SoFi, short for Social Finance, Inc., has redefined borrowing with a modern, digital-first experience.
If you’re consolidating debt, funding a home renovation, or facing unexpected expenses, these loans have competitive terms, no fees, and quick turnaround times.
This guide will help you understand how to apply for a SoFi loan from prequalification to final disbursement.
Why Consider a SoFi Loan?
SoFi stands out in the personal loan market thanks to features that benefit borrowers looking for transparency and flexibility:
- No Fees: No origination fees, no prepayment penalties, and no hidden charges.
- High Loan Limits: Borrow from $5,000 up to $100,000.
- Same-Day Funding: Qualified borrowers may receive their funds as soon as the same business day.
- Fixed Rates: APRs range from 8.99% to 29.99% (with discounts available for autopay).
- Flexible Terms: Choose loan terms between 2 and 7 years.
- Member Benefits: Unemployment protection and financial planning tools at no extra cost.
Step-by-Step: How to Apply for a SoFi Loan
Applying for a SoFi loan is fully digital and streamlined into a few key steps:
Register for Faster Access
Creating an account before starting your application speeds up the process.
Registration allows you to save your application progress, receive customized loan options, track your application status, and access other SoFi financial products.
While registration is optional, it’s recommended for easier access to a full suite of services.
Step 1: Prequalify Without Affecting Your Credit
The first step is to check if you prequalify. SoFi uses a soft credit inquiry, which means it won’t impact your credit score.
During this stage, you’ll need to provide information in four sections:
- Loan Info: State your loan amount and intended use (e.g., credit card payoff, medical expenses, home improvement).
- About You: Provide your name, address, employment status, income, and housing situation.
- Co-Borrower (Optional): Indicate if someone will apply with you to boost your eligibility and share repayment.
- Your Loan: Review the proposed terms, such as estimated interest rate, APR, loan term, and monthly payments.
If your prequalification is successful, you’ll see several loan offers. Choose the one that best suits your needs.
Step 2: Choose a Loan Offer
Compare the offers based on APR, term length, and monthly payment. Remember:
Longer terms = lower monthly payments, but more interest paid over time.
Shorter terms = higher monthly payments, but less interest overall.
Once you’ve selected your preferred offer, you can proceed to the full application.
Step 3: Upload Required Documents
To finalize your application, you’ll need to submit documents for identity and income verification. These typically include:
- Valid ID: Driver’s license or passport
- Proof of Income: Recent pay stubs or tax returns
- Employment Verification: Employer’s contact or an employment letter
- Social Security Number: Required for a hard credit check
Step 4: Submit Application and Wait for Approval
Once your full application is submitted, they will conduct a hard credit inquiry. This may temporarily affect your credit score.
After review, which usually takes one to two business days, you’ll be notified of the approval decision.
Step 5: Accept and Receive Your Funds
After approval, you’ll receive a digital loan agreement. Read and sign this document electronically.
Upon acceptance, the bank may deposit the loan amount into your account on the same or next business day.
SoFi vs. Competitors – Personal Loan Comparison
When evaluating personal loan options, it's essential to compare offerings from various lenders to find the best fit for your financial needs.
Here's a comparison of SoFi, LendingClub, and Upgrade personal loans as of May 2025.
| Feature | SoFi | LendingClub | Upgrade |
|---|---|---|---|
| APR Range | 8.99% – 29.49% | 7.90% – 35.99% | 7.99% – 35.99% |
| Loan Amounts | $5,000 – $100,000 | $1,000 – $40,000 | $1,000 – $50,000 |
| Loan Terms | 2 – 7 years | 2 – 7 years | 2 – 7 years |
| Origination Fee | None | 0% – 8% | 1.85% – 9.99% |
| Minimum Credit Score | Not disclosed | Not disclosed | 580 |
| Funding Time | As soon as same day | Varies; typically within a few days | Varies; typically within a few days |
| Autopay Discount | 0.25% | Not specified | Available |
| Joint Applications | Yes | Yes | Yes |
| Prepayment Penalty | None | None | None |
- Interest Rates: LendingClub offers the lowest starting APR at 7.90%, while SoFi's rates start at 8.99%. Upgrade's rates begin at 7.99%.
- Loan Amounts: SoFi provides the highest maximum loan amount of up to $100,000, making it suitable for larger financial needs.
- Origination Fees: SoFi stands out by not charging any origination fees, whereas LendingClub and Upgrade charge fees ranging from 0% to 8% and 1.85% to 9.99%, respectively.
- Credit Score Requirements: Upgrade caters to borrowers with lower credit scores, accepting applicants with scores as low as 580. SoFi and LendingClub do not disclose minimum credit score requirements.
- Funding Speed: SoFi may offer same-day funding for qualified borrowers, providing quicker access to funds compared to its competitors.
Interest Rates and Loan Terms
Here’s a breakdown of current SoFi personal loan terms (subject to change):
| Feature | Details |
|---|---|
| APR (Fixed) | 8.99% – 29.99% |
| Loan Amounts | $5,000 – $100,000 |
| Loan Terms | 2 to 7 years |
| Origination Fee | $0 |
| Prepayment Penalty | $0 |
| Funding Speed | Same or next business day (if approved) |
Rates vary based on credit score, income, and other eligibility factors.
How to Contact
If you need help with your application or have general questions, you can contact SoFi directly:
- Phone: (855) 456-7634 Mon–Thu: 5:00 AM – 7:00 PM PT Fri–Sun: 5:00 AM – 5:00 PM PT
- Mailing Address for Loan Services: SoFi Lending Corp., PO Box 654158, Dallas, TX 75265-4158
- Corporate Headquarters: 2750 E Cottonwood Pkwy #300, Cottonwood Heights, UT 84121
- Website: www.sofi.com
Conclusion
SoFi loans offer a transparent, fast, and borrower-friendly experience with no fees, flexible terms, and competitive rates.
Whether you're seeking financial relief or planning a large purchase, the streamlined application process makes it easy to secure funding.
Register early, review your options carefully, and apply confidently to take control of your finances today.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Loan approval and terms are subject to creditworthiness, income, and SoFi’s lending criteria. Rates and terms may change; consult SoFi directly or a licensed financial advisor for personalized recommendations.
