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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.
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.
In most states, eligible borrowers can take out a loan starting at $5,000, up to $100,000.
SoFi Personal Loans currently offer repayment terms of 2, 3, 4, 5, 6, 7, or 10 years.
You can use a SoFi Personal Loan for eligible personal expenses such as:
SoFi Personal Loans cannot be used for:
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.
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.
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.
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.
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.