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SoFi (Social Finance, Inc.) started in 2011 refinancing student loans for Stanford alumni. It has since grown into a full digital bank offering personal loans, mortgages, auto loan refinancing, investing, banking, and credit cards. SoFi Bank, N.A. is a member of the FDIC, and personal loans are issued by SoFi Bank or one of its lending partners depending on the borrower’s state.
SoFi has built its personal loan business around a straightforward pitch: no fees required, large loan amounts, and a suite of member benefits, including career coaching and financial planning access, layered on top of the loan itself. That combination has made it a consistent pick in “best of” roundups from outlets like NerdWallet and LendingTree.
A $100,000 loan ceiling, no published minimum credit score, and member perks like career coaching and unemployment protection set SoFi apart from most direct lenders. Multiple rate discounts (autopay, direct deposit) plus the choice between a no-fee loan or a discounted rate with an origination fee give borrowers real flexibility. SoFi also offers a joint personal loan option for borrowers who want to apply with a co-borrower.
Loans start at $5,000, so anyone needing a smaller amount will have to look elsewhere. Because SoFi doesn’t publish a minimum credit score, less-established borrowers won’t know exactly where they stand until they prequalify, and the lowest rates are reserved for excellent-credit applicants. Borrowers on the lower end of SoFi’s credit range can see APRs climb into the mid-30s, which is steep compared to some competitors.
SoFi scored above average in J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study and holds an A+ rating with the Better Business Bureau. Reviewers consistently highlight the fast online process, the soft-pull rate check, and the member perks. The most common complaints center on the higher end of the APR range for borrowers with lower credit scores, and on the $5,000 loan minimum shutting out smaller borrowing needs.
The entire application runs online, with a soft-pull rate check that takes about a minute and doesn’t affect your credit score. Once approved, borrowers can often receive funds the same day. SoFi’s member dashboard also gives borrowers access to free financial planning sessions and career coaching, available for as long as you’re a SoFi member.
Pros
Cons
| SoFi | Discover | |
|---|---|---|
| APR range | 8.74%-35.49% | 7.99%-24.99% |
| Loan amount | $5,000-$100,000 | $2,500-$40,000 |
| Term length | 24-84 months | 36-84 months |
| Min credit score | 680+ recommended (none published) | 660 |
| Origination fee | Optional (0-7%) | None |
| Funding speed | Same day possible | Next business day |
SoFi is the stronger pick for borrowers who need a larger loan and have good to excellent credit. Discover is worth considering for borrowers with a credit score in the 660 to 680 range, or anyone who needs less than SoFi’s $5,000 minimum.
SoFi doesn’t publish an official minimum, but most approved borrowers have scores of 680 or higher.
No. SoFi’s rate check uses a soft credit pull. A hard inquiry only happens if you submit a full application.
Yes, SoFi offers a joint personal loan option for qualifying applicants.
Common uses include debt consolidation, credit card refinancing, home improvements, medical expenses, and other major purchases.
Some approved borrowers receive funds the same day; for others it can take a few business days depending on verification.
For borrowers with good to excellent credit who need a sizable loan, SoFi is one of the stronger options on the market: large loan amounts, no required fees, and member perks that go beyond the loan itself. It’s a weaker fit for anyone who needs less than $5,000 or has credit below the mid-600s, where Discover or a credit union alternative may be a better starting point. If you want to see how a SoFi loan stacks up against your current debt, try our Debt and Loan Calculators.
| Field | Value |
|---|---|
| APR From | 9.99% |
| Loan Amount | $5,000-$100,000 |
| Term Length | 2-7 years |
| Min Credit Score | 680+ recommended |
| Field | Value |
|---|---|
| APR From | 8.74% |
| Loan Amount | $5,000-$100,000 |
| Term Length | 2-7 years |
| Min Credit Score | 680+ recommended |
This option includes an origination fee of up to 7%, deducted from your loan proceeds, in exchange for the lower rate.
Find My Best Options
We evaluate each lender using a consistent framework: availability, affordability, customer experience, and transparency. Our editorial team researches lender terms directly, incorporates verified customer feedback, and reviews key features like credit requirements and funding speed to produce accurate, unbiased ratings. Each score is weighted based on what matters most to borrowers in this category, and we update our reviews regularly to reflect current rates and terms.
