SoFi built its reputation as an online-only lender, and its personal loans are consistently ranked among the best for borrowers with good credit. If you’re comparing digital-first lenders instead of traditional banks, here’s what actually matters about SoFi’s process.
Rates, Amounts, and Terms
- Loan amounts: $5,000 to $100,000 (minimums are higher in a few states: $10,001 in Massachusetts, Arizona, and New Hampshire; $15,001 in Kentucky)
- APR range: 6.49% to 25.39%
- Fees: no origination fee, no prepayment penalty, no late fee mentioned upfront
SoFi also stacks discounts: 0.25% off for autopay, plus another 0.25% off if you use the loan for debt consolidation and let SoFi pay your creditors directly. That’s up to 0.50% shaved off your rate just by how you set up the loan.
Who Qualifies
SoFi generally looks for a credit score of at least 680. You’ll also need to be a U.S. citizen (or otherwise eligible) residing in the U.S., and you need to be employed, have a job offer starting within 90 days, or have another reliable source of income.
One thing to note: SoFi’s minimum loan amount ($5,000, higher in some states) is well above what many other lenders offer. If you only need $1,000 or $2,000, this may not be the right fit.
How to Apply
- Check your rate online — it takes about 60 seconds and uses a soft credit pull that won’t affect your score.
- Choose your loan amount and term.
- Submit your income and employment documentation.
- Get a final decision — funding typically takes one to seven days once approved.
Frequently Asked Questions
Does checking my rate hurt my credit?
No. SoFi uses a soft credit pull to show your rate, which doesn’t impact your credit score.
How fast is funding?
Once approved, funding generally takes one to seven days, depending on your bank.
What’s the minimum loan amount?
$5,000 in most states, though it’s higher in Massachusetts, Arizona, New Hampshire, and Kentucky.
This article is for general information only and is not financial advice. Rates, amounts, and terms are set by SoFi and can change — confirm current details directly with SoFi before applying.