SoFi Personal Loan Review
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pros and cons
loan pros and cons before you sign.
Pros
- Get money as soon as the same day
- No required fees
- Two discount opportunities
- Borrow up to
- Can’t qualify with bad credit
- Other lenders offer better rates for excellent credit
requirements
Other than being at least the age of majority in your state of residence, you’ll need to meet several other borrower criteria requirements in order to be eligible for a personal loan.
| Minimum credit score | |
| Employment requirements | Must be employed, have an employment offer to start within 90 days or have enough regular income from other sources |
| Citizenship requirements |
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| Documents |
Read more about ’s ID requirements |
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
loans CAN be used for…
- Repaying credit card debt
- Home improvement projects
- Vacations
- Engagement and wedding expenses
- Debt consolidation
loans CANNOT be used for…
- Real estate
- Business expenses
- Investments
- Purchases of securities
- Post-secondary education
- Short-term bridge financing
If ’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with
1. See if you qualify
shows you your potential loan rates, terms and amounts with no impact on your credit when you prequalify. Go to ’s website, click “View your rate,” and answer basic questions about yourself and the money you need.
2. Compare your offers
will show you loan offers if you qualify. Compare your offers and decide whether the optional origination fee is worth the lower rates. Once you’ve chosen your offer, you’ll likely need to upload documents to prove your identity, income and address.
3. Accept and close on your loan
After you’ve verified your information, will need to pull your credit before it can approve you. Hard credit pulls can cause a small dip to your credit (usually about five points), but your credit will bounce back quickly if you keep making on-time payments. You could get your money as soon as the same day after approval.
How compares to other personal loan companies
Even if you believe stacks up against similar personal loan lenders.
How we rated
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Yes, you can pay off a loan early because this lender doesn’t charge prepayment penalties.
means that you won’t qualify with bad credit (a FICO Score below 580), and you may have a hard time qualifying with fair credit (580 – 669 FICO Score). You can boost your odds of getting a loan by applying with a co-borrower.
Checking to see if you qualify with will pull your credit if you follow through with your loan. This is standard practice for all personal loan lenders.
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