SoFi Review

When it comes to personal loans, SoFi has a lot to offer, especially in comparison to other providers. Financial independence is a key priority for everyone and SoFi makes this possible by making loans accessible to everyone, whether you need a student loan, personal loan, or home loan.

Good Credit Best for
5 /5
$ 5000 /
Min. Amount
Visit Site
Table of Contents

    SoFi has been helping members get their money right since it was founded in 2011. Its home loans, student loans, personal loans, and other options have helped over one million members pay off over $22 billion in debt, so you won’t need to worry about asking if SoFi is safe or not. It offers low rates, no fees, and a variety of flexible payment options across all of its loans. In addition to borrowing, SoFi also offers a suite of useful resources and handy tools to help you manage your finances. All of these loans can be paid back over monthly installments. 

    SoFi promises to make the process as quick and simple as it should be. That means you can finally work towards paying off those credit card bills. Read on for our full review to see if you meet the minimum requirements to take out a personal loan with SoFi. 

    Why Get an Installment Loan from SoFi? 

    SoFi is a great option for individuals who may not have the greatest credit score but are in full-time work and are capable of paying back a loan in monthly installments. SoFi doesn’t care as much about your credit score as other lenders, which makes the borrowing process a lot less of a hassle. This is great news for anyone working towards getting their first home, as most loan providers will tell you when you’re buying a house, your credit score should be above a certain threshold. 

    That said, SoFi does require a minimum credit score of 680, but this is much lower in comparison to other providers. As long as you can prove you have enough money to pay them back after your monthly expenses, your application should be successful. SoFi’s interest rates are low with both fixed and variable rates available. You’ll benefit from unemployment protection if you ever find yourself in the unfortunate position where you suddenly lose your job. 

    What Does SoFi Offer? 

    There are loans for a variety of different purposes, with SoFi refinancing covering student loans, medical resident refinancing, and parent PLUS refinancing. Private student loans extend to undergraduate student loans, graduate student loans, law and MBA loans, and parent student loans. If it’s time to give your home a renovation or you’re thinking about consolidating all of your credit card debts, SoFi’s personal loans have great rates. SoFi can also help you get your mortgage approved thanks to mortgage refinancing, with jumbo mortgage and home equity available too.

    One of the things we love most about SoFi loans is the additional resources that are available to anyone that borrows from the company. We all know how difficult it can be to keep track of bills and our general finances. SoFi provides plenty of support to make sure you can always keep up with your monthly payments, with online calculators available for a variety of installment loans, including personal loans, student loans, and there’s also a handy mortgage calculator. 

    Eligibility Criteria 

    In order to qualify for an installment loan from SoFi, you’ll need a minimum credit score of 680, but this could jump to a higher score depending on your monthly income. You’ll also need a minimum annual income of $45,000 in order to prove you’re capable of paying back your installments. The minimum loan amount is $5,000. 

    SoFi’s got a pretty extensive list of rules in its eligibility criteria, similar to most other lenders, but it’s important to note that if you’re looking to refinance educational debt, bar loans and residency loans aren’t available at the time of writing. 

    Pros and Cons 


    • Low rates make repayment options accessible 
    • Loans from $5,000 to $100,000
    • Additional support to help your manage your finances 


    • Must have a minimum annual income of $45,000 
    • Doesn’t offer direct payment to creditors with debt consolidation loans 

    How to Apply for a SoFi Loan 

    Applying for a loan with SoFi is easy. It’s worth checking your eligibility first though, just to make sure you meet the minimum requirements (credit score of 680 and a minimum salary of $45,000). To apply, all you’ll need to do is visit SoFi’s website and register for an account. You’ll then be asked to select what type of loan you’re after. SoFi’s interest rates will vary depending on which loan you’re after. 

    Rates, Terms, and Fees 

    Unusually, SoFi offers both fixed-rate loans and variable-rate loans. Which one you choose will usually depend on your particular financial situation. Interest rates on variable-rate loans generally tend to be lower than fixed-rate loans, at least to start with. Over time, you may find yourself paying back monthly installments with an interest rate as high as 14.95%, so consider your options carefully. 

    In general, SoFi’s rates are great. APR rates range from 5.99%–17.53%, depending on your credit score and lending history. Loan terms are from two to seven years covering amounts from as little as $5,000 to a whopping $100,000. As long as you have a responsible financial history and a strong monthly cash flow, you shouldn’t struggle to borrow. SoFi’s installment loans have a fixed repayment term.

    Is SoFi For Me? 

    If you’ve applied with multiple lenders in the past and have been turned down because of your credit score, you may have better luck with SoFi if you’re on a high income and can prove you’re able to pay back what you owe. SoFi offers great rates alongside fantastic customer service, making it a great installment loan lender.