SoFi Personal Loans Review

SoFi is an online personal finance company and bank. It is probably the largest and most famous of neobanks that have aimed to disrupt the banking sector through its focus on digital technology, providing an exclusively-online experience to its customers. SoFi offers personal loans, among its suite of products, including checking accounts and credit cards.

SoFi personal loans compare favorably to their competitors, though approval may be reserved for well-qualified borrowers.

Loan Options

• SoFi offers only unsecured personal loans between $5,000 and $100,000, with some states carrying higher minimum loan sizes.

• Loan lengths range from 2 to 7 years, although one of their support articles also lists a 10-year option that the rates page does not.

• SoFi may allow coborrowers on loans, which could improve your chances of approval, as the legal responsibility to repay the loan will be shared by multiple people. They do not accept cosigners on personal loans, and a coborrower can only be removed by paying the loan off or refinancing it.

• Loans cannot be used for business expenses, post-secondary education, bridge loans or investments in real estate or securities.

• You can hold two SoFi personal loans at once, but only after three consecutive on-time payments on the first.

Interest & Fees

• APR: SoFi personal loans have fixed rates from 6.99% to 35.49%. The floor already assumes both the autopay and member rate discounts. The average funded APR for SoFi Personal Loan borrowers who took out a loan with a 7-year term from March 15, 2025 to March 15, 2026 was 15.89%.

• Origination Fees: Customers have the option to pay an origination fee (up to 7%) in exchange for a lower interest rate. Where a fee applies it is included in the APR, so the quoted APR is the figure to compare on.

• Prepayment Penalty: Borrowers do not incur any fees if they wish to pay off their loan early.

• Late Payment: SoFi does not charge late fees on personal loans.

• Discounts: Three separate 0.25% reductions are available. The autopay discount requires automatic monthly deductions, and turning autopay off removes it and re-amortizes the loan. The member rate discount requires you to be a SoFi Plus member, receive an eligible direct deposit, or receive at least $5,000 in qualifying deposits into a SoFi account, and you have to keep meeting one of those every 31 days. The Direct Pay discount requires you to send at least half the loan straight to your existing creditors.

How long to receive funds?

SoFi advertise same-day funding, and the condition attached to it is that the loan is approved and the agreement signed by 5:30pm ET on a business day. Two caveats sit in the same disclosure: it is not guaranteed, and it does not apply to personal loans originated with one of SoFi's partner banks.

Getting to that point takes longer than the funding does. SoFi begin reviewing applications within 1 business day and complete most within 2, but self-employed applicants or anyone whose income needs extra checking may wait 2 to 4 business days, and coborrower applications take longer again. If you choose Direct Pay, allow about 3 to 10 business days for your creditors to actually apply the money.

Geographical Availability

SoFi accept personal loan applications from residents of all 50 states plus Washington DC, according to NerdWallet. Their own eligibility guidance also lists Puerto Rico, the US Virgin Islands, American Samoa, Guam and the Northern Mariana Islands as eligible territories.

Loan Eligibility

SoFi has no stated minimum credit score requirement, but one of their educational posts broadly asserts that "many lenders consider a score of 670 or above to indicate solid creditworthiness".

Income Requirements

Prospective borrowers must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days. No information on minimum income thresholds has been publicly disclosed.

Are they legit?

SoFi, which is short for Social Finance, was founded in 2011. Initially focused on student loans, SoFi gradually expanded its suite of services, which now includes checking and savings accounts, credit cards, mortgages and investment products. Personal loans are originated by SoFi Bank, N.A. (NMLS #696891), an FDIC member, though some are written through partner banks instead. SoFi is publicly listed on the Nasdaq stock exchange under the ticker symbol "SOFI".

Reviews & News

At the time of writing, SoFi had approximately 80% 5-star reviews on Trustpilot from a total of just over 13,000, with an average rating of 4.3/5.

On their unaccredited BBB profile, they have an average rating of 1.28/5 from 380 reviews, alongside 2,241 complaints over three years and 580 closed in the last year. The A+ letter rating on the same profile measures how SoFi handle complaints rather than what customers think of them, which is why the two numbers point in opposite directions.

It is worth reading that score in context. SoFi is a full bank, and most of the reviews concern accounts, deposits and card products rather than lending. The loan-specific complaints tend to be about income verification dragging on and applications going quiet before a decision arrives.

Do They Report to the Credit Bureaus?

Yes. SoFi report monthly snapshots of loan and payment status to the three major credit reporting agencies: Equifax, Experian and Transunion. Regular on-time payments in your credit file will likely increase your credit score and improve your chances of qualifying for credit in the future. However, failure to satisfy your repayment obligations could damage your credit score, making it more difficult to borrow again.

Get in touch

For customer support related to your personal loan, you can contact SoFi at (855) 456-7634, which is available 5AM-7PM PT (Monday-Thursday) and 5AM-5PM PT (Friday-Sunday). You can also try their online chat resource, which is available 24/7 to help identify and fix your problem—or connect you with an agent during working hours.

What we like?

Optional origination fees: Unlike most lenders, SoFi allows some borrowers to choose between paying an upfront origination fee in exchange for a lower interest rate, offering more flexibility in how loan costs are structured.

Multiple discounts available: Borrowers can reduce their APR (and save money) by stacking the autopay, member rate and Direct Pay discounts, each worth 0.25%. Autopay is considered a useful method to ensure payments are made on time, avoiding potentially expensive damage to your credit score, so it's good to see SoFi incentivizing sensible credit behaviour. The member rate discount is the one to watch, as it has to be re-earned every 31 days.

Direct creditor payments: SoFi can send the money straight to your existing credit cards or personal loans rather than to your bank account, and take 0.25% off the rate if at least half the loan goes that way. For a debt consolidation loan that removes the step where the cash lands in your account and does not reach the balances. Mortgages, auto loans and student loans cannot be paid this way, and you remain responsible for your own payments until the money arrives.

Check your rate: Borrowers can check their rate on the SoFi website and app without any impact to their credit score, as the quote runs on a soft credit pull. A hard pull follows only if you pick an offer and continue. Even if you have an offer elsewhere, it might be worth seeing if SoFi can beat it.

Joint applications: Unlike many of its competitors, SoFi allow you to add a coborrower to your application, which may increase your approval chances or make you eligible for lower rates.

Well-rated app: The free SoFi app makes it easy to manage your account—you can make payments, receive updates on your loan and even track your credit score. You can also seamlessly browse additional financial products, such as checking accounts and credit cards. The app is available for both Apple and Android.

What we don't like?

Poor BBB customer reviews: While SoFi maintains strong ratings on Trustpilot and app stores, its BBB customer reviews are much weaker. Complaints commonly mention customer service delays, account issues, and funding or verification problems.

Restrictive loan options: The lowest size loan offered by SoFi is $5,000, with the shortest available term being 2 years. This may not suit the intentions of customers looking to borrow a smaller amount to be repaid over a short period e.g. car or home repair.

No secured loans: SoFi do not currently offer collateral backed personal loans. Securing your loan with an asset (e.g. vehicle) is one way to achieve a lower rate, though it puts that asset at risk if you fall behind.

Summary

SoFi offers one of the strongest all-around personal loan experiences in the industry, combining competitive rates, useful discounts, joint applications and a polished digital platform. However, the best terms are generally reserved for borrowers with strong credit and stable finances.