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✝︎ 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 and may affect your credit.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Loans originated by SoFi Lending Corp. or an affiliate (dba SoFi) are subject to state restrictions and may not be available in all states, such as MS; see SoFi.com/eligibility-criteria for details and state restrictions.
SoFi Lending Corp. or an affiliate is licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).Personal Loan Rates and Terms: Fixed rates from 7.99% APR to 23.43% APR reflect the 0.25% autopay discount. SoFi rate ranges are current as of 11/30/22 and are subject to change based on market conditions and borrower eligibility. SoFi Personal Loans are not available to residents of MS. Interest-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements and interest-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan. The average of SoFi Personal Loans funded in 2020 was around $32k. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Subject to receipt of required documentation, underwriting guidelines, and processing time by your institution. Loans for amounts over $20,000 may require additional underwriting review time. Funds are disbursed via ACH as soon as the next business day after approval and acceptance of terms.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice, changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates range from 7.99% APR to 23.43% APR (with autopay). The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees; specifically, no origination fees, no late fees, no prepayment penalties.
PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 7.99% APR–23.43% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,530.54 for a total amount of payments ranging from $32,560.37–$36,732.97. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal loans. State restrictions may apply.
* Same-Day Personal Loan Funding: 92.6% of typical SoFi Personal Loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 2021–April 2021 that were signed before 7pm ET on a business day were funded the same day.
^7 Direct Deposit: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with SoFi Checking and Savings within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to SoFi Checking and Savings within 35 days of the funding of your loan. If you do not set up autopay with SoFi Checking and Savings within 20 days of the funding of your loan, AND setup payroll direct deposits to SoFi Checking and Savings within 35 days of the funding of your loan you will not be qualified for this additional 0.25% direct deposit discount. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Checking and Savings account. This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Checking and Savings account. You are not required to enroll in autopay or direct deposits to receive a loan from SoFi. The Direct Deposit Rate Reduction excludes members from receiving the $100 SoFi Checking and Savings® direct deposit promotional program.
SoFi Checking and Savings® is a checking and savings account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA/SIPC. SoFi Securities is an affiliate of SoFi Bank, N.A. SoFi Checking and Savings Debit Card issued by The Bancorp Bank.