If you have good credit and need a larger loan, SoFi is one of the strongest options available.
SoFi offers personal loans from $5,000 to $100,000 with fixed APRs ranging from 8.74% to 35.49% (with all discounts). You can choose between a no-fee loan or an origination fee option for a lower interest rate.
Loan terms range from two to seven years, and the minimum credit score requirement is 680. SoFi also offers same-day funding, unemployment protection, and member perks like career coaching.
How We Rate SoFi
At Financer, all lenders go through a thorough research and review process. Here’s how we rate SoFi:
| Category | Rating |
|---|---|
| Affordability | ⭐⭐⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐⭐⭐ |
| Transparency | ⭐⭐⭐⭐ |
| Customer support | ⭐⭐⭐⭐⭐ |
| Overall | ⭐⭐⭐⭐ |
Do We Recommend SoFi?
Yes, we recommend SoFi as a reliable lender. Skip to our full review below and see how we rate SoFi.
Want to skip the details? Jump to our final verdict here.
SoFi Overview
SoFi, or Social Finance Inc., launched in 2011 offering student loan refinancing for Stanford alumni. The company has since expanded into personal loans, mortgages, auto loan refinancing, investing, banking, and credit cards.
SoFi offers member perks including estate planning, career coaching, and financial planning. The company uses these services to help customers stay on top of their finances.
Personal loans range from $5,000 to $100,000, with fixed APRs from 8.74% to 35.49%. Borrowers can choose between a no-fee loan or pay an origination fee (0-7% for SoFi Bank originated loans) in exchange for a lower interest rate.
SoFi scored above the study average in J.D. Power's 2025 U.S. Consumer Lending Satisfaction Study, and the company has an A+ rating with the Better Business Bureau.
| Overview | Features |
|---|---|
| Loan type: | Personal loans |
| Loan amount: | $5,000 to $100,000 |
| Loan term: | 2 to 7 years |
| APR: | 8.74% - 35.49% (with all discounts) |
| Origination fee: | 0-7% (optional, for lower rate) |
| Late fees: | None |
| Prepayment penalty: | None |
| Min. credit score: | 680 |
| Funding speed: | Same-day after signing |
SoFi's APR range of 8.74% to 35.49% reflects a 0.25% autopay discount and a 0.25% SoFi Plus member discount. The lowest rates go to borrowers with the best credit profiles.
One thing to note: SoFi now offers two pricing structures. You can take a no-fee loan, or you can choose to pay an origination fee (0-7% for SoFi Bank originated loans, 9.99% for Cross River Bank originated loans) to get a lower interest rate over the life of the loan. If you choose the fee option, it gets deducted from your loan proceeds.
Prequalifying for a SoFi loan uses a soft credit pull, so your credit score won't be affected until you accept the offer.
Want to find out more? Read our full SoFi review below or view SoFi reviews from current and past customers.
Who Is SoFi For?
SoFi loans are ideal for borrowers with good to excellent credit looking for a large loan with flexible repayment terms and zero fees.
Eligibility Requirements
To qualify for a SoFi loan, you have to meet the following requirements:
Be at least 18 years old
Be a U.S. citizen, permanent resident, or visa holder
Live in an eligible state
Have a credit score of at least 680
Must be employed, have sufficient income, or an offer of employment
Who It’s For
SoFi may be a good option for you if:
You have good to excellent credit
You are looking for a huge loan
Who It’s Not For
SoFi may not be a good option for you if:
You have bad credit or limited credit history
You are looking for a loan of less than $5000
You live in Mississippi
How to Apply for a SoFi Loan
Go to the SoFi website and see what rates you may qualify for
You can apply for a SoFi loan online. Pre-qualification only takes a few minutes and won't hurt your credit score.
Submit an application
Complete an application if you like the rates and terms.
Wait for approval
Application review and approval can take anywhere from two to four days.
Sign documents
Sign the loan agreement to receive the funds.
Receive funds
Loan proceeds will be sent to your personal bank account after you sign the documents.
What To Consider Before Applying
What you need the loan for: SoFi loans cannot be used to buy securities, real estate, investments, or for business purposes. Loans also cannot cover postsecondary educational expenses.
How much you need: SoFi loans start from $5,000 ($10,001 in Massachusetts, Arizona, and New Hampshire, and $15,001 in Kentucky).
Your credit score: SoFi requires a minimum credit score of 680. Borrowers with excellent credit get the best rates.
Fee vs. no-fee option: You can choose a no-fee loan or pay an origination fee (0-7%) for a lower interest rate. Run the numbers to see which saves you more over the life of the loan.
SoFi Fees and Payment Terms
Fixed APRs range from 8.74% to 35.49% (with autopay and member discounts).
No-fee loan option available, or choose an origination fee (0-7%) for a reduced rate.
No late fees on personal loans funded after April 17, 2018.
No prepayment penalty for paying off your loan early.
Repayment terms between 2 and 7 years, with loans from $5,000 to $100,000.
How Financer Rates SoFi
Is SoFi legit? Yes, at Financer we recommend SoFi.
At Financer, all lenders go through a thorough research and review process. We don't make recommendations lightly.
SoFi is one of the best options if you need a large personal loan with competitive rates and flexible terms. Their no-fee loan option is a real advantage, and the ability to prequalify with a soft credit pull means you can check rates without any risk to your score.
