If you’re looking for a personal loan to finance your next big purchase or consolidate your debts, SoFi is a lender that you should consider. SoFi offers personal loans to borrowers with good credit, and provides a variety of features and benefits that make them stand out from other lenders in the market.

What is SoFi?

SoFi, which stands for Social Finance, is an online lender that was founded in 2011. The company was established with a mission to provide affordable financial products and services to its customers, and has since become one of the largest online lenders in the industry. In addition to personal loans, SoFi offers a range of other financial products, including student loan refinancing, home loans, and investment products.

SoFi Personal Loans

SoFi offers personal loans with loan amounts ranging from $5,000 to $100,000. Loan terms can be as short as two years or as long as seven years, depending on the borrower’s needs. Interest rates for SoFi personal loans start at 5.99% APR and can go up to 18.85% APR, depending on the borrower’s creditworthiness.

SoFi’s approach to lending is different from other lenders. In addition to considering the borrower’s credit score, SoFi also takes into account the borrower’s education, employment history, and income potential when assessing creditworthiness. This means that individuals with less traditional credit histories, such as recent graduates or self-employed individuals, may still be able to qualify for a personal loan with SoFi.

Applying for a SoFi Personal Loan

Applying for a SoFi personal loan is a simple process. Prospective borrowers can apply online by providing basic personal information, such as their name, address, and social security number. They will also need to provide information about their income and employment history.

Once a loan application is submitted, SoFi uses its technology and analytics to quickly evaluate the applicant’s creditworthiness and provide a loan decision. If approved, borrowers can expect to receive their loan funds within a few business days.

Benefits of SoFi Personal Loans

One of the primary benefits of SoFi personal loans is that the company uses a more comprehensive approach to evaluating creditworthiness than traditional lenders. This means that borrowers who may not have a high credit score, but have other indicators of financial responsibility, may still be able to qualify for a loan.

Additionally, SoFi offers competitive interest rates and flexible loan terms. This allows borrowers to choose a loan that fits their financial needs and budget. SoFi also has no prepayment penalties, which means borrowers can pay off their loans early without incurring any additional fees.


SoFi personal loans offer an attractive alternative to traditional bank loans for borrowers with good credit. The company’s use of innovative technology and analytics allows it to evaluate more than just credit scores when making loan decisions. This means that borrowers who may not qualify for a loan from a traditional lender may still be able to get the financing they need from SoFi. With competitive interest rates, flexible loan terms, and no prepayment penalties, SoFi personal loans are a great choice for borrowers looking to achieve their financial goals.

Fixed rates from 8.99% APR to 23.43% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/23 and are subject to change without notice. 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 and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of 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 0%-6%, which 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.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.