With more than $14 billion in loans disbursed, SoFi has become on the US’ best-known and most popular marketplace lenders. The company doesn’t originate loans, but it connects users with the lender that best suits their needs.

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    SoFi personal loans have some of the best rates available for a variety of needs, including major life events, medical expenses, home improvement, and credit consolidation. 

    SoFI TrustpilotSoFi is oriented toward borrowers that have slightly better credit, one of the reasons it’s able to offer such competitive rates and terms for users. However, he company does use an unorthodox underwriting algorithm that helps them get a more comprehensive picture of each borrower and better match him to the right lender. SoFi also stands out for its high loan amounts (which can range up to $100,000) and the company is well known for its transparent approach to the lending process. 

    With other perks that include temporary forbearance, reduced rates on subsequent loans, and even the opportunity to attend networking, mentorship, and career counselling events, SoFi loans are a great alternative for young professionals looking to grow and get their lives started. Explore our in-depth SoFi lending review to see if it’s the right fit for you. 

    SoFi Pros and Cons


    • SoFI Interest Rates are among the best in the industry 
    • A wide range of payment options 
    • Great membership benefits for borrowers 
    • Choose between fixed and variable APR 
    • Excellent unemployment and forbearance options


    • Stringent qualification requirements 
    • Funding can take longer than other lenders

    Why Get a Personal Loan from SoFi? 

    One of the areas where SoFi really stands out is in the support it offers you once you find a loan. Since it’s aimed largely at young professionals, the company offers its members access to a wide variety of career opportunities. This includes networking events, mentorship opportunities, and even career counselling if you lose your job while you’re repaying your loan. 

    Additionally, the company offers a forbearance program that lets you suspend your monthly loan payments in three-month increments up to 12 months during the lifetime of your loan. It’s worth noting that your loan still accrues interest during this period, but it is added to your principal once it ends. SoFi personal loans also give you discounts on your interest rate if you apply for additional loans once you’ve been approved for your first one. 

    Finally, SoFi is very transparent about its application process, and will help you through the process from start to finish if you qualify. You can get pre-approved within a few minutes, and start browsing for loans almost immediately. 

    What Does SoFi Offer? 

    SoFi doesn’t originate any of the loans it offers but works with a network of trusted lenders that it matches with borrowers based on their needs and qualifications. The company’s loans are unsecured, but it does provide a wide range of both borrowing terms and amounts. More importantly, due to its slightly more stringent qualification records, it can offer more competitive interest rates and terms than many of its competitors. 

    SoFi loans are available for a variety of reasons including medical expenses, weddings loans, home improvement, debt consolidation, relocations, major purchases, and even vacations loans. However, the company doesn’t offer personal loans for education, taxes, or business startup costs. Additionally, SoFi supports its borrowers with an extensive resource center that includes a variety of articles about financial topics, as well as guides and financial tutorials for any stage of your life. 

    What Are SoFi’s Eligibility Requirements? 

    Our SoFi personal loan review found that the company has some of the stricter eligibility requirements on the market, though it’s for a good reason—better rates for borrowers. Generally, borrowers should have a credit score of at least 680 and a good existing income to get the most favorable rates available. Additionally, SoFi lists some additional requirements on its site: 

    • You must be a citizen, permanent resident, or legal visa holder of 18 years or older
    • You must reside in a state SoFI operates
    • You must be over age legally in your state 
    • You must be employed, have sufficient income, or have an offer to start work within 90 days

    SoFi will also look at your financial history, your career experience, your income and expenses, and other factors when qualifying you. 

    How to Apply for a SoFi Personal Loan? 

    One of the highlights of our SoFI lending review is the company’s easy application process. To get started, you simply need to fill out an initial pre-qualification form that collects some personal and financial details. We were happy to see SoFi doesn’t perform a hard credit check at this point. Once you’re pre-approved, you’ll be able to see your loan options and their rates and terms. Choose the one you want, and you’ll be asked to provide ID and income evidence, as well as a hard credit check. Once you’re approved, you’ll receive confirmation and get your SoFi personal loan disbursed.

    What are SoFi’s Rates, Terms, and Fees? 

    We were impressed to see that SoFi interest rates are some of the most competitive on the personal loans market overall. Due to its slightly higher qualification requirements, SoFi can offer significantly lower rates through its partners than many competitors. The company’s fixed rate loans can have APR as low as 5.99% and range up to 17.00%. The company’s variable rate loans start as low as 5.65% APR, and range up to 14.61%. It’s worth noting that the lowest rates possible are only available when you subscribe to automated payments.

    In terms of loan options, you can choose a variety of both terms and amounts to fit almost any need you have. SoFi loans can be paid off in as little as two years, though loan terms also reach up to seven years. You can borrow up to $100,000 as well, though the minimum you can borrow is $5,000. We were happy to see that SoFi also doesn’t charge any fees for origination, pre-payment, or late fees, though missing payments may still affect your loan status and amount. 

    Final Thoughts

    With an array of excellent membership benefits, excellent rates, and strong educational support, SoFi is a great alternative for young professionals looking for a little boost to help them along the way. The company’s easy application also stands out, as does its customer support. Overall, SoFi is a top marketplace lender for good reason, with great rates and a transparent offering.