A SoFi Personal Loan could be a good option if you need money for an eligible expense, want predictable monthly payments, or are looking to consolidate higher-interest debt.
What is a SoFi Personal Loan?
A SoFi Personal Loan gives you a lump sum of money that you pay back over time in fixed monthly installments. It’s an unsecured loan, which means you don’t need to provide collateral.
How much can I borrow?
In most states, eligible borrowers can take out a loan starting at $5,000, up to $100,000.
What repayment terms are available?
SoFi Personal Loans currently offer repayment terms of 2, 3, 4, 5, 6, 7, or 10 years.
What can / can’t I use it for?
You can use a SoFi Personal Loan for eligible personal expenses such as:
- Home improvements
- Medical expenses
- Debt consolidation
SoFi Personal Loans cannot be used for:
- Business expenses
- Post-secondary education costs
- Bridge loans
- Investments in real estate or securities
How many personal loans can I have at one time?
You can have two active SoFi Personal Loans at one time. If you currently have one personal loan with us and wish to apply for a second personal loan, you will need to have made three consecutive, on-time monthly payments on your current SoFi Personal Loan prior to applying.
Once this requirement is satisfied, you can simply access your SoFi Profile and apply online.
How will my funds be sent?
Once loan documents are signed, funds may be sent to your personal bank account in your name. If you choose Direct Pay, funds may also be sent directly to eligible creditors.
Are there fees or discounts?
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Origination fees
- Some members may see loan options with no origination fee, while others may have the option to choose a one-time origination fee in exchange for a lower interest rate.
- If you choose the fee option, the fee is included in your total loan amount, so there is no separate upfront or out-of-pocket cost.
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Prepayment penalties
- SoFi does not charge prepayment penalties. You can make extra payments or pay off your loan early without an added fee.
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Late fees
- SoFi does not charge late fees!
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Discounts
- Eligible members may also qualify for discounts through SoFi Plus, Autopay, or Direct Pay.
Can I have more than one SoFi Personal Loan?
You can have up to two active SoFi Personal Loans at one time. If you already have a SoFi Personal Loan and want another one, additional eligibility requirements may apply.
Will applying for a personal loan affect my credit?
Checking your rate with SoFi starts with a soft credit pull, which does not affect your credit score.
If you choose a loan option and continue your application, SoFi will request your full credit report from one or more consumer reporting agencies. That is considered a hard credit pull and may affect your credit score.
How is a SoFi Personal Loan different from credit card debt?
A SoFi Personal Loan has a fixed repayment term, so you know what your monthly payments will be and when the loan will be paid off. Credit cards often have variable interest rates and no set payoff timeline.
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.