Updated October 27, 2026
This date may not reflect recent changes in individual terms.
Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.
Written by: Kate Dore
Edited by: Erin Dunn, Managing Editor, Loans
Pros
- Members-only perks like career coaching and events
- Interest-rate discounts with automatic payments and SoFi membership
- Offers direct payments for easier credit card debt consolidation
- Check your potential rate without affecting your credit
- Same-day funding possible
Cons
- People without strong 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 for people with a “responsible financial history” and “strong monthly cash flow,” according to SoFi. Its unsecured personal loan terms range from two to seven years for loan amounts from $5,000 to $100,000.
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 and may qualify for a 0.25% SoFi membership rate discount.
While that’s a nice perk, you’ll find other lenders that offer similar rate reductions for auto payment.
Direct Pay 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.
Keep in mind that at least 50% of your total loan proceeds must be used to pay off existing debt from an eligible lender or card issuer to use Direct Pay.
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 and entertainment at SoFi Stadium. As a member, you may be eligible for a closing costs credit 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 — To get your loan funds the same day, Sofi says you must have been approved and sign your contract by 5:30 p.m. Eastern time on a business day. The exact timing of when your loan funds are available will depend on your bank.
- 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 once every 12 months, 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 and member perks.
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 financial goals 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.
Are Credit Karma Approval Odds accurate?
Credit Karma’s Approval Odds provide data-based insights into credit card and personal loan offers you’re more likely to be approved for. Offers with Outstanding Approval Odds have your highest likelihood of approval for offers on Credit Karma.
They can also help you see more accurate personal loan rate estimates before you apply. Approval Odds are based on advanced models that look at thousands of data points to recommend credit cards and personal loans that may be a fit for you.
Approval Odds also consider …
- Insights from 20+ credit score versions
- Criteria that lenders actually use
- Your personal credit profile
Remember that while Approval Odds use statistical analysis, the final approval decision rests with the lender after you submit a formal application.
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.
Estimate personal loan costs
To better understand the total cost of any personal loans you’re considering, use an online calculator like Credit Karma’s simple loan calculator. A loan calculator can help you estimate your monthly payment and how much you’d pay in interest versus principal over the length of the loan.
FAQs about SoFi personal loans
SoFi doesn’t disclose a strict minimum credit score for personal loans, but you’ll likely need strong credit to qualify for the most competitive terms. SoFi does say that you’ll also need “sufficient income” to be eligible for a personal loan.
SoFi doesn’t charge a prepayment penalty or late fee for its personal loans. There’s also no mandatory origination fee, but you can pay an origination fee to receive a lower interest rate.
SoFi says it’s possible to get your loan funds as soon as the same day as you sign your loan agreement, but it can take up to a few days, and the exact timing also depends on your bank.
You can prequalify for a SoFi personal loan to check your potential rate and terms without a hard credit inquiry. If you decide to apply, SoFi will perform a hard credit inquiry, which can affect your credit scores by a few points.
SoFi and Upstart are both good options for personal loans, but if you have strong credit, want member perks and need to borrow a large amount, a SoFi personal loan is a better choice. If you only want to borrow a small amount of money or have fair or limited credit, an Upstart personal loan is a better option.