2022 SoFi Personal Loan Review – Forbes Advisor


Personal loan applications are approved or denied based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from the applicant’s credit profile and other factors that demonstrate ability to repay the loan, such as income. Meeting the requirements below does not guarantee approval, but they can help you decide if a personal loan is right for you.

Credit score requirements

Personal loan applicants must have a minimum FICO credit score of 680 to qualify for a SoFi personal loan. As with other popular lenders, not all applicants who meet the minimum credit score requirements will be approved for a SoFi personal loan, and most successful applicants have a score of 700 or higher.

Income requirements

SoFi requires personal loan applicants to have an annual income of at least $45,000 to qualify. Even so, the average income of a SoFi borrower is over $100,000. SoFi also rates applicants based on their debt-to-income ratio (DTI) and how much income they have left after covering other monthly expenses. Ideal candidates have at least $1,500 of free cash flow each month.

Co-signers and co-applicants

If your credit isn’t where you want it to be, SoFi also allows potential borrowers to apply with a co-applicant. Co-applicants, also called co-borrowers once a loan is funded, are jointly responsible for repaying the loan and must live at the same address as the primary applicant.

To apply with a co-applicant, the applicant must add the co-applicant’s employment, income, and education information to the application. Keep in mind that adding a co-applicant can add one to two weeks to the loan application process, so plan ahead. A co-borrower cannot be removed from a loan, even if the primary applicant improves their credit rating or establishes a good payment history.

SoFi does not allow co-signers on personal loans. A co-signer is similar to a co-applicant but does not have to live in the same household.


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