SoFi personal loans review: Members-only perks and competitive rates

Updated November 26, 2024

This date may not reflect recent changes in individual terms.

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Written by: Kate Dore

Pros

• Members-only perks like career coaching and events
• Interest-rate discount with automatic payments
• Offers direct payments for easier credit card debt consolidation
• You can check your potential rate without affecting your credit
• Same-day funding possible

Cons

• People with shakier credit may have a tough time qualifying
• $5,000 minimum loan amount (may be higher in some states)
• May be charged an origination fee

What you need to know about a SoFi personal loan

SoFi personal loans are marketed for people with a “responsible financial history” and “a strong monthly cash flow,” according to SoFi. Unsecured personal loan terms range from two to seven years for loan amounts ranging from $5,000 to $100,000.

Here’s a closer look at more SoFi personal loan features.

Large loan amounts

If you need a very large personal loan, SoFi may be a good option. Many lenders cap personal loans around $40,000 or less, but SoFi will lend up to $100,000 for people who qualify.

But if you’re looking for a small loan, SoFi might not be right for you.

Competitive interest rates and a discount for autopay

SoFi offers competitive interest rates, particularly for people with strong credit. You’ll also be eligible for a 0.25% rate discount if you make automatic payments. While that’s a nice perk, you’ll find other lenders that offer similar rate reductions.

DirectPay for credit card debt consolidation

SoFi will do the legwork of credit card debt consolidation for you. With Direct Pay, SoFi can pay your credit card lenders directly so you don’t have to. Plus, if you opt in, you’ll earn a 0.25% discount on your rate.

Members-only perks

If you’re approved for a loan and become a SoFi member, you’ll get access to other perks, including access to events like local networking, happy hours and dinners with other members. As a member, you may be eligible for a discount on your first mortgage. Plus, you’ll have access to financial planning with credentialed advisors and discounted estate planning, among other perks.

High eligibility requirements

SoFi eligibility requirements aren’t specific, but the company states you may be a good candidate if you have a “responsible financial history” and “strong monthly cash flow.” The fine print indicates that healthy credit, professional experience and income are important, too.

Fees

SoFi doesn’t charge late payment fees. It also won’t charge you a prepayment penalty if you decide to pay off your loan early. But SoFi personal loans come with origination fees of 0% to 7% of the amount of your loan, which will be deducted from any proceeds you receive. Plus, you’ll be responsible for any interest that accrues on your loan.

A closer look at SoFi personal loans

Here are a few more details you should consider before you apply for a SoFi personal loan.

• Co-applicants allowed — SoFi will let you apply with a co-applicant, which may improve your odds of being approved for a loan or getting better terms. But keep in mind that your co-applicant will have to live at the same address as you.
• Same-day funding — Sofi says that many applicants who have accepted a loan offer before 7 p.m. Eastern time on a business day have been funded the same day.
• Mobile app — SoFi offers a mobile app where you can apply for a personal loan and manage your payments if you’re approved.
• Change your due date — SoFi will let you change the date your monthly payment is due, as long as your account is in good standing. After your loan has been funded and the first payment has been processed, you can log in to your account and change the due date to any date between the 1st and 25th of the month.

Who is a SoFi personal loan good for?

If you have good credit, you’ll probably have options if you want a personal loan, but SoFi is worth a look with its competitive interest rates.

On the other hand, if your income is inconsistent or your credit history isn’t top notch, you may want to look elsewhere.

You can use a SoFi personal loan for things like debt consolidation, home improvements, moving, medical bills and major purchases. If you have high-interest credit card debt and qualify for a lower interest rate with a SoFi personal loan, it may help you pay off your credit card debt and save money.

How to apply for a SoFi personal loan

You can apply for a SoFi loan online or through its iOS or Android mobile app. You can start the application process by applying to prequalify — which usually only takes a few minutes, involves only a soft credit inquiry and can give you an idea of what rates you might qualify for. Just note that prequalification doesn’t guarantee your approval and estimated rates.

To apply, you’ll need to be at least 18 years old, be a U.S. citizen, permanent resident or non-permanent resident and live in an eligible state.

Not sure a SoFi personal loan is right for you? Consider this alternative.

Even if you think SoFi is right for you, taking a few minutes to compare your other personal-loan choices is a smart move. Here’s another option to consider.

• Wells Fargo personal loan: Wells Fargo also offers large personal loan amounts.
• LightStream personal loan: If you have strong credit, LightStream offers a rate beat program that could help you save money.