What is a personal loan?

A personal loan is a borrowed sum of money that is paid back with interest in installments and typically range from $5K-$100K.

What can I use a personal loan for?

Many people apply for a low-interest personal loan to consolidate high-interest credit card debt. These loans can also be used to fund major life purchases or expenses, like home improvements, weddings, unexpected medical expenses, moving expenses, or funerals.

Should I take out a personal loan to pay off my credit cards?

When using a personal loan to pay off credit card debt, the loan funds are used to pay off the cards’ outstanding balances. Ideally, the new loan will have a lower interest rate, making payments more manageable or saving the person money from accrued interest.

How can I calculate my expected monthly payments for a personal loan?

The monthly payment for a personal loan is determined by a variety of factors, including your interest rate, loan amount, term of the loan, and more.

What credit score is needed for a personal loan?

Lenders will typically evaluate your credit score, income, and debt-to-income ratio, among other factors. There is no minimum credit score required to secure a personal loan, but lower scores could affect your eligibility, terms, or rate—depending on your lender.

Are SoFi Personal Loans fixed interest rate or variable interest rate loans?

SoFi Personal Loans are fixed rate loans. If you like the consistency of knowing exactly what your monthly payments will be over time, you might prefer a fixed rate loan.

Is the SoFi Personal Loan secured or unsecured?

The SoFi Personal Loan is an unsecured loan. This means that you do not need to provide collateral for the loan.

What is the minimum and maximum I can borrow with a SoFi Personal Loan?

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

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Q: Will applying for a personal loan affect my credit?

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.

† To check the rates and terms you may 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, be residing in the U.S., and meet SoFi’s underwriting requirements. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. Additional terms and conditions may apply. Lowest rates reserved for the most creditworthy borrowers. The average of SoFi Personal Loans funded in 2023 was around $33K. Information current as of 6/27/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details.

¹ Same-Day Personal Loan Funding: 83% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2023–January 1, 2024 that were signed before 6pm ET on a business day were funded the same day.

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