SoFi personal loan review

Borrowers looking for a fixed-rate personal loan with predictable monthly payments.

Best for those who need $5,000 - $100,000 and prefer repayment terms of 24-84 months.

The APR range shown on this page is taken from SoFi's own published information and refreshed daily. The bottom of that range is a best case: it generally assumes excellent credit, a short term, and any available discount such as autopay. Most borrowers land somewhere in the middle.

Check the origination fee alongside the rate. Where a fee applies it is usually deducted from the money you receive, so a $10,000 loan can arrive as less than $10,000 in your account.

A short checklist that applies to SoFi and to every other lender we list.

• Confirm the lender operates in your state
• Check the minimum and maximum amounts against what you actually need
• Check whether the offer is secured or unsecured, and what collateral is required
• Look at the term options; a shorter term almost always costs less in total
• Ask whether the rate quoted includes an autopay discount
• Read the fee schedule, particularly origination, late and returned payment charges

Most personal loans from our lending partners are unsecured and fixed rate. With no collateral involved, the lender prices the loan almost entirely on how likely it believes you are to repay. That judgment is built from your credit history, your income relative to your existing debt, how long you have been employed, and the amount and term you ask for.

Personal loans can also be secured by collateral, such as a motor vehicle. Pledging collateral can support a larger amount or a lower rate, but it puts the vehicle at risk if the loan is not repaid. Secured options vary by lender and may not be available through the lenders currently listed here.

The number that matters is the APR, not the interest rate. APR folds in the interest rate plus any origination fee, so it is the only figure that lets you line two offers up fairly. A loan quoted at a lower interest rate can easily cost more once a 6% origination fee is deducted from the money you actually receive.

• Credit history and score band: the single biggest driver of the rate you are offered
• Debt-to-income ratio: monthly debt payments measured against gross monthly income
• Loan amount and term: longer terms usually carry higher rates
• Income stability: length of employment and whether income is verifiable
• Whether the loan is secured: collateral can lower the rate a lender is willing to offer
• State of residence: not every lender lends in every state