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2750 East Cottonwood Parkway #300
Cottonwood Heights, Utah 84121

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 10/20/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.


Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.


Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.


Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.


SoFi Bank, N.A. NMLS #696891, Member FDIC

SoFi Lending Corp. NMLS #1121636

234 1st Street, San Francisco, CA 94105

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Eligibility & Applying for a SoFi Personal Loan

4 months ago · Updated

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If you're thinking about applying for a SoFi Personal Loan, here’s a simple breakdown of what we look for and what to expect during the application process.
 

Am I eligible for a SoFi Personal Loan?
 

To qualify, you’ll need to meet a few basic requirements:

  • Be the age of majority in your state of residence
  • Live in an eligible U.S. state or territory where SoFi is authorized to lend personal loans
    • Eligible U.S. Territories: Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, or the Northern Mariana Island
  • Be a U.S. citizen, an eligible permanent resident, or an eligible non-permanent resident with valid current documentation
  • Provide a U.S. residential address
    • P.O. Boxes are not accepted
  • Have employment, sufficient income, or an offer of employment within 90 days

 

What else does SoFi consider?
 

Meeting the basic requirements does not automatically mean you’ll be approved.
 

SoFi also looks at things like your credit profile, responsible financial history, monthly income compared with expenses, and if you’ve had SoFi loans before, and whether those loans are in good standing.

 

Am I a good candidate for a SoFi Personal Loan?
 

A strong candidate typically has a responsible financial history, steady income or another reliable source of income, and enough monthly cash flow to comfortably manage a loan payment.

 

Will checking my rate affect my credit score?
 

No. Checking your rate 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 long does the application process take?
 

Personal Loan applications begin initial review within 1 business day, and most applications are completed within 2 business days.
 

Some applications may take longer. For example, self-employed applicants or applicants whose income requires additional review may be contacted within 2–4 business days, and co-borrower applications can take longer to verify

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    Can I include household income on my application?
     

    If you are applying on your own, do not include household income. SoFi reviews individual income for individual applications.
     

    If you want both incomes considered, you would need to apply with a Co-Borrower.

     

    Why does SoFi ask for my bank information before I’m approved?
     

    SoFi may ask for your bank information during the application process to help verify the information you provided and confirm that any approved funds would be sent to the correct account.

     


    Have more questions? Chat with us or call 855-456-7634 to speak with an agent.