SoFi provides personal loans of up to $100,000, offering the possibility of same-day funding and a 0.25% discount for setting up autopay. If you qualify for SoFi’s membership program, SoFi Plus, you can receive an additional 0.25% rate discount. One of the benefits of applying with SoFi is that you can check your potential rates and terms without affecting your credit score, although you must have a minimum credit score of 680 to qualify.
SoFi loans come with no prepayment penalties or late fees, unlike competitors such as PenFed and Discover. However, it’s important to note that SoFi loans cannot be used for real estate, business ventures, or post-secondary education. While SoFi claims there are no origination fees, the fine print indicates that fees may be charged up to 7%.
