SoFi Personal Loans Review 2023| US News News2america

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:

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.

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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.

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.

  • 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.

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