SoFi Personal Loans Overview
SoFi started in 2011 as a student loan refinancing company at Stanford and has since grown into a full-service digital financial platform with 13.7 million members and over 20 million financial products on its books. The company became a publicly traded national bank (SoFi Bank, N.A.) in 2022, which means your deposits are FDIC-insured and the company funds its own loans rather than relying on third-party bank partners. In Q4 2025, SoFi reported $7.5 billion in personal loan originations for the quarter alone, up 43% year over year, making it one of the largest personal loan originators in the country.
What sets SoFi apart in the personal loan market is the complete absence of fees. There is no origination fee, no prepayment penalty, and no late fee. That is a rare combination in an industry where origination fees of 1% to 10% are standard. Pair that with loan amounts up to $100,000, terms out to seven years, and same-day funding, and you have a product that is hard to match on paper. The tradeoff is that SoFi requires good credit to qualify, with an estimated minimum FICO of 680 and an average borrower score of around 746. For those that have good credit, SoFi ranks among the best personal loan companies.
SoFi Personal Loans Pros and Cons
Pros
- Zero fees across the board. No origination fee, no prepayment penalty, and no late fee. Most online lenders charge origination fees of 1% to 10%, which are deducted from your loan proceeds before you receive any money. SoFi does not.
- Loan amounts up to $100,000. Only LightStream and Wells Fargo match this ceiling among major personal loan lenders. Most competitors cap at $35,000 to $50,000.
- Same-day funding available. If you are approved before 7 PM ET on a business day, SoFi can deposit funds into your bank account the same day. Weekend and after-hours approvals fund the next business day.
- Up to 0.75% in rate discounts. Stack three discounts: 0.25% for autopay, 0.25% for direct deposit of $1,000+ per month to a SoFi checking account, and 0.25% for choosing direct pay on a debt consolidation loan (where SoFi pays your creditors directly).
- Unemployment protection. If you lose your job, SoFi allows you to pause payments for three months at a time, up to 12 months total, while you work with their career coaching team. Interest still accrues, but this is a meaningful safety net that most competitors do not offer.
- Full-service financial platform. Your personal loan integrates into the same app as checking, savings, investing, and credit cards. With 13.7 million members, SoFi has the scale and product breadth to serve as a primary financial relationship.
- Strong financial performance. SoFi reported Q4 2025 net revenue of $1.03 billion (up 37% year over year), net income of $174 million, and a personal loan charge-off rate of 2.80%, down 50 basis points from the prior year. This is a profitable, growing company with improving credit quality.
Cons
- Good credit required. SoFi does not disclose an official minimum, but most sources estimate a FICO floor of 680. The average SoFi borrower has a 746 FICO score. If your credit is below 670, you are unlikely to qualify.
- No co-signer or co-borrower option. Unlike LendingClub and Prosper, SoFi does not allow a co-signer or co-borrower to strengthen your application. You must qualify based on your own creditworthiness and income.
- No secured loan option. Some lenders, including Upgrade and OneMain Financial, let you pledge collateral (like a vehicle) to get a lower rate or qualify with weaker credit. SoFi offers unsecured loans only.
- $5,000 minimum loan amount. If you need to borrow less than $5,000, SoFi is not an option. LendingClub and Upstart both start at $1,000.
- Interest accrues during unemployment deferral. While the payment pause is valuable, interest continues to accrue during the deferral period, which increases your total repayment cost. You also must reapply every three months and demonstrate that you are actively job searching.
SoFi Personal Loans Rates and Fees
SoFi’s published APR range is 7.74% to 35.49% fixed, with all three available discounts applied. Without discounts, the base range is 8.49% to 36.24%. For context, the average personal loan interest rate as of February 2026 is 12.27%, according to TransUnion and Federal Reserve data.
The APR you receive depends on your credit score, income, debt-to-income ratio, loan amount, and term length. SoFi uses a soft credit pull for prequalification, so checking your rate does not affect your credit score. The hard pull only occurs after you accept a loan offer and submit a full application.
Where SoFi stands out most clearly is the fee structure. There is no origination fee, which means you receive the full loan amount you are approved for. At a lender like Upgrade, a $20,000 loan with a 6% origination fee delivers only $18,800 to your bank account, while you owe interest on the full $20,000. At SoFi, $20,000 means $20,000.
Rate Discounts
- Autopay discount (0.25%): Set up automatic monthly payments from a linked bank account.
- Direct deposit discount (0.25%): Deposit at least $1,000 per month into a SoFi Checking and Savings account.
- Direct pay discount (0.25%): On debt consolidation loans only, let SoFi pay your existing creditors directly instead of depositing the funds into your account.
Sample Loan Cost Comparison
The table below shows the total cost of a $15,000 personal loan at SoFi versus a competitor charging a 5% origination fee, assuming a 10% APR for both.
