SoFi Personal Loan Guide

SoFi personal loans offer competitive rates, flexible use of funds, and a seamless digital experience.

Major U.S. banks like Wells Fargo, PNC, and TD Bank offer personal loans with predictable monthly payments and fixed APRs. These loans typically require a good credit score and steady income. Borrowers may need to visit a branch to finalize the application or submit supporting documents, though many banks now offer hybrid online-branch experiences. Traditional bank loans work well for consumers who prefer face-to-face service, want to build a long-term banking relationship, or are already prequalified by their financial institution.

SoFi’s personal loans are built for modern borrowers seeking speed, transparency, and flexibility. With APRs ranging from around 8.99% to 25.81% (with all discounts applied), loan amounts from $5,000 to $100,000, and terms from 2 to 7 years, SoFi caters to a broad range of financial goals—from consolidating credit cards to covering major medical expenses. There are no origination fees, late fees, or prepayment penalties, which helps borrowers save more over time.

Marketplaces like LendingClub, Upgrade, and Upstart connect borrowers with multiple lenders through one application. These platforms are popular because they allow applicants to compare loan offers side-by-side, often without a hard credit pull. Most offer quick prequalification, competitive APRs, and funding within 24–48 hours. They also tend to be more flexible in underwriting, making them accessible to those with non-traditional credit profiles or recent graduates with thin credit files.

Credit unions such as Alliant or PenFed typically offer lower interest rates and more personalized service than big banks. They’re a strong choice for members seeking local, community-based lending with fewer fees and flexible repayment options. Though you usually need to become a member first, the process is easy and can be done online. Many credit unions also provide loans to those with fair credit, prioritizing long-term relationships over just credit scores.

Borrowers with poor or limited credit can still find viable personal loan options from lenders like OneMain Financial, Avant, or NetCredit. These loans come with higher APRs, typically from 18% to 36%, but may include features like fast funding, small loan amounts, and the ability to improve credit with on-time payments. Some lenders offer secured personal loans (backed by a car or savings account), which can increase approval chances and lower rates. Always review the fine print and check for prepayment penalties or origination fees before committing.