SoFi debt consolidation loan, reviewed
SoFi makes large unsecured personal loans, up to $100,000, with an optional fee of up to 7%. Its rates, loan sizes and who it suits, from SoFi’s published terms.
$359 to $589 a month with SoFi on $15,000 over four years
$489 a month to clear the same $15,000 on 24% cards in four years
| APR range | 6.99% to 35.49% |
|---|---|
| Loan sizes | $5,000 to $100,000 |
| Fee | Optional fee of 0% to 7% |
| Bank average, 24-month loans | 11.9% |
A SoFi debt consolidation loan runs 6.99% to 35.49% APR on $5,000 to $100,000, per its Experian listing. On $15,000 over four years, a 35.49% APR costs $589 a month, against $489 on 24% cards. Any SoFi APR above 24% costs more than the cards.
The first thing to do is call a specialist. They go through your SoFi offer and your cards for free, then compare it with the other lenders below.
Rates and loan sizes
SoFi lists APRs from 6.99% for excellent credit up to 35.49%. On $15,000 over four years, that range means $359 to $589 a month.
At the Fed’s 11.9% average for 24-month bank loans, four years would cost $394 a month (Federal Reserve G.19).
Paying 24% cards off in four years costs $489 a month. So any SoFi APR above 24% costs more than the cards.
Call and we check your real SoFi APR against your cards before you decide.
The $5,000 minimum rules out small balances. The $100,000 maximum is among the highest of the lenders we reviewed.
Credit score needed
SoFi publishes no minimum cutoff for approval (NerdWallet). Its 6.99% to 35.49% range cannot tell you if you will be approved, or what rate you will get.
Call and we find out whether the rate check is a soft pull or a hard pull before you apply.
Fees
SoFi’s origination charge runs from 0% to 7%, and it is optional (NerdWallet). On $15,000, a 7% fee would take $1,050 before the money lands.
The APR includes the fee, so it is the number that counts. The specialist on our line compares the APR on any SoFi offer, not just the interest rate.
How fast you get the money
SoFi lists funding the day you sign as its quickest time. How quickly the cash lands also depends on your bank.
After that, your card payments still need time to post.
Who the SoFi debt consolidation loan fits
A $3,000 balance falls below the $5,000 minimum. A $15,000 balance sits inside the published range, but that is not approval.
Your real offer is what counts. Call and we compare it with what your cards cost you now.
Other choices
Each line shows the lender’s APR range and loan sizes. Call and the specialist lines up your SoFi offer against them.Compare SoFi with
Lender APR Loan sizes Fee 
PenFed6.39% to 17.99% Up to $50,000 No origination fee 
LightStream9.99% to 23.94% with autopay $5,000 to $100,000 No origination fee 
Discover6.99% to 24.99% $2,500 to $40,000 No origination fee 
Wells Fargo6.74% to 26.74% $3,000 to $100,000 No origination fee 
LendingClub5.96% to 35.99% $1,000 to $75,000 Origination fee of 0% to 8% 
Reach Financial5.99% to 35.99% $3,500 to $40,000 Origination fee of 0% to 8% 
Achieve6.25% to 35.99% $5,000 to $50,000 Origination fee of 1.99% to 9.99% 
Upstart6.3% to 35.99% $1,000 to $75,000 Origination fee, 8.15% in Upstart’s own example loan 
Best Egg6.99% to 35.99% $2,000 to $50,000 Origination fee up to 9.99% 
Upgrade7.74% to 35.99% $1,000 to $50,000 Origination fee of 1.85% to 9.99% 
Happy Money8.95% to 35.99% $5,000 to $50,000 Origination fee set by amount, term and credit 
Prosper8.99% to 35.99% $2,000 to $50,000 Origination fee of 1% to 9.99% 
Avant9.95% to 35.99% $2,000 to $35,000 Administration fee up to 9.99% 
Universal Credit11.69% to 35.99% $1,000 to $50,000 Origination fee of 5.25% to 9.99% 
OneMain Financial11.99% to 35.99% $1,500 to $30,000 Flat $25 to $500, or 1% to 10%, by state
Related topics
- Loan vs balance transfer
- How to consolidate debt
- Home equity loan or HELOC
- Debt consolidation loan calculator
About this lender
Is SoFi a good way to consolidate debt?
Only if your offer costs less than your cards after fees. A published rate range is not an offer. A credit score alone does not mean approval.
What credit score do you need for a SoFi loan?
SoFi lists no minimum score. The top of its rate range, 35.49%, does not show a score cutoff either.
What is the downside of SoFi loans?
The $5,000 minimum, a top rate of 35.49%, and an optional fee of up to 7%. We check that fee on any offer you get.
Is it hard to get a personal loan with SoFi?
No lender here publishes approval rates. We find out whether the rate check uses a soft pull or a hard pull. A first estimate is not final approval.
Check your SoFi offer today
You are deciding whether a SoFi loan beats the cards you carry now. At SoFi’s top rate, $15,000 over four years costs $589 a month against $489 on 24% cards, so the wrong offer costs you more every month. Call now and a specialist goes through your SoFi offer and your cards for free.