SoFi Personal Loan
- Best for: Borrowers with strong credit who need $5,000 to $100,000 quickly
- What Sets It Apart: Optional origination fee; no late fees; rate cuts for autopay, membership, and Direct Pay
- Cost: 6.99% to 35.49% APR with discounts; 0% to 7% origination fee, your choice; $0 late fees; no prepayment penalty
- Features: 2- to 7-year terms; same-day funding; Direct Pay to creditors; co-borrowers allowed; a free financial planner session
- Pros: No required fees; loans up to $100,000; fast funding
- Cons: $5,000 minimum; lowest rate requires SoFi banking or SoFi Plus; the fee option shrinks your payout
Check the rate SoFi would give you on a personal loan if your credit is strong and you need $5,000 or more quickly. Its origination fee is optional, funding can arrive the same day, and banking with SoFi trims your rate. If your credit is fair or you need a smaller loan, compare other lenders first.
SoFi Bank makes these unsecured, fixed-rate loans for almost any personal expense, such as a renovation, a wedding, or a stack of card balances, though not for college costs or a business.
Key Features
- 6.99% to 35.49% fixed APR with the autopay and member discounts, as of October 2026
- $5,000 to $100,000, repaid over two to seven years
- Optional origination fee of 0% to 7% that can lower your rate, deducted up front (5% on $30,000 leaves you $28,500)
- Same-day funding for most borrowers approved and signed by 5:30 p.m. ET on a business day
Pros
- No late fees, no prepayment penalty, and a no-fee loan option
- Three 0.25-point rate cuts, for autopay, SoFi membership, and Direct Pay
- Direct Pay sends the money straight to your card issuers and other lenders, which takes about three business days
- Co-borrowers can apply, so a second income counts
- One free 30-minute session with a SoFi financial planner
Cons
- No loans under $5,000
- The 6.99% floor assumes autopay and the member discount, which needs SoFi Plus, direct deposit to SoFi, or $5,000 in SoFi deposits every 31 days
- If SoFi matches you with a partner bank instead, your rate can fall outside SoFi’s range and same-day funding doesn’t apply
- Seven-year loans funded in the year to March 2026 averaged 15.89% APR
Choose SoFi if your credit is strong and you’ll bank there, then compare the APR with and without the origination fee, skipping the fee if you might repay early. Borrowers with fair credit or needs under $5,000 should look elsewhere, and strong-credit borrowers who won’t bank with SoFi should compare LightStream, which charges no fees at all.
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