SoFi Blog

With the SoFi Personal Loan, the minimum amount you can borrow is $5,000 in most states and the maximum is $100,000.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

For mortgages with a Loan to Value ratio greater than 80%, SoFi does require BPMI (Borrower Paid Mortgage Insurance).

To be eligible for a SoFi loan, you must be a US citizen or reside in a US Territory, as a permanent resident, non-permanent resident, 18 years or older, and reside in one of our eligible states. If you are a permanent resident, you must be able to show an image or scan of your permanent residency card (Green Card) and your Green Card must have a total validity (from issuance to expiry) of more than 2 years. Loan eligibility also depends on a number of additional factors, such as a responsible financial history, credit score, your monthly income vs. expenses, and professional experience. Please review our Eligibility Criteria for further details.

Once your application is complete and verified, if you are approved for a loan, you will receive a Loan Agreement for electronic signature. Once you’ve signed the document electronically, we will give you a call to confirm your address and welcome you to the SoFi Community, and then your funds should generally be available within a few days.