You can use a SoFi personal loan for a range of purposes. If you’re looking to start a family, for example, SoFi’s personal loans can finance in vitro fertilization, adoption, surrogacy and pregnancy expenses. If you want to fix up your home, SoFi covers landscaping, roof installation, remodeling, and deck or patio construction.
You can also use SoFi personal loans for:
- Wedding expenses.
- Travel expenses.
- Medical and dental procedures.
- Relocation assistance.
- Credit card consolidation.
Borrowers may not use loan funds for:
Once you submit your application, SoFi performs a hard credit pull, which may affect your credit. When you’re accepted for the loan, SoFi sends a loan agreement for you to sign. Your funds become available in a few days.
Find the Best Personal Loans for You
SoFi offers fixed-rate personal loans of $5,000 to $100,000. Repayment terms range from two to seven years.
SoFi borrowers can choose the lender’s no-fee option – which means no origination fees required, late fees or prepayment penalty – in exchange for a higher rate. You can also receive a 0.25 percentage point discount on your interest rate if you sign up for automatic payments.
Borrowers in good standing can apply for unemployment protection. If you’re approved, SoFi modifies your monthly loan payments and provides job placement assistance during your forbearance period, for up to 12 months.
Lastly, when you obtain a personal loan with SoFi, you become a member, which comes with career coaching, financial planning and event access perks.
To qualify for a SoFi personal loan, you must be a U.S. citizen, permanent resident or visa holder. You also must be considered an adult, according to your state’s laws. You should be employed, have an offer to start a job within the next 90 days or have sufficient income from other sources. A good credit history also helps you qualify.
SoFi requires a minimum FICO credit score of 680 but doesn’t disclose other loan qualification data, including debt-to-income ratio, minimum credit history or minimum income.
SoFi has an A+ rating with the Better Business Bureau, but it is not BBB-accredited. In 2021, the Consumer Financial Protection Bureau received 14 personal-loan-related complaints about SoFi. The most common issues were related to getting a loan. SoFi provided a timely response to all but one complaint. In addition, SoFi has a 2.8 rating, an average score, on Trustpilot.
SoFi offers live customer support seven days a week. You can reach out through the site’s chat function, or call 855-456-7634 from 8 a.m. to 10 p.m. Eastern Time, Monday through Thursday, and from 8 a.m. to 8 p.m., Friday through Sunday.
The entire SoFi loan process can be completed online – prequalification, application, closing and account management. SoFi also has an app for members to check loan rates, start investing, set up account alerts and complete other loan-related tasks.
- People who have very good or excellent credit.
- People who want the option to avoid fees in exchange for a higher interest rate.
- People who want to apply with a co-borrower.