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The bottom line: SoFi Personal Loan is a strong personal loan lender for those with high credit scores — you’ll get perks like unemployment protection and no fees. However, its minimum loan amount is relatively high and you’ll need a solid credit score to qualify.
Pros and cons of SoFi personal loans
Pros
Generous loan limits. A generous maximum loan limit of $100,000 could be helpful for borrowers who need a large loan. Some competing lenders won’t lend nearly as much.Unemployment protection. SoFi offers forbearance in case you lose your job during your loan repayment. This unique feature allows you to apply for as many of 12 months of forbearance, in three-month increments.No origination or late payment fees. SoFi doesn’t charge an origination fee at the start of the loan and also doesn’t charge a fee on late payments. However, interest will still accumulate on late payments, and a late payment could still be reflected on your credit report.
Fully online application. SoFi personal loan applications can be completed entirely online, so there’s no need to visit a bank in person. Preapproval is also available on SoFi’s website to check your interest rates before completing the full application.
Cons
High minimum credit score requirement. The minimum credit score required for approval is 680. Many other personal loan lenders, including LightStream and Discover, only require a credit score of 660.High minimum loan amount. The lowest amount you can borrow with SoFi is $5,000. The minimum loan amount may be higher in some states, too. No in-person support. If you like having the option of talking to a banker in person about your loan or make a payment in person, SoFi may not be the lender for you.
Who is SoFi best for?
In an uncertain employment climate, SoFi has great protection for borrowers in case they get laid off from their jobs. The company offers forbearance for any personal loan borrower who loses their job during their loan repayment. This unique feature allows borrowers to apply for a three-month forbearance, up to a total of 12 months.
SoFi also has a large maximum loan amount of $100,000, which is helpful for borrowers who need to fund a significant expense.
However, SoFi doesn’t have any in-person support. If you like having the option of talking to a banker in person about your loan or make a payment in person, SoFi may not be the lender for you.
How SoFi personal loans compare
SoFi and LightStream both cater to borrowers with good or better credit. But for borrowers who don’t meet SoFi’s relatively high credit requirements, LightStream may be the better choice.
LightStream’s interest rates start lower than SoFi’s rates do, but LightStream’s maximum interest rates are higher. Your choice could depend on which lender offers you the better rate.
While SoFi does not have an origination fee, Upstart does charge an origination fee of up to 8% on its personal loans. Upstart has a much wider range of interest rates than SoFi. SoFi’s interest rates stop much lower than Upstart’s interest rates.
See our ratings methodology for personal loans »
How to apply for a SoFi personal loan
1. Check your rate. SoFi allows borrowers to prequalify for its 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 application, which may also 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.
Frequently asked questions
Is SoFi trustworthy?
The Better Business Bureau, a non-profit organization focused on consumer protection and trust, gives SoFi Personal Loan an A+ rating. The BBB analyzes businesses by evaluating a business’ responses to customer complaints, truthfulness in advertising, and transparency about business practices.
SoFi hasn’t been involved in any scandals over the past few years. Between its clean history and top-notch BBB score, you may feel comfortable borrowing from SoFi.
What credit score does SoFi require?
SoFi has a credit score minimum of 680. The higher your score, the more likely you are to qualify for a lower rate.
How fast does SoFi approve a personal loan?
SoFi will approve your loan within minutes of applying, and you should receive your money within a few business days.