SoFi Blog

SoFi is proud to offer members great rates, educational resources, and first- class customer service. In order to ensure we can continue to provide this value to our members we do charge a lender fee. The borrower is responsible for appraisal, title, credit and other typical fees.

We may require as little as a 3%-5% down payment for well-qualified applicants⁷. Maximum loan amount and program requirements apply.

A personal loan is money you borrow for any kind of personal use such as paying down credit card debt, investing in home improvements, taking a special vacation, or paying for an engagement ring or wedding expenses. Taking a personal loan could be a smart way to consolidate high-interest rate balances under one monthly rate. To repay the loan, you make monthly payments of principal plus interest. A personal loan gives you the flexibility to make big purchases, then pay it off at a pace that makes sense for you.

No. We want to make things simple for our members, so we have no required origination fees or prepayment penalties. Note that any additional payments will be paid first toward the accrued interest, then toward the principal balance on your account. You’re only responsible for the interest on the principal balance at the time that you have it. If you pay it off earlier, you have less interest charged.

Timely payment of your SoFi loans helps ensure we can continue to deliver great products and services to the SoFi community, however SoFi doesn’t charge late fees on Personal Loans.