Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their fina.
Kiah Treece Loans WriterKiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their fina.
Written By Kiah Treece Loans WriterKiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their fina.
Kiah Treece Loans WriterKiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their fina.
Loans Writer Jordan Tarver Lead Editor, Mortgages & LoansJordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf.
Jordan Tarver Lead Editor, Mortgages & LoansJordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf.
Jordan Tarver Lead Editor, Mortgages & LoansJordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf.
Jordan Tarver Lead Editor, Mortgages & LoansJordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor's degree in business finance, his experience as a top perf.
| Lead Editor, Mortgages & Loans
Updated: Apr 2, 2024, 6:00pm
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SoFi® is an online lending platform that offers unsecured personal loans in every state. Loans between $5,000 and $100,000 are available for terms ranging from two to seven years. While the minimum credit score requirement is 650, high-qualified applicants can score large loan amounts and the lowest interest rates. Loans can be used for personal, family or household purposes, and borrowers typically receive funds within a few days of approval.
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Loan amounts $5,000 to $100,000 8.99% to 29.99% with autopay Minimum credit scoreSoFi is a top personal loan option for prospective borrowers who have good to excellent credit and generally have free cash flow, that is, excess income at the end of each month. It’s also an excellent choice if you need a large loan—up to $100,000.
Personal loans are not available for education-related costs through this lender, which may deter some customers.
In addition to the 0.25% APR reduction for autopay enrollees, SoFi offers customers a few other helpful perks:
Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.
Personal loan applicants must have a minimum FICO credit score of 650 to qualify for a SoFi personal loan. As with other popular lenders, not all applicants who meet the minimum credit score requirements will be approved for a SoFi personal loan, and most successful applicants have a score of 700 or higher.
SoFi requires personal loan applicants to have an annual income of at least $45,000 to qualify. Even so, the average income of a SoFi borrower is over $100,000. SoFi also evaluates applicants based on their debt-to-income (DTI) ratio and how much income they have left after covering other monthly expenses. Ideal applicants have at least $1,500 in free cash flow each month.
If your credit isn’t where you’d like it to be, SoFi also allows would-be borrowers to apply with a co-applicant. Co-applicants—also known as a co-borrower once a loan is funded—are jointly responsible for loan repayment and must live at the same address as the primary applicant.
Applying with a co-applicant requires the applicant to add the co-applicant’s employment, income and education information to the application. Keep in mind that the addition of a co-applicant may add one to two weeks to the loan application process, so plan ahead. A co-borrower cannot be removed from a loan, even if the primary applicant improves their credit score or establishes a good payment history.
SoFi doesn’t allow co-signers on personal loans. A co-signer is similar to a co-applicant but does not have to live in the same household.
After signing the loan application and confirming your address with a SoFi rep, borrowers can expect to receive their funds within a few days—or as soon as the next business day after approval and acceptance of terms. Funding times can be longer than a few days (especially for loans over $20,000), but customer reviews confirm that borrowers typically receive money quickly and are pleased with the overall turnaround time from application to funding.
SoFi is generally well-reviewed, with 3.2 stars on TrustPilot. Clients say they are pleased with the ease of the application process, speed of funding and helpfulness of customer support.
Negative reviews reveal concerns about turnaround time and the responsiveness of customer support and are largely related to SoFi’s home mortgage products, rather than personal loans. However, some loan applicants and borrowers reported dissatisfaction with qualification requirements, the approval process and available APRs.
The best personal loans offer competitive rates, flexible loan amounts and a wide range of terms. Here’s how SoFi personal loans stack up against other popular lenders:
SoFi and LightStream both offer personal loans between $5,000 and $100,000, depending on the loan purpose. However, LightStream beats SoFi by a hair when it comes to interest rates and available term lengths. If you have a strong credit score, you may be able to score a more affordable loan with LightStream.
While SoFi is tailored to borrowers with strong credit, Upgrade makes financing available to those with credit scores as low as 580. Upgrade may be a good option if you don’t meet SoFi’s minimum score requirement of 650. However, Upgrade only offers loans between $1,000 and $50,000, much less than SoFi’s $100,000 maximum loan amount.
Unlike SoFi, Upstart supports borrowers with damaged or limited credit. While SoFi’s minimum credit score requirement is 650, Upstart’s is 600. However, if you qualify for Upstart, you can only receive loan limits of up to $50,000 and terms of three or five years.
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