What Is SoFi?

SoFi is an online financial services company offering student loan refinancing, personal loans, and mortgages. They’ve been around since 2011 and is one of the fastest growing company focused on eliminating student loan debt.

SoFi Personal Loan Offer

While most traditional lenders limit personal loans up to $10,000, the SoFi Personal Loan can go up to as high as $100,000. Now, we’re not quite sure what you’ll need a $100,000 unsecured loan for but you might also be looking to finance your next big business idea.

The approval criteria for SoFi is strict but the company stands by its underwriting to continue to offer some of the lowest rates for personal loans around.

SoFi Personal Loan Terms

  • Use for credit card consolidation or major purchase.
  • From $5,000 – $100,000
  • Fixed rates:
    • 6.325% to 15.615% APR (with AutoPay)
    • 6.575% to 15.865% APR (without AutoPay)
  • Variable rates:
    • 6.275% to 14.70% APR (with AutoPay)
    • 6.525% to 14.95% APR (without AutoPay)
  • Loan terms available: 5, 7, 10, 15 or 20 years
  • No origination fee
  • No prepayment fees

*accurate as of July 5, 2018

How Does The SoFi Personal Loan Work?

SoFi personal loans work best for employed young professional holding a graduate level degree with a solid credit history. The uniqueness of SoFi’s model allows them to use more than just your credit score to determine loan approval. However, the guidelines are a bit stricter so this option is for those with a bit more credit history.


  • Must be a U.S. citizen or permanent resident alien
  • At least the age of majority in your state
  • Must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days

All loans are subject to credit review and approval and your rate depends upon credit score, loan amount, loan term, and credit usage and history.

SoFi Personal Loans are not available to residents of MS and NV. Maximum interest rate on loans for residents of AK, OK, TX and WY is 9.99% APR, for residents of IL is 8.99% APR, for residents of ME is 12.24% APR and for residents of CO, CT, HI, KS, SC, VA is 11.99% APR. Personal loans not available to residents of Michigan who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Variable rates not available to residents of AK, IL, OK, TX, WY.

SoFi Loan Payment

Your repayment terms will depend on your APR and loan term.

SoFi Personal Loan Application Process

The SoFi application process is quite easy and starts with the creation of a user account. Once completed you go through the preapproval process that takes a few minutes to complete.

You’re required to enter your personal information, education and employment information. Once entered SoFi will present you with loan options available to you based on the information you’ve provided.

A great thing about the SoFi application process is the initial pull on your credit report is considered a soft inquiry(does not impact your credit score so check your rate). This helps them gather information to confirm your identity and review your credit report. After being presented with loan options and selecting a loan, a hard credit inquiry will take place.

SoFi Personal Loan Pros

  • Easy application process with initial soft credit inquiry.
  • No origination fees and no prepayment penalties.
  • Offer unemployment protection and will help you find another job.
  • After approval and documents received, funds are available in a few days.

SoFi Personal Loan Cons

  • Stricter approval requirements (but finding out if you qualify initially won’t impact your credit score).

SoFi Personal Loan Application Process:

  1. Get a pre-approval and your rate with no impact on your credit.
  2. Select your loan & apply (will pull a hard credit inquiry)
  3. Sign electronically and get your funds
*Personal Loan Disclaimer
Fixed rates from 6.325% APR to 15.615% APR (with AutoPay). Variable rates from 6.275% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of July 3, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.145% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

1 review for SoFi Personal Loans for Any Purpose (Borrow $5K-$100K)

  1. phroogal

    If you need a personal loan to consolidate credit cards, finance a wedding or vacation, make a home improvement or take additional classes or anything else for that matter, you’re probably wondering about your options.

    You could apply for a personal loan at a bank or credit union or you can go the untraditional route and apply for a personal loan with SoFi.

    ‘ve worked with SoFI in a number of events and have been an affiliate of theirs for years. The team at SoFi really do care about their “members.” This personal loan isn’t easy to get unless you have a solid credit history, college degree, and employed. You might fit that target market and this loan could be the best option for you.

    The application process is really simple and the user-interface on the website is easy to navigate. I also do like their transparency.

    The best part of applying through SoFi, whether it’s their student loan refinancing or this personal loan, is the initial credit check for a pre-approval doesn’t impact your credit score. Overall, SoFi is a good choice if you’re looking for a personal loan for whatever needs you may have. So go ahead and check your rate today.

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