. You'll need to send in a formal SoFi® loan application, which may require additional documents like W-2s, pay stubs, or bank statements.
3. Confirm your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've added your loan payments into your budget.
Rates
SoFi® is a well-known lender with competitive interest rates available for high loan amounts and shorter repayment terms. SoFi loan rates range from 6.49% to 35.49% fixed (with all discounts).
If you borrow from SoFi, you won't pay an origination fee at the start of the loan, and SoFi doesn't charge a fee for late payments. However, interest will still accumulate on late payments, and a late payment could still be reflected on your credit report.
SoFi Debt Consolidation
SoFi® offers loan amounts of $5,000 to $100,000. Due to this wide range, it's a top pick when it comes to debt consolidation for high balances.
Loan terms range from two to seven years, and SoFi offers competitive interest rates that vary based on creditworthiness.
SoFi sets itself apart as one of the best for debt consolidation loans by offering online personal loan pre-approval. This service allows those with existing debt to understand their loan options before agreeing to a hard credit pull.
However, borrowing from SoFi is a best fit for borrowers with good to excellent credit, meaning a credit score of 680 or higher.
Customer Reviews
SoFi has excellent reviews on the well-known consumer review site Trustpilot. The lender boasts an average 4.3-star rating out of 5. Customers loved how easy it was to get a loan and how quickly their loan was funded.
Most of the negative reviews were from people whose loan applications were denied. Many claim it was unclear why they were denied despite having a good credit history.
Trustworthiness
SoFi currently boasts an A+ rating from the Better Business Bureau. This indicates that the lender responds to customer complaints in a timely manner.
In May 2024, SoFi agreed to a $1.1 million settlement with FINRA regarding customer fraud and identity theft. This doesn't ensure you'll have a bad experience with the lender, but it is something to be aware of. It's also important to do your own research and take steps to reduce your risk of identity theft when possible.
Alternatives
LightStream Personal Loans
6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)
$5,000 to $100,000
660
Pros
Cons
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
LightStream Personal Loan- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 12 years
- Apply online and you'll receive a response shortly during business hours.
- Receive your funds as soon as the same day
- Loans are made by Truist Bank, member FDIC
SoFi® and LightStream Personal Loan both cater to borrowers with good credit. However, for borrowers who don't meet SoFi's relatively high credit requirements, LightStream may be the better choice.
LightStream's interest rates start at 6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose), lower than SoFi's rates. Neither lender charges origination fees or prepayment penalties. Your choice could depend on which lender offers you the better rate.
Upstart Personal Loans
6.60% to 35.99% fixed
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
300
Pros
Cons
Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Upstart- Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
- Loan term lengths are either 3 or 5 years
- Can have origination fees up to 8%
- Considers employment and education history when making loan approval decisions
- Loans are made through one of several Upstart-powered bank partners
While SoFi® does not require a origination fee, Upstart Personal Loan does charge an origination fee of up to 12% on its personal loans. Upstart has a much wider range of interest rates than SoFi, and SoFi's interest rates stop much lower than Upstart's interest rates. See the best personal loans with no origination fee.
Rocket Loans
Unlike Rocket Loans personal loan, SoFi® does not charge an origination fee. SoFi® also offers loan amounts ranging from $5,000 to $100,000, whereas Rocket Loans provides loans between $2,000 to $45,000.
A key difference between the two is SoFi's all-in-one mobile app, which allows borrowers to manage their loan alongside other financial products like SoFi Bank.
FAQs
What credit score do I need for a SoFi personal loan?
SoFi's credit score requirement is not disclosed, but potential borrowers should aim for a score of 680 or above. If your credit score falls short, consider the best fair credit personal loan companies instead.
How do I qualify for a SoFi personal loan?
Your credit score, income, employment status, and other financial factors determine whether or not you qualify for a SoFi personal loan. SoFi credit score requirements cater more toward borrowers with good to excellent credit.
Do SoFi personal loans charge any origination fees?
There are no origiantion fees required with SoFi Personal Loans. SoFi also has noprepayment penalties, or late fees.
How fast does SoFi approve personal loans?
SoFi typically takes two days to decide whether or not a personal loan application will be approved. This process may take longer if you are self-employed or apply with a co-borrower.
Fixed rates from 6.49% to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 08/08/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and 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 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
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 receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 9/14/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
