Skip Navigation
Log InGet Started

Legal

  • Terms of Use
  • Disclaimers
  • Licenses
  • NMLS Access
  • Eligibility Criteria
  • Accessibility
  • Business Continuity

Company

  • About Us
  • How it Works
  • Reviews
  • Press
  • Our Values
  • Jobs
  • Blog

Find us

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

©2026 Social Finance, Inc. All rights reserved.

Norton Secured, powered by VeriSignTLS 1.2 Encrypted
Equal Housing Lender
  1. Help Center
  2. Chevron RightSearch
Search

The Basics of a SoFi Personal Loan!

4 months ago · Updated

  • What features do I get with recurring direct deposits?Chevron Right
  • What benefits do I get with direct deposit? How do I set it up?Chevron Right
  • Payments and Your SoFi Personal LoanChevron Right
Switching to SoFi Checking and Savings Accounts: What Changes and What Stays the Same?Chevron Right
  • What are the benefits of banking with SoFi?Chevron Right
  • The Basics of a SoFi Personal Loan!Chevron Right
  • Learn About Rates for Our SoFi Lending ProductsChevron Right
  • SoFi Credit Card Card PaymentsChevron Right
  • SoFi Credit Card: How do Cash Advances work?Chevron Right
  • How do I set up Pay in 4?Chevron Right

    • 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?
     

    • 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.
    • Prepayment penalties
      • SoFi does not charge prepayment penalties. You can make extra payments or pay off your loan early without an added fee.
    • Late fees
      • SoFi does not charge late fees!
    • 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.