Fixed APRs range from 8.74% to 35.49%, and SoFi stands out with perks like unemployment protection, career coaching, and same-day funding. The minimum credit score requirement of 680 means this lender targets borrowers with good to excellent credit.
The main drawbacks are the $5,000 minimum loan amount and mixed customer service reviews. If you need a smaller loan or have fair credit, you may want to look at alternatives like Upstart or Upgrade.
Applying for a SoFi loan is straightforward. You can check your rates in minutes without hurting your credit score, since prequalification uses a soft credit pull.
SoFi reports to all three credit bureaus (Equifax, Experian, and TransUnion).
Costs
SoFi gives you two pricing options for personal loans:
No-fee option: APRs from 8.74% to 35.49% with no origination fee, no late fees, and no prepayment penalty.
Origination fee option: Pay an upfront fee (0-7% for SoFi Bank loans, 9.99% for Cross River Bank loans) in exchange for a lower interest rate. The fee is deducted from your loan proceeds, not paid out of pocket.
Both options include a 0.25% autopay rate discount and a 0.25% SoFi Plus member discount. The lowest rates are reserved for the most creditworthy borrowers.
Frequently Asked Questions
Is SoFi a reliable lender?
Yes, SoFi is a legitimate and reliable lender. The company is a member of the FDIC through SoFi Bank, has an A+ rating with the Better Business Bureau, and scored above average in J.D. Power's 2025 U.S. Consumer Lending Satisfaction Study.
What types of loans does SoFi offer?
SoFi offers personal loans, student loan refinancing, mortgages, and auto loan refinancing. Personal loans range from $5,000 to $100,000 with fixed APRs from 8.74% to 35.49%.
How much can I borrow with SoFi?
SoFi personal loans range from $5,000 to $100,000, depending on your state, creditworthiness, and income. Some states have higher minimums: $10,001 in Massachusetts, Arizona, and New Hampshire, and $15,001 in Kentucky.
What is the minimum credit score for a SoFi loan?
SoFi requires a minimum credit score of 680 for personal loans. The lowest interest rates are reserved for borrowers with the highest credit scores. You can check your rate with a soft credit pull that won't affect your score.
How long does SoFi take to approve a personal loan?
SoFi can prequalify you in minutes with a soft credit pull. After you submit a full application, review and approval typically take one to three business days. Once approved, you can receive same-day funding after signing your loan documents.
What is the downside of SoFi?
The main drawbacks of SoFi personal loans are the $5,000 minimum loan amount (higher in some states), the 680 minimum credit score requirement, and restrictions on loan usage (no real estate, education, or business expenses). Some borrowers also report inconsistent customer service experiences.
Does SoFi charge an origination fee?
SoFi offers two options: a no-fee loan with no origination fee, or a loan with an origination fee (0-7% for SoFi Bank originated loans) in exchange for a lower interest rate. The fee is deducted from your loan proceeds if you choose the fee option.
SoFi Alternatives
Here’s a list of alternatives to SoFi and how they compare:
| Lender | Loan Amount | APR | Max. Term | Min. Credit Score |
|---|---|---|---|---|
| SoFi | $5,000 - $100,000 | 8.74% - 35.49% | 7 years | 680 |
| Upstart | $1,000 - $50,000 | 6.40% - 35.99% | 5 years | 300 |
| Upgrade | $1,000 - $50,000 | 8.49% - 35.99% | 7 years | 580 |
| Prosper | $2,000 - $50,000 | 8.99% - 35.99% | 5 years | 560 |
| LoanDepot | $2,000 - $50,000 | 7.99% - 35.99% | 7 years | 600 |
Should You Take a Loan With SoFi?
If you have good credit and need a larger loan, SoFi is one of the best options available.
SoFi offers competitive fixed APRs from 8.74% to 35.49%, and the ability to choose between a no-fee loan or a reduced rate with an origination fee gives you flexibility based on your financial situation. You'll also get a 0.25% rate discount when you set up autopay.
SoFi's unique perks set it apart from most competitors. Unemployment protection means your payments may be temporarily modified if you lose your job. Career coaching, financial planning, and estate planning come free with membership.
Same-day funding is available after you sign your documents, which is faster than many competitors. And prequalification with a soft credit pull lets you compare rates without any impact on your credit score.
The main limitations: you'll need a minimum credit score of 680, the smallest loan available is $5,000 (higher in some states), and the loans can't be used for education, real estate, or business purposes.
Sources
More SoFi Personal Loan Reviews
What Users On the Web Are Saying
SoFi is rated 4 out of 5 stars on Trustpilot based on over 10,000 reviews. Users generally praise the easy application process and competitive rates.
On the Apple App Store, SoFi's app holds a 4.8/5 rating, while Google Play users give it 3.9/5. The Better Business Bureau gives SoFi an A+ accreditation rating, though individual customer complaint ratings on BBB are lower.
The most common praise focuses on fast funding, the no-fee loan option, and the soft-pull prequalification process. The most common complaints involve customer service response times and communication during the application process.
More User Reviews - Add Your Rating
Read more reviews on Financer from verified users below.
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Disclaimer: Fixed rates from 8.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi rate ranges are current as of 03/23/26 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000 to $100,000. Eligibility and loan terms are subject to state restrictions.