SoFi (No Fee) | Competitor (5% Fee) | |
Loan Amount | $15,000 | $15,000 |
Origination Fee | $0 | $750 (deducted) |
Cash Received | $15,000 | $14,250 |
Monthly Payment (36 mo.) | $484 | $484 |
Total Interest Paid | $2,417 | $2,417 |
Total Cost (Interest + Fee) | $2,417 | $3,167 |
Effective Savings | — | SoFi saves $750 |
SoFi Personal Loans Loan Terms and Options
SoFi personal loans range from $5,000 to $100,000, with repayment terms of two, three, four, five, six, or seven years. The seven-year maximum is longer than what most online lenders offer; Prosper and Best Egg cap at five years, and LendingClub caps at six. Longer terms mean lower monthly payments but more total interest paid over the life of the loan.
All SoFi personal loans carry a fixed interest rate, so your monthly payment stays the same from the first payment to the last. There is no variable-rate option. You can use a SoFi personal loan for debt consolidation, home improvement, relocation, medical expenses, or other major purchases. SoFi does not allow personal loan funds to be used for post-secondary education expenses, illegal activities, or business purposes.
SoFi does not offer a co-signer or co-borrower option, which limits the product for borrowers who might benefit from a stronger joint application. There is also no secured loan option. If you are looking to pledge collateral for a better rate, Upgrade and OneMain Financial both offer secured personal loans.
SoFi Personal Loans Eligibility and Application
SoFi does not publish an official minimum credit score, but industry consensus puts the floor around 680 FICO. The company has disclosed that its average personal loan borrower has a FICO score of approximately 746, which places the typical SoFi customer firmly in the prime-to-super-prime range. You will also need verifiable income (W-2 employment, self-employment, or retirement income), a U.S. residential address, and a Social Security number.
SoFi personal loans are available in all 50 states and the District of Columbia. The company does not disclose a specific debt-to-income maximum, but competitive applicants generally have DTI ratios below 40%.
Prequalification uses a soft credit inquiry, which does not affect your credit score. You can check your rate and see estimated loan offers without committing to anything. If you accept an offer and proceed to a full application, SoFi will perform a hard credit pull, which may temporarily lower your score by a few points.
SoFi Personal Loans Funding Speed
SoFi can fund approved loans the same day if you complete your application and accept your offer before 7 PM ET on a business day. Most borrowers receive funds within one to three business days, depending on when they apply and how quickly they complete verification. If you choose the direct pay option for debt consolidation, SoFi sends payments directly to your existing creditors, which may take a few additional days to post.
The application itself takes about five to ten minutes to complete online, and SoFi typically returns a prequalification decision within two minutes. Full approval may require income verification (pay stubs, tax returns, or bank statements), which can add time if documents need to be uploaded and reviewed.
SoFi Personal Loans Customer Experience
SoFi scored above the study average in J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study, which ranks personal loan lenders across seven dimensions, including trust, ease of doing business, and digital channels. American Express ranked first overall with 768 out of 1,000, and the industry average was 704. SoFi’s exact score is not publicly disclosed, but J.D. Power confirmed it performed above average.
The CFPB received 129 personal-loan-specific complaints about SoFi in 2024. The most common issues cited were unexpected fees or interest charges, problems making payments, and difficulties during the application process. For a lender originating $7.5 billion in personal loans per quarter, 129 annual complaints is a relatively low volume, though the CFPB database does not capture the full range of customer dissatisfaction.
The SoFi mobile app is one of the highest-rated financial apps available, with a 4.8 out of 5 on the Apple App Store and 4.0 on Google Play. The app integrates banking, investing, lending, and credit monitoring into a single interface. Customer support is available by phone seven days a week and through in-app chat.
SoFi’s Trustpilot profile shows a 4.4 out of 5 rating based on more than 9,000 reviews, with most positive feedback citing fast funding, a smooth application process, and helpful customer service. The BBB assigns SoFi an A+ rating, though the company is not BBB-accredited, and BBB customer reviews average just 1.29 out of 5, reflecting a pattern common across fintech lenders where the BBB disproportionately captures negative experiences.
SoFi Personal Loans Financial Strength and Reputation
SoFi Technologies (NASDAQ: SOFI) is a publicly traded company that reported record financial results in Q4 2025. Quarterly net revenue hit $1.03 billion for the first time, up 37% year over year. Full-year 2025 adjusted EBITDA reached approximately $1.1 billion, and the company posted net income of $174 million in Q4 alone. Management has guided for 2026 adjusted net revenue of $4.655 billion and adjusted EPS of approximately $0.60.
SoFi Bank, N.A. is an FDIC-insured national bank with a federal bank charter obtained in January 2022. This means SoFi funds its own loans from depositor capital rather than relying on warehouse credit lines or third-party bank sponsors, which gives it more control over pricing and underwriting. The personal loan charge-off rate improved to 2.80% annualized in Q4 2025, down from 3.30% a year earlier, indicating tightening credit quality across the portfolio.
SoFi added 1 million members in Q4 2025, the first time the company achieved seven-figure quarterly member growth, bringing total membership to 13.7 million. Cross-buying activity is strong: 40% of new products in the quarter were opened by existing members. The company’s Loan Platform Business, which originates personal loans on behalf of third-party investors, processed $3.7 billion in Q4 alone and is running at an annualized pace of $15 billion.
Who Are SoFi Personal Loans Best For?
