Lender type: Direct lender/bank
Loan types: Unsecured
Loan amounts: $5,000 to $100,000
Loan terms: 2 to 7 years
APR range:APR*: 6.99%-35.49% (with all discounts)
Best for: People with great credit who need quick funds
SoFi personal loans offers relatively broad accessibility, strong user experience, and multiple customer support options. Its weakest performance was in the cost category, primarily due to higher APRs than many competitors.
Below, our full SoFi personal loans review takes a closer look at the company’s performance.
Headquartered in San Francisco, SoFi is a direct lender and bank offering personal loans alongside bank accounts, mortgages, auto loans, insurance, credit cards, and investment options. Although founded in 2011, the company has offered personal loans only since 2015. This makes it a relatively new player in a field where the average lender has been offering personal loans for around 54 years.
Per SoFi’s 2025 annual report, the company has provided 20.2 million products to 13.6 million customers, originating around $1.9 billion in personal loans in 2025 alone.
While SoFi is not accredited by the Better Business Bureau (BBB), it has received an A+ rating. However, SoFi’s average BBB review score is only 1.28 out of 5, based on over 370 reviews—below the industry average of 2.19. SoFi’s rating on Trustpilot is a more favorable 3.9 out of 5, based on over 10,700 reviews, exceeding our industry average of 3.55.
SoFi scored 716 out of 1,000 points in the J.D. Power 2025 U.S. Consumer Lending Satisfaction Study, higher than the study average of 704.
Expert take: “Direct lenders like SoFi, LightStream, and Avant provide loans directly to borrowers and are often preferred by those with stronger credit profiles who already know which lender they want to work with. This route typically offers a more streamlined application process, faster funding, and potentially more competitive rates and fees for qualified applicants.” — Nina Abazyan, banking professional and personal lending specialist
SoFi lets you apply for personal loans in all 50 states, making it more accessible than several competitors. You’ll need to be at least 18 years old, be a U.S. citizen or legal resident with documentation, and meet SoFi’s other qualification requirements.
While SoFi’s personal loan credit score requirements aren’t clearly displayed, a 2025 blog post suggests you’ll need a minimum of 610 (fair). Additionally, SoFi usually looks for a debt-to-income ratio below 36%, in line with many lenders. SoFi also expects you to earn enough to cover your personal loan payments and other expenses, such as housing.
SoFi’s personal loan amounts range from $5,000 to $100,000. Is minimums and maximums are higher than those of many competitors, suggesting SoFi best suits those with high borrowing needs.
Terms ranging from 2 years to 7 years offer flexibility, especially for longer-term borrowing needs. Many competitors’ terms top out at 5 or 6 years, though some occasionally offer longer terms of 10 to 20 years. According to a 2025 SoFi survey, 48% of its borrowers repaid their personal loans in 2 years.
While lenders often offer better rates for secured personal loans, which require collateral, SoFi doesn’t. To understand what your monthly payment and total cost might look like based on the term, here are three hypothetical examples using a 15% APR and a $30,000 personal loan amount:
Term | Monthly Payment | Total Cost | |
Loan A | 3 years | ~$1,040 | ~$37,439 |
Loan B | 5 years | ~$714 | ~$42,822 |
Loan C | 7 years | ~$579 | ~$48,628 |
* These estimates are via SoFi’s personal loan calculator. Your amounts may vary.
Notice that extending the term from 3 years to 7 years can nearly halve your payment, but comes at the cost of nearly $11,200 more in interest.
APR range: APR*: 6.99%-35.49% (with all discounts)
Origination fees: 0% to 7%
Prepayment penalty: No
Late fees: No
Other notable charges? No
SoFi’s personal loan rates range from APR*: 6.99%-35.49% (with all discounts), depending on factors like your credit score, other debt, and your income. SoFi’s lowest rate is good compared to the national average of 11.40%, but its top rate is higher than several competitors’ and the national average credit card rate of 21%. If you don’t have great credit, SoFi can be expensive, which brings down its score in our review.
You can opt to pay an origination fee of up to 7% to get a better rate, but this isn’t mandatory. SoFi also charges no late fees (which often run $10 to $50, or 5% to 10% of the loan amount) or prepayment penalties.
Furthermore, autopay reduces your rate by 0.25%, and you can get a further 0.25% discount as a SoFi member. However, SoFi doesn’t match any competitors’ lower rates, so you should shop around.
