Pedro M.
Verified BorrowerWould you recommend this product? Yes
Pretty satisfied. Pretty fast.
SoFi 2026 Personal Loan Review
With lightning-fast funding, no mandatory fees and large loan amounts, SoFi offers one of the best personal loans of any online lender we reviewed.
4.6
Est. APR
6.99 - 35.49%
Min. credit score
None
Time to fund
Same day
Loan amount
$5K - $100K
Loan term
2 to 7 years
Origination fees
0% to 7% (optional)
Best if you
- Have good credit and a strong income.
- Plan to apply with a co-borrower.
- Need the money ASAP.
Not Ideal if you
- Have trouble qualifying for new credit.
- Want to secure the loan with collateral.
- Need a small loan.
What to know about SoFi personal loans
SoFi personal loans are one of our highest-rated online lenders, but you’ll need good or excellent credit to qualify (usually a 690 credit score and above).
Once you’re in the door, SoFi delivers. It offers loans up to $100,000, making it an especially good fit for a large expense, like a home improvement project. And with its wide range of terms — two to seven years — you can better customize the loan payment to fit your monthly budget.
You’ll also receive the funds quickly. SoFi can approve your application and fund the loan all within a day, which is very fast, even for an online lender.
Lastly, SoFi offers special perks to customers that we don’t typically see, like one free financial planning session (or unlimited sessions, if you sign up for a SoFi Plus membership), which can help make this lender a one-stop shop for managing your finances.
COMPARE: Best personal loan lenders
What the nerds think
"SoFi is a great pick for borrowers with good credit, particularly if they need a large loan with the opportunity for same-day funding. But the best perk might be the multiple rate discounts. With SoFi, you can potentially qualify for not one, not two, but three separate discounts, which lowers your monthly payment in the short-term and saves money on interest in the long-term."
Jackie VelingSenior Writer & Content Strategist
What we like most about SoFi
- Multiple rate discounts: While many lenders we looked at offer some type of rate discount, few offer three. SoFi offers a rate discount of 0.25 percentage points for setting up autopay. If the loan is for debt consolidation, borrowers can get another 0.25 percentage point discount if SoFi pays creditors directly. And there's a 0.25 percentage point discount for borrowers who set up direct deposits to a SoFi checking or savings account.
- Joint loans: This lender offers personal loans to co-borrowers. Adding someone with better credit or higher income can improve your chances of qualifying or getting a low rate, but not every lender offers this feature. Once approved, you’re both responsible for loan payments. See more lenders that offer joint loans.
- Hardship assistance: If you lose your job while paying off your loan, you can ask about SoFi’s hardship assistance program. SoFi may put your loan into deferment or forbearance, meaning it may pause your payments or reduce the monthly payment amount temporarily. Your loan will likely need to be in good standing to qualify.
Why SoFi may not be right for you
- Harder to get approved: SoFi’s average borrower has excellent credit and a six-figure income (see details below), so this is a harder loan to qualify for compared to other lenders. To increase your odds of approval, apply for the smallest loan amount that still meets your needs and consider adding a co-borrower to your application. (Compare the best loans for bad credit.)
- High minimum loan amount: SoFi loans start at $5,000, which may be too high if you’re looking to consolidate a small amount of debt or finance a minor expense. Most lenders offer loans starting at $2,000 or less.
- No secured loan option: You can’t secure a SoFi loan using collateral like your car or savings account. A secured loan can help you get a lower APR or higher loan amount, which is especially important if the lender requires good credit to qualify. See our picks for the best secured loans.
How much does a SoFi loan cost?
The total cost of your SoFi loan depends on the amount borrowed, annual percentage rate and loan term. Here is an example of how different rates affect the costs of a $20,000 loan with a five-year term. The lender told NerdWallet its average borrower typically gets an APR from 10% to 14.99%.
APR | 10%. | 15%. |
Monthly payment | $425. | $476. |
Total interest cost | $5,496. | $8,548. |
Total loan cost | $25,496. | $28,548. |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for a SoFi personal loan?
You’ll need good or excellent credit to qualify for a SoFi loan, though the lender doesn’t list a specific credit score requirement. You can pre-qualify on the lender’s website to check your rate with no risk to your credit score.
