SoFi Loan Overview (2025)
SoFi is a popular online finance company in the USA offering personal loans , student loan refinancing , home loans , and more. It is best known for its no fees , low interest rates , and fully digital process .
✅ 1. Types of Loans SoFi Offers
Loan Type Description Personal Loan For debt consolidation, travel, home repairs, etc. Student Loan Refinance Lower interest rates for existing student loans Private Student Loan For undergraduate and graduate students Home Loan / Mortgage To buy or refinance a home Auto Refinance Loan (Coming soon or through partners)
📋 2. Eligibility Criteria (General)
Requirement Details Age 18 years or older Citizenship US citizen or permanent resident Credit Score Minimum 680 (for personal loans) Employment Must be employed or have a job offer Income Regular income required (varies by loan type) Bank Account Active checking/savings account in the USA
📑 3. Required Documents
Document Type Examples Proof of Identity Passport, Driver’s License, State ID Proof of Income Pay stubs, Tax returns, W-2 or 1099 forms Employment Proof Offer letter or current employment details Credit Report SoFi checks your credit during the application Bank Information For fund transfer and monthly payments
🧾 4. Step-by-Step Loan Application Process (2025)
✅ Step 1: Go to SoFi Website
✅ Step 2: Pre-qualify Without Affecting Credit Score
Enter your name, address, income, employment status
SoFi will do a soft credit check to show your rate (no impact on score)
✅ Step 3: Choose Loan Offer
Select your loan amount , term (2–7 years) , and interest rate
Review monthly payment estimates
✅ Step 4: Upload Documents
Provide proof of identity, income, and employment
Upload via secure portal (scan or photo)
✅ Step 5: Sign Loan Agreement
Carefully read the loan terms
E-sign the agreement if everything looks good
✅ Step 6: Receive Funds
If approved, loan is disbursed in 1–2 business days
Funds go directly to your bank account
🎯 SoFi Loan Benefits
✔️ No origination fees, late fees, or prepayment penalties
✔️ Fast online process
✔️ Free career coaching and financial planning
✔️ Loan amount up to $100,000
✔️ Competitive fixed or variable APRs