SoFi Personal Loan review

SoFi is a digital lending platform offering unsecured personal loans in every state except Mississippi. You can get a loan starting for $5,000 and up to $100,000 and terms ranging from two to seven years.

The minimum credit score requirement is 650 for a $5,000 loan and 720+ for larger loan amounts and the lowest interest rates. Loans can be used at your discretion and borrowers typically receive funds within a few days of approval.

SoFi has been awarded the Best Personal Loan for good and excellent credit for 2022 by NerdWallet.

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SoFi is best for Americans who:

• Have good or excellent credit (680+ credit score).
• Are looking for an unsecured loan of $5,000 or more.
• Looking for an online only experience.
• Value financial advice.

When you’re looking for a personal loan, Sofi should be one of your top choices. They are a reputable nationwide lender offering loans up to $100,000 and competitive interest rates. Their requirements are on the tighter side but applicants with excellent credit are rewarded with no fees and multiple discounts. 

To apply for a personal loan from SoFi, you will need to provide some basic information about yourself, such as your name, address, and credit score. After you have submitted this information, Sofi will review your application and determine whether or not you qualify for a loan. If you are approved, SoFi will send you a loan proposal and let you know the terms of the loan.

SoFi personal loan features

What makes SoFi stands out:

• Very low interest rates: SoFi offers some of the lowest personal loan interest rates around, making it a great option for those with high credit scores.
• Minimal requirements: In order to qualify for a SoFi personal loan, you only need a minimum income and no major debts. This makes them an ideal choice for those who are struggling to meet traditional lending criteria.
• Easy application process: The application process is easy and straightforward, so you’ll have no trouble getting approved in no time.
• No fees or hidden charges: Unlike many other lenders, SoFi doesn’t charge any fees or hidden charges. This means you’ll only pay the real cost of your loan – nothing more and nothing less.
• Multiple discounts: If you’re a loyal SoFi customer, you can enjoy multiple discounts on your loans. This includes special rates for students and military members.

Why you’ll want apply elsewhere:

• No options for consumers with bad, poor or fair credit: High income and credit score requirements means if you don’t have a 680 credit score, you’re better off applying elsewhere. 
• No equity loan option: SoFi doesn’t offer any equity loans, which may be a limiting factor for some applicants.
• Limited selection of loan products: SoFi offers only a limited selection of personal loan products, so you may not be able to find the right loan for your needs.

How to apply for a SoFi personal loan

To apply for a personal loan from Sofi, you will need to provide some basic information about yourself, such as your name, address, and credit score. After you have submitted this information, Sofi will review your application and determine whether or not you qualify for a loan. If you are approved, Sofi will send you a loan proposal and let you know the terms of the loan.

Here’s what you need:

• Must legally be an adult in your state.
• Must be a U.S. citizen, permanent resident or visa holder.
• Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Frequently asked questions