SoFi personal loans are available in all 50 states and Washington, D.C.
SoFi’s borrowing requirements
- Minimum credit score: None.
- Minimum annual income: None.
- Maximum debt-to-income ratio: None.
- Minimum credit history: None.
- Must be at least 18 years old in most states (older in some).
- Must be a U.S. citizen, permanent resident or non-permanent resident (DACA recipients and asylum seekers included).
- Must provide proof of residency.
- Must be employed, have sufficient income from other sources or have an offer of employment to start within the next 90 days.
Profile of an average SoFi borrower
For an idea of where you would fit in among other borrowers and what to expect, we asked SoFi about its average borrower. Here’s what the lender told us.
- Average loan amount: $20,000 to $29,000.
- Average APR: 10% to 14.99%.
- Most common loan term: 5 years.
- Most common loan purposes: Debt consolidation.
- Average borrower’s credit score: 720 or higher.
- Average annual income: $100,000 or higher.
» MORE: How to get a personal loan
Frequently asked questions
Q: Is SoFi a good loan for consolidating debt?
A: SoFi is a great option for consolidating debt, especially if you have good credit and can qualify for a lower rate than you’re currently paying on your credit cards. Not only does SoFi pay off your creditors for you, it offers a rate discount for allowing them to do so, which helps you save even more on interest. Funds can take two to three days to reach your creditors.
Q: How will getting a SoFi loan affect your credit score?
A: As part of reviewing your loan application, SoFi conducts a hard credit pull, which temporarily knocks a few points off your credit score. This is normal when applying for new credit. Since SoFi reports your loan payment history to the three main credit bureaus (Experian, Equifax and TransUnion), you can build your credit by making on-time loan payments. Late payments will hurt your credit score.
Q: What’s an origination fee?
A: Online lenders often charge an origination fee to cover the cost of processing your loan. This fee typically ranges from 1% to 10% of the loan amount and is deducted from the loan funds before they hit your account. SoFi says it charges an optional origination fee up to 7% that can help lower your APR.
How does SoFi compare?
 |  |  |  |
|---|---|---|---|
Est. APRFrom 6.99% to 35.49% | Est. APRFrom 6.53% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $50,000 |
Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Overall rating
4.6/5
Affordability25% of rating
4.6/5
SoFi offers affordable annual percentages rates, and it doesn’t charge any mandatory fees. It also offers multiple opportunities for a rate discount.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Customer experience20% of rating
4.7/5
SoFi’s customer service team is available seven days a week and can help with things like requesting a new payment date or reviewing hardship options.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
Loan flexibility20% of rating
4.1/5
SoFi offers perks like direct payment to creditors and joint loans to co-borrowers. But it’s not a good fit if you want a smaller loan.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Underwriting and eligibility20% of rating
4.8/5
SoFi lets you pre-qualify with a soft credit pull. It also offers loans in all 50 states and gives special perks to SoFi members.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
Application process15% of rating
4.5/5
SoFi’s transparency means you can see the full details about this loan right on the lender’s website. Once you’re ready to apply, SoFi can approve and fund your loan on the same day.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
SoFi borrower reviews
4.5out of 5
(129 reviews)
89%
Would recommend
this product
Rating Breakdown
5
(92)4
(21)3
(3)2
(1)1
(6)Sort by:
Colin K.
Verified BorrowerWould you recommend this product? Yes
It's been good with SoFi.
Richard M.
Verified BorrowerWould you recommend this product? No
We haven't had any issues yet, we just now got it, so it's not all worth. Been with them for years.
Akeem S.
Verified BorrowerWould you recommend this product? Yes
It was very quick funding, best rates as well.
Leslie F.
Verified BorrowerWould you recommend this product? Yes
It was a pretty quick and easy. This is my second loan through them. The first loan that I had a pretty high interest rate. Now it like lowered pretty much in half and it was a quick and simple process.
User reviews are displayed for informational purposes only and are not monitored for accuracy. These reviews do not reflect the opinions of NerdWallet or the financial institutions referenced and are not endorsed by them. Neither NerdWallet nor the financial institutions are responsible for the content of any review, nor are the financial institutions obligated to respond to or address any user posts.
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