SoFi personal loans combine attractive interest rates with impressive benefits, like the ability to temporarily pause your payments if you lose your job. Interest rates start as low as 5.99% with autopay. Qualified borrowers may receive up to $100,000 in funding, making SoFi a solid all-around choice.
Pros
- Low interest rates available for well-qualified borrowers
- Unemployment protection available if you lose your job
- High loan amounts available to borrowers with sufficient income and credit to qualify
Cons
- Better interest rates available with other lenders for borrowers with excellent credit
- Funding may take a few days, which is longer than some lenders take
- Good credit required to qualify for a personal loan with SoFi
Other important information:
- Minimum/maximum amount you can borrow: $5,000 to $100,000
- APR range: 5.99%–18.53% (with AutoPay discount)
- Fees: None
- Minimum recommended credit score: 680 or higher is recommended
- Other qualification requirements: Besides your credit score, SoFi will also consider your credit history, income, employment, and other factors when reviewing your loan application
- Repayment terms: Choose two- to seven-year repayment options
- Time to receive funds: It may take several days between the time of your application and when funds are deposited into your account
- Restrictions: To be approved you need to be 18 or older and a U.S. citizen (or permanent resident or visa holder). SoFi loans are currently available in every state except Mississippi