SoFi Personal Loan Review

Loan Amount:

$1000 - $100000

Minimum Credit Score:

680

APRs From:

5.99% - 21.11%

Funding Speed:

Within a few days

Ideal for high income, good credit borrowers SoFi personal loans offer competitive rates, and no fees. In addition to low rate personal loans, SoFi also offers multiple financial services products and access to exclusive member benefits including access to career coaches and financial advisers and invitations to exclusive happy hour events.

SoFi Personal loan Review

Available only to borrowers with good to excellent credit scores with high income, SoFi is one the best personal loan lenders in the industry. When you become a SoFi member, it can feel like joining an elite club, SoFi members get exclusive invites to social events and member dinners around the country. SoFi members also receive free online career and financial advice.

During the decision process, one of the most important things SoFi looks at is your free cash flow, (how much of your income is left after expenses, according to the company).

With loan terms of two to seven years, SoFi allows borrowers to change their payment date.

Pros

Fee Free
Unemployment protection
Option to change the payment date
SoFi membership included

Cons

No refinancing options
Only available to high income, good credit borrowers
No option to directly pay creditors with a debt consolidation loan

****APRs, the amount you can borrow, and terms vary depending on the lending partner.
**Personal loans from our partners offer APRs ranging from 3.49% to 35.99% + applicable fees. Our partners personal loan partners offer terms between 2 to 8 years (24 to 84 months). We receive payment from lending partners. * Ex. of a personal loan: A $7,000 loan with an origination fee of 5% will have a funding amount of $6,650, repayable in 36 monthly installments, with an APR of 16.74% would carry monthly a payment of $164 over 3 years.