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A personal loan is money you borrow for any kind of personal use such as paying off credit card debt, investing in home improvements, taking a special vacation, or paying for an engagement ring or wedding expenses. Taking a personal loan can 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.

What can I use a SoFi Personal Loan for?

You can use a SoFi Personal Loan for any personal, family, or household purpose. Unlike SoFi student loans, this loan is not intended to pay for educational expenses.

Am I eligible for a SoFi Personal Loan?

To be eligible for a SoFi loan, you must be a U.S. citizen or permanent resident 18 years or older and reside in one of our eligible states. Loan eligibility also depends on a number of additional factors, such as a responsible financial history, your monthly income vs. expenses, and professional experience. Please review our Eligibility Criteria for further details.

Am I a good candidate for a SoFi Personal Loan?

SoFi aims to revolutionize financial services, ultimately improving the system for everyone. Today, we’re able to offer significant savings and flexibility to US citizens or permanent residents who are employed with a responsible financial history and have a strong monthly cash flow.

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.

If interest rates rise and I have a variable rate loan, what is the highest rate I could pay?

Interest rates on SoFi variable rate personal loans only change by the amount that LIBOR changes. Interest rates on SoFi variable rate personal loans are capped at 12.49%.

What is the minimum and maximum I can borrow?

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

Are there any origination or prepayment fees?

No. We want to make things simple for our members, so we have no origination fees, closing costs, or prepayment penalties.

How is a SoFi Personal Loan different from credit card debt?

SoFi Personal Loans have a fixed repayment term. Credit cards often have high variable rates and no set repayment term.

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.

Will checking the rates and terms that I qualify for affect my credit?

If I use a Personal Loan to make improvements to my home, is the interest paid Tax Deductible?

Generally, interest paid on an unsecured loan is not tax deductible. SoFi encourages applicants to consult a Tax Advisor for more information.

How long does it take to receive the funds?

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 7-10 days.

How can I make my loan payments?

The easiest way to pay is to log in to SoFi.com and make payments electronically via ACH, the same secure way most people get paid by their employers. Even better, paying by ACH earns you a 0.25% discount on your rate. You can also set up online bill pay to SoFi through your bank, or you can send in a paper check. Note that we do not currently accept payment via credit card.

Do you require or accept co-signers?

We do not accept co-signers for SoFi Personal Loans.

What if I am laid off and can’t pay my monthly installments?

We encourage you to contact us as early as possible if you become unemployed. As a SoFi member and part of our community, we have tools and resources to help you land on your feet, including Unemployment Protection and Career Services. For more information, click here to learn about our career services program.

What if I’m late in making a payment?

Timely payment of your SoFi loans helps ensure we can continue to deliver great products and services to the SoFi community. A late fee applies if a payment is more than 15 days late. The late fee is the lesser of 4% of the payment due or $5.

Interesting facts

  • Funding Circle is an online portal which allows savers to lend money directly to small businesses. The portal is the first site to use the process of peer-to-peer lending for business funding in the UK. As of 10 October 2011, Funding Circle has facilitated £23.5 million in loans to small and medium sized firms.
    Funding Circle is based in the...
  • Prosper,
    America's first people-to-people lending marketplace, was created to
    make consumer lending more financially and socially rewarding for
    everyone. The way Prosper works is intuitive to people who have used
    eBay. Instead of listing and bidding on items, people list and bid on
    loans using Prosper's online auction platform. People who...

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Popular Q&A

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Make a meeting with your school's counselor first. They know the ropes on this.