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2025/07/05
SoFi is best for good to excellent credit borrowers (680 plus) who want a personal loan between $5,000 and $100,000. The average SoFi personal loan was around $30,000 in 2022. But you might not qualify if you’re fresh out of school or have a credit score under 680.
It also offers a suite of member benefits and other financial products and services, including student loans and credit cards. This range of products makes it good for people who want the convenience of an online lender with the offerings of a traditional bank. In fact, SoFi was one of the first fintech lenders to receive regulatory approval to become a national bank in January 2022.
SoFi’s lending model is a departure from traditional lending, but it’s otherwise legit. Here’s some more background:
However, SoFi has had some trouble in the past. In 2019, it entered a settlement with the Federal Trade Commission (FTC), which accused SoFi of inflating the potential savings while misrepresenting the monthly cost of its student loan refinancing product. SoFi agreed to only make savings claims backed by concrete evidence.
Most lenders offer loans and stop at that — but not SoFi. This lender stands out for its massive selection of financial products and loans, as well as member discounts and professional advice.
On top of that, it’s fast: SoFi funds the majority of loans the same day the borrower applies.
SoFi may not be the best choice if your credit score is below 680 or you’re newly self-employed. To qualify as a self-employed person, SoFi requires at least two years’ worth of tax returns and income information.
And despite the fact it’s an online lender, SoFi may not be a quick option if you’re looking for a fast turnaround. While SoFi advertises potential same-day funding after signing, some borrowers have complained about waits of up to 30 days. If you don’t think SoFi is right for you, there are other top personal loans to consider, including personal loans that are very similar to SoFi.
| Minimum credit score/credit range | 680 |
| APR | 9.49% to 29.99% fixed APR |
| Loan amounts | $5,000 to $100,000 |
| Terms | 2 to 7 years |
| Approval turnaround | As soon as the same day |
| Availability | All states |
| Fees | Not required |
| Other fees | None |
| Phone number | 1-855-456-7634 |
| Customer service hours | Monday–Thursday 5 a.m. to 7 p.m. PT, Friday–Sunday 5 a.m. to 5 p.m. PT |
| Application processing hours | Monday–Thursday 5 a.m. to 7 p.m. PT Friday–Sunday 5 a.m. to 5 p.m. PT |
| mobilesupport@sofi.org | |
| X (formerlyTwitter) | @SoFiSupport |
| https://www.facebook.com/SoFi/ |
These are the minimum requirements to qualify for a SoFi personal loan:
As SoFi CEO Anthony Noto tells Finder, “SoFi continues to focus on lending to prime and super-prime borrowers. In addition to credit score and credit history, we continue to weigh factors such as monthly income versus expenses, assets, employment status and professional experience.”
However, a SoFi rep shared that if your score is around 650, you may still qualify for a loan with SoFi’s third-party partners, Cross River & Pagaya. These loans go through SoFi but are underwritten by its partners.
Apply for a loan online or by using the SoFi app, available in the App Store and Google Play. Here are the general steps to apply for a SoFi loan:
We currently don't have that product, but here are others to consider:
How we picked theseThe Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.36 out of 5 stars, based on 357 customer reviews |
| Trustpilot Score | 4.4 out of 5 stars, based on 9,143 customer reviews. |
| Customer reviews verified as of | 31 January 2025 |
Customers give SoFi mixed reviews on sites like the Better Business Bureau (BBB) and Trustpilot. While the majority of reviews on Trustpilot are overwhelmingly positive, SoFi has garnered some complaints, too.
Positive reviews comment on the fast and simple application process and professional quality of communication and customer service. Others mention fast funding times of less than 24 hours.
Negative reviews mention application rejections, unexpectedly high rates and glitches that customer support couldn’t resolve. Others report that the company’s technology felt outdated.
SoFi ranked fourth in the 2020 J.D. Power US Consumer Lending Customer Satisfaction Survey. But it didn’t make the cut in 2021 and came in 8th place in 2022.
Another user had a similar experience, saying they were “instantly approved” for a $40,000 loan but with a much higher 14% interest rate, describing it as “terrible,” though they still appreciated SoFi’s flexibility, as they were offered loan terms of up to 72 months.
Some users recommend SoFi for debt consolidation, with one Reddit user stating, “If you have a lot of cc debt, it’s worth consolidating.” Overall, despite variability in rates, SoFi is seen as an “excellent product,” especially compared to traditional banks that offer higher rates.
Yes, SoFi is a real, nationally chartered bank. It received regulatory approval to operate as a national bank in January 2022.
Yes, SoFi deposits are insured by the FDIC up to $250,000 per individual and up to $500,000 per joint account.
Whether you get approved for a SoFi personal loan depends on your financial profile, including your credit score, debt-to-income ratio and income. You have the best chances for approval if you have good to excellent credit.
SoFi typically requires a minimum credit score of 680 to qualify for a personal loan. Borrowers with higher credit scores are more likely to receive better interest rates and loan terms.
SoFi’s approval process is relatively quick. It’s possible to get same-day approval and to receive funds within a few days. In some cases, borrowers receive their loan funds within a week.