Ideal Borrowers
- Good-to-excellent credit borrowers (680+ FICO) who want the lowest possible total borrowing cost. The combination of zero fees and competitive APRs makes SoFi one of the cheapest options for qualified applicants.
- Borrowers needing $50,000 to $100,000. Very few lenders offer unsecured personal loans above $50,000. SoFi’s $100,000 ceiling makes it one of the best options for large debt consolidation, major home renovations, or other significant expenses.
- Debt consolidators who want direct creditor payment. The 0.25% direct pay discount, combined with the convenience of having SoFi pay off your existing balances directly, simplifies the consolidation process and reduces your rate.
- Borrowers who value speed. Same-day funding (with approval by 7 PM ET) is among the fastest in the industry. If you need cash quickly and have the credit to qualify, SoFi delivers.
- Existing SoFi members. If you already use SoFi for banking, investing, or student loans, adding a personal loan to your account is seamless, and the direct deposit discount provides an additional 0.25% rate reduction.
Not Ideal For
- Borrowers with fair or poor credit (below 670). SoFi’s underwriting is built for prime borrowers. If your credit score is below 670, look at Upstart (which considers education and employment history), Avant, or OneMain Financial.
- Small loan needs under $5,000. SoFi’s minimum loan is $5,000. If you need less, LendingClub and Upstart both start at $1,000.
- Borrowers who need a co-signer. If your individual credit or income is not strong enough to qualify on your own, SoFi will not help. LendingClub allows co-borrowers, and some credit unions accept co-signers.
- Borrowers who prefer in-person service. SoFi is entirely digital with no branch locations. If you want face-to-face support, OneMain Financial has 1,300+ branches, and Wells Fargo has a national branch network.
How to Apply for a SoFi Personal Loan
- Check your rate. Visit SoFi’s website or app and enter your loan amount, purpose, and basic personal information. SoFi runs a soft credit pull and returns prequalified offers within about two minutes. This does not affect your credit score.
- Review your offers. Compare the APR, monthly payment, and term length for each option. Factor in the autopay, direct deposit, and direct pay discounts if applicable.
- Complete the full application. If you choose an offer, submit your full application with income documentation (pay stubs, W-2s, or tax returns). SoFi performs a hard credit pull at this stage.
- Verify your identity and income. Upload the requested documents and verify your bank account for funding. This step is often completed the same day for W-2 employees.
- Accept your final loan terms. Review the loan agreement, confirm the repayment schedule, and sign electronically.
- Receive your funds. If approved before 7 PM ET on a business day, funds can be deposited the same day. Otherwise, expect next-business-day funding. For debt consolidation with direct pay, SoFi sends payments to your creditors within a few additional business days.
Final Verdict
SoFi earns a 4.5 out of 5 because it delivers the most borrower-friendly fee structure in the personal loan market, paired with a genuinely fast application experience, strong member benefits, and the financial stability of an FDIC-insured bank. No origination fee, no prepayment penalty, no late fee, loan amounts up to $100,000, and same-day funding are a package that no other major lender fully matches.
The limitations are real but narrow. You need good credit to get in the door, there is no co-signer option, and the $5,000 minimum cuts out smaller borrowing needs. If your FICO is below 670 or you need a co-applicant to qualify, SoFi is not the right fit. But for borrowers with solid credit who want to minimize total borrowing cost and get funded fast, SoFi is the personal loan to beat.
Methodology
This review is part of a series evaluating 15 personal loan lenders across six weighted categories: Rates & Fees (25%), Loan Terms & Flexibility (20%), Eligibility & Accessibility (20%), Speed & Application Process (15%), Customer Experience (10%), and Transparency & Reputation (10%). Scores are based on data collected directly from lender websites, SEC filings, the CFPB Consumer Complaint Database, J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study, and app store ratings.
Frequently Asked Questions
Answers to your questions about SoFi Personal Loans.
No. SoFi uses a soft credit inquiry for prequalification, which does not impact your credit score. A hard inquiry only occurs after you accept a loan offer and submit a full application.
Yes. Debt consolidation is one of the most common uses. SoFi also offers a direct pay option where it sends payments to your existing creditors on your behalf, which qualifies you for an additional 0.25% rate discount.
Same-day funding is available if you are approved before 7 PM ET on a business day. Most borrowers receive funds within one to three business days.
No. SoFi does not charge a prepayment penalty. You can pay off your loan in full or make extra payments at any time without any additional cost.
SoFi offers an unemployment protection program that lets you pause payments for up to three months at a time (12 months total) while you search for new employment. You must be receiving unemployment benefits and working with SoFi’s career coaching team. Interest continues to accrue during the deferral period.
No. SoFi does not allow co-signers or co-borrowers on personal loans. You must qualify individually based on your own credit, income, and debt-to-income ratio.
SoFi does not disclose an official minimum, but most industry sources estimate a floor of around 680 FICO. The average SoFi personal loan borrower has a credit score of approximately 746.
Yes. SoFi Bank, N.A. is a nationally chartered, FDIC-insured bank. It received its bank charter in January 2022 and funds its own loans from depositor capital.
