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.

Personal Loans

Please note you must have received this offer in a mailer or via email to be eligible for this offer.

Claim your exclusive $600 bonus^ on a SoFi Personal Loan.

View your rate

Checking your rate will not affect your credit score.^†

Compared with high-interest debt, a SoFi Personal Loan is simply better.

✓ Low fixed rates.
✓Get $5K to $100K¹ as soon as the same day you’re approved.*
✓ Unemployment Protection for peace of mind.²

See your rate in 60 seconds with no commitment.

View your rate

Checking your rate will not affect your credit score.^†

Personal loans for what you
need—and when you need them.

Explore all the ways a low-interest personal loan can simply make life’s moments—from the big milestones, to small weekend projects, and everything in-between—totally affordable, and completely doable.

✝ 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.

¹. 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 2021 was around $33K. Information current as of 6/8/22. 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.

^ Personal Loan $600 Bonus: Terms and conditions apply. Offer is subject to lender approval. The offer is not available to those who have previously received a bonus for funding a personal loan. To receive the offer, you must: (1) register and apply through the unique URL provided (2) complete and fund a personal loan with SoFi; (3) have or apply for a SoFi Checking and Savings or have a SoFi Money account to receive the bonus; (4) and meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, your welcome bonus will be deposited into your SoFi Checking and Savings or Money account within 30 calendar days. If you do not qualify for the SoFi Checking and Savings or SoFi Money Account, SoFi will offer payment via ACH pending your completion of Form W9. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year will be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. SoFi reserves the right to change or terminate the offer at any time with or without notice.

‡ Awards or rankings are not indicative of future success or results. Neither SoFi Bank, N.A. nor its employees paid a fee in exchange for ratings. Awards and ratings are independently determined and awarded by their respective publications.

*Same-Day Personal Loan Funding: 82% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2022–January 1, 2023 that were signed before 7pm ET on a business day were funded the same day.

² If you become involuntarily unemployed, modified payments may be applied for a maximum of 12 months, in aggregate, over the life of the loan. Additional terms and conditions apply; see SoFi.com/faq-upp for details.

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Personal loans for what youneed—and when you need them.

Personal loans for what you
need—and when you need them.