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.

• 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.

Interest & Fees

• APR: Sofi personal loans have fixed rates from 8.24% to 35.99%. 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.

• 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: Borrowers can reduce their APR by 0.5% by opting for the AutoPay and Direct Deposit Discount. To receive the 0.25% Autopay discount, you must agree to automatic deductions from your bank account to Sofi. To avail of the 0.25% Direct Deposit Discount, you must have a registered Sofi Checking and Savings accounts in which you have enabled payroll direct deposits of at least $1,000 per month.

Geographical Availability

Sofi accept personal loan applications from residents all 50 states plus Washington DC.

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. Sofi is publicly listed on the Nasdaq stock exchange.

Reviews & News

At the time of writing, Sofi had approximately 79% 5-star reviews on Trustpilot from a total of just over 11,000.

On their unaccredited BBB profile, they have an average rating of 1.29/5 from just over 300 reviews, with close to 600 complaints closed in the last year.

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 PST (Monday-Thursday) and 5AM-5PM PST (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: Borrowers can reduce their APR (and save money) by accepting one or both of the AutoPay or Direct Deposit discounts. 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.

Check your Rate: Borrowers can check their rate on the Sofi website and app, without any impact to their credit score. 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.

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 problem

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.

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.