Expert take: “The competitiveness of rates and terms among personal loan providers largely depends on the borrower’s credit profile and overall risk level. Lenders that cater to borrowers with strong or excellent credit, such as SoFi and LightStream, tend to offer the most competitive APRs, larger loan amounts, and fewer fees.” — Nina Abazyan, banking professional and personal lending specialist
SoFi’s website clearly presents its personal loan options, rates, fees, and funding time. It has helpful tables and calculators for payment amounts and interest costs, interactive tools, educational posts, and help articles. However, finding personal loan requirements is less intuitive, as the specifics appear on an “Eligibility Criteria” page linked in small print near the bottom of the site.
SoFi’s personal loan application process is entirely online, starting with a free prequalification step. When we tested the process, we found it straightforward, starting with a request for basic personal details.
We then provided additional personal, financial, and loan information and consented to a soft credit check.
If prequalified, you’ll see personal loan offers that you can compare and choose from to complete the formal application, which requires a hard credit pull. Expect to submit documents to verify your identity and income. The funding time is often the same business day.
SoFi also has a mobile app. It has mostly positive reviews, with ratings of 4.7 out of 5 stars on the App Store and 3.9 out of 5 stars on Google Play. The app allows you to apply for and manage personal loans and other financial products. You can also access budgeting and credit score monitoring tools.
You can call SoFi at 1-855-456-7634 to speak with a representative from 5 a.m. to 7 p.m. PT on Mondays through Thursdays and 5 a.m. to 5 p.m. PT on Fridays through Sundays. Few competitors offer these extended weekend hours.
Unlike many competitors, SoFi offers online chat support for customers. While it starts with an automated agent, you can request a live person during SoFi’s business hours. In addition, you can email SoFi anytime at mobilesupport@sofi.org.
During testing, we found the company most responsive by phone and connected with a live representative in under a minute. While we had a similar initial response time with the online chat, we experienced delays and holds after connecting with a representative:
When we emailed SoFi, we received a reply within two hours, which was faster than expected.
If you’re time-poor, we recommend calling SoFi rather than using the online chat. If your issue is less urgent, SoFi’s email support is a good backup option.
There are over 11,000 reviews from SoFi customers on the BBB and Trustpilot websites. Positive reviews often highlight the company's quick funding and simple, fast application process.
Negative reviews often mention issues with the application process (such as documentation and approval outcomes), frustrations with customer service, and autopay glitches. SoFi regularly responds to negative reviews on BBB, but not on Trustpilot.
When evaluating SoFi personal loans, BestMoney considered 35 criteria across these five categories:
Reputation: We looked at factors such as how long SoFi has been operating and how well it scores on Trustpilot, the BBB, and J.D. Power, compared to competitors.
Accessibility and flexibility: We considered state availability, loan types (secured and unsecured), term ranges, loan amounts, and borrower eligibility requirements.
Cost: In addition to comparing APR ranges with competitors, we examined common fees (origination/late/prepayment), discounts, and overall cost transparency.
User experience: We looked at how accessible loan information is online, whether there are online portals and mobile apps, how prequalification works, and how quickly funding occurs.
Customer support: In addition to the responsiveness of phone, web, and chat support options, we reviewed online testimonials and the availability of direct pay to creditors.
We based our score on how SoFi performed relative to 34 other personal loan providers, with 1 being the lowest and 10 the highest. We then averaged SoFi’s scores across categories to calculate the final BestMoney score.
SoFi personal loans are ideal for borrowers who want an unsecured loan without expensive origination fees and have good enough credit to avoid the higher APRs. The company stands out for its relatively high loan amounts, diverse customer support options, fast funding, and nationwide availability.
However, if you don’t have great credit, we recommend looking at other providers since a high APR could substantially increase your cost. The same applies if you need to borrow less than SoFi’s minimum of $5,000. Even so, SoFi’s simple prequalification process makes it easy to check your rate and compare offers against other top personal loan lenders before committing.
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 other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 06/03/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (http://www.nmlsconsumeraccess.org/). See http://sofi.com/legal for state-specific license details. See http://sofi.com/eligibility for details and state restrictions.
Fixed rates from 6.99% APR to 35.49% APR. APR reflects the 0.25% autopay interest rate discount and a 0.25% member rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A., or Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 06/03/26 and are subject to change without notice. Not all rates and amounts are available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. 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.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: 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. Autopay is not required to receive a loan from SoFi.
Member Rate Discount: To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.
FAQsMichael Dinich is a personal finance expert at BestMoney.com, focusing on business and personal loans. He has worked in the field since 1999, sharing unique insights on saving money, increasing income, and preparing for retirement. Michael is also recognized for his expertise in taxation, personal finance, and health insurance planning.
