No fees, higher loan amounts

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Credit cards usually have very high interest rates, making it harder to pay off your debt. Personal loans, which often have a lower APR, can therefore help you when refinancing an existing debt or even just a major purchase..

SoFi personal loans have no fees other than interest, unlike many other lenders who charge origination and late fees. Select SoFi personal loans rated best for refinancing high-interest debt, as eligible applicants can borrow up to $100,000, which comes in handy when your debt seems out of control.

SoFi accepts applicants with good to excellent credit, and a better score means more favorable terms. While it can be a useful option in a pinch, debt refinancing isn’t always a catch-all solution, so it’s best to do some research beforehand.

To help you out, Select looked at SoFi’s APR, benefits, fees, loan amounts, and terms. (Learn more about our methodology below.) Read on to find out if SoFi is the right lender for you.

SoFi Personal Loan Review

SoFi Personal Loans

  • Annual Percentage Rate (APR)

    5.74% to 21.28% when you sign up for autopay

  • Purpose of the loan

    Debt consolidation/refinance, home improvement, relocation assistance or medical expenses

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge


APRs range from 5.74% to 21.28% when you sign up for autopay. (There is a small discount of 0.25% on automatic payment.)

Loan seekers can choose between a variable and fixed APR. Fixed APRs give you a rate you pay for the life of your loan, and variable interest rates fluctuate, but are capped at 14.95%.


SoFi allows you to apply for a loan with a co-borrower (who would then be liable for loan repayments). This is an added benefit, as it can be difficult to qualify for good rates on your own with damaged credit.

Another advantage is that of SoFi protection against unemployment: if a borrower loses his job, he can ask to suspend his payments for three months (if he has respected the terms of his agreement). To qualify, you must prove that you lost your job through no fault of your own.

If approved, SoFi temporarily suspends your monthly bill while you look for a new job, while giving you the option to repay interest. You will still have to pay interest, but your payment history will not be affected.


SoFi does not charge customers setup fees or late fees.

There are no prepayment penalties and customers are only responsible for interest on their principal balance during the term of the loan. If you repay your loan early, you don’t have to pay the remaining interest.

Amount of the loan

Loan amounts range from $5,000 to $100,000. Once your loan is approved, you can expect to receive the funds in your bank account within days.

Mandate’s duration

At the end of the line

SoFi personal loans are a great option if you have good credit and are looking to avoid paying fees.

Not all personal loans allow you to have a co-borrower, but SoFi personal loans do, which gives them an added advantage. Applying with someone else might get you better terms and lower rates.

If you are looking to receive your funds the same day you are approved, check out LightStream Personal Loans which also offer some of the lowest APRs on Select’s Top 5 Personal Loans list.

If you’re looking for a smaller loan, PenFed personal loans start at just $600.

Our methodology

To determine which personal loans are best, Select analyzed dozens of US personal loans offered by online and brick-and-mortar banks, including major credit unions, that have no origination or enrollment fees, from APRs to fixed rate and flexible loan amounts. and terms tailored to a range of financing needs.

When selecting and ranking the best personal loans, we focused on the following characteristics:

  • No creation or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.
  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
  • Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or online advice center to help you learn about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
  • Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.

About Judith J. George

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