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Founded in 2011, Social Finance Inc. (SoFi) is a niche loan company that specializes in student loan refinancing for recent graduates. Since then, the online lender has expanded their financial services to include mortgages and personal loans. SoFi has lended $30 billion in funds to 500,000 borrowers and counting. See this SoFi promotions page for all their product offers.
Their personal loan targets recent college graduates with handsome incomes looking to consolidate debt. Loan amounts max out at $100,000 and can be paid over a term period of 2 to 7 years.
Read on to see if SoFi’s personal loan is a good fit for your financial needs.
See the Student Loan Refinancing and Personal Loans bonus offers from Credible here and SoFi here.
Borrower Averages
Credit Score | 720 |
Credit History | Short |
Annual Income | $114,000 |
The typical SoFi borrower has a high credit score and income, but a relatively short credit history. That’s because this lender is more interested in responsible bill payment, free cash flow, career and education, rather than a long credit history.
SoFi Pros & Cons

- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to SoFi’s website and apply online.
- Joint applications. As of April 2018, SoFi welcomes cosigners to help increase your chances of getting approved for a competitive rate.
- Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
- No origination fee. There’s no “middleman” fee, and you will receive the full amount of your loan.
- Competitive fixed rate. With excellent credit, your APR could be a low, competitive rate, and that won’t budge for the entire duration of your loan term. As a member, you can even get a 0.125% discount on an additional SoFi loan. Existing SoFi members with a SoFi Mortgage, Personal Loan, or Student Loan who take out a new loan of a different product type will receive the 0.125% Member Rate Discount on that new loan.
- No fees. There are no prepayment or late fees.
- Live customer support. Available 7 days a week via phone or social media.
- Unemployment protection. If you lose your job, you can temporarily pause your payments, and SoFi will even help you find a new job.
- Community events. Access to SoFi member events like happy hours or panel sessions, where borrowers can meet, mingle and network.
- High standards. SoFi likes creditworthy borrowers, so you must have a good credit score and high income in order to get your loan approved.
- Funding time. It takes, on average, 7 days before the funds reach your bank account.
- Not available in all states. You can’t apply for a SoFi personal loan if you live in Mississippi.
- Online only. SoFi does not have any brick-and-mortar branches to make payments or ask questions in person. However, doing business online allows SoFi to keep their expenses down and pass these savings onto their borrowers.
Eligibility Requirements
There is no minimum annual income requirement and no debt-to-income ratio requirement.
SoFi Terms & Fees
Loan Amounts | $5,000 – $100,000. The minimum is $10,000 for California residents. |
Loan Terms | 2 to 7 years |
Repayment Options | Monthly |
Origination Fee | None |
APR | Fixed: 6.99% to 22.23% APR (with AutoPay) |
Prepayment | None |
Late Payment | None |
NSF/Returned Payment | None |
Unemployment Protection | Yes |
The Breakdown
SoFi members can feel like they’re part of an elite club, thanks to their high credit standards and members-only events. It’s quick to apply, with or without a cosigner, and it won’t hurt your credit score. SoFi’s rates are competitive with no origination, prepayment, late or NSF (Non-Sufficient Funds) fees.
Sample Loan
The personal loan APR rate below is shown with the Autopay Discount (0.25%). Your actual interest rate may be different than the rate in this example and will be based on term of loan, your financial history and other factors. State restrictions may apply.
Loan Size | $30,000 |
Loan Term | 48 months |
APR | 10.0% |
Total Interest | $6,522.12 |
Monthly Payment | $760.88 |
*Personal Loan Disclaimer
Fixed rates from 6.99% APR to 22.23% APR (with AutoPay). SoFi rate ranges are current as of June 18, 2022 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. Lowest rates reserved for the most creditworthy borrowers. 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, income, and other factors. See APR examples and terms. 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.
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
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