In its latest meeting, the Federal Reserve kept its target range for the federal funds rate between 4.25%-4.5%. While officials still expect potential cut rates twice in 2025, there is growing uncertainty about when and how much borrowing costs will decrease. Some Fed members are now predicting only one or no cuts this year, a shift from earlier expectations.
For personal loan borrowers, this means interest rates are likely to remain stable for now, though potential cuts later in the year could bring some relief.
At Business Insider, we keep track of personal loan rates and list the best personal loans offered. Learn more about our top picks, below.
Best Personal Loans in April 2025
- Best for excellent credit: LightStream Personal Loan
- Best for flexible terms: SoFi® Personal Loan
- Best for fair credit: Upgrade Personal Loan
- Best for small loan amounts: PenFed Credit Union Personal Loan
- Best for low credit: Avant Personal Loan
- Best for borrowers with limited credit history: Upstart Personal Loan
- Best for customer support: Discover Personal Loans
Check for Personal Loan Offers
Best for Excellent Credit
6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)
$5,000 to $100,000
660
- Competitive APR
- Approval decisions should come shortly after applying
- Loans can be funded the same day
- Wide range of borrowing amounts and terms
- No fees
- Only available to people with good credit
- No pre-approval option
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
LightStream Personal Loan- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 12 years
- Apply online and you'll receive a response shortly during business hours.
- Receive your funds as soon as the same day
- Loans are made by Truist Bank, member FDIC
LightStream stands out with some of the lowest personal loan rates available for borrowers with excellent credit scores. Truist created LightStream for online loans, and the bank offers personal loans for things like home remodels, medical debt, and debt consolidation.
However, it does come with a high credit score requirement. To qualify for a LightStream loan, you'll need a minimum credit score of 660, meaning this lender might not be suitable for all credit types. LightStream is best suited for borrowers with excellent credit who are looking for the best rates for personal loans.
Best for Flexible Terms
8.99% - 29.99% fixed (with all discounts)
$5,000 to $100,000
680
- High maximum loan limit
- No fees required
- Competitive APR
- High minimum credit score requirement
- High minimum loan amount
- No in-person support
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
SoFi- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
SoFi® have a minimum credit score requirement of 680, at the lower end of what's considered a good credit score. People with a good credit score will likely be able to get a good rate with SoFi®, but borrowers with an excellent credit score may be able to get a lower rate with LightStream Personal Loan.
Interest rates on these loans range by about 13 percentage points, making for a smaller range than offered by other companies. This means interest rates for borrowers with relatively lower credit scores can only go so high, ranging from 8.99% - 29.99% fixed (with all discounts).
SoFi does require a relatively high minimum income for approval. According to loan comparison site Credible, less than 1% of borrowers approved for personal loans through SoFi have an income of less than $50,000 per year, and a majority make more than $100,000.
Best for Fair Credit
9.99% to 35.99%
$1,000 to $50,000
580
- Small minimum loan amount
- Quick access to funds
- Low minimum credit score
- Origination and late fees
Upgrade is a solid lender if you can qualify for its lowest interest rate. But if your credit isn't in great shape, you may be able to find a better deal elsewhere.
Upgrade Personal Loan- Loan amounts range from $1,000 to $50,000
- Loan term lengths range between 2 to 7 years
- You can get your money within one business day after your loan is reviewed and approved
- Loans made by Upgrade's lending partners
Upgrade offers personal loans with flexible loan amounts ranging from $1,000 to $50,000 and repayment terms of two to seven years. It caters to borrowers with at least a 580 credit score, making it accessible to those with fair credit. Upgrade provides a straightforward online process for loan application and approval, making it an appealing option for many.
While the lender offers lower credit score requirements, you may want to consider the extra cost of origination fees, which range from 1.85% and 9.99% and a potential late fee of up to $10.
Best for Small Loan Amounts
8.99% to 17.99%
$600 to $50,000
580
- Wide range of loan amounts
- Low minimum APR
- No origination fees or prepayment penalties
- Coborrowers allowed
- Need to be a member to get a loan
- Late fee
For borrowers with excellent credit, PenFed Credit Union has great minimum interest rates on its personal loans. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
PenFed Credit Union Personal Loan- Loan amounts range from $600 to $50,000
- Term lengths between one to five years
- Loans originated by Pentagon Federal Credit Union
PenFed Credit Union offers personal loans for smaller amounts than many other lenders, making it a good choice for those who just need to borrow a little bit of money for a short time. PenFed will lend you as little as $600. This could make the credit union an attractive alternative to a payday loan.
However, PenFed requires borrowers to be members of the credit union to get your loan. If you've served in the military or work at qualifying associations or organizations, you'll qualify. If this doesn't apply, you can join by opening a savings account with a $5 minimum deposit.
Best for Bad Credit
9.95% to 35.99%
$2,000 to $35,000
600
- Funds generally deposited by the next business day
- No prepayment penalty
- Multiple types of fees
- High maximum APR
- Low maximum loan limit
Avant Personal Loan is a good personal loan provider, especially if you have a lower credit score and need to receive your loan money quickly. Just be prepared to pay a high APR if you do have a low score.
Avant- Loan amounts range from $2,000 to $35,000
- Loan term lengths range between 2 to 5 years
- Administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded, and late fee that varies by state
- Loans made by WebBank, member FDIC
Avant stands out as a lender that applicants with low credit scores can turn to for personal loans. Personal loans are generally offered to those with better credit scores. Avant offers personal loan options for borrowers with credit scores as low as 600. It has a lower limit than other lenders, with $35,000 as the maximum loan amount.
However, Avant's personal loans carry up to 4.75% in administration fees with an undisclosed late fee and returned payment fee. Considering that many of the other loans on this list don't carry administrative fees, prepayment fees, or origination fees, Avant's fee is high.
It's also worth noting that interest rates are high from this lender, ranging from 9.95% to 35.99%. While this is a good option for anyone with credit scores in the lower 600s, those with better credit could find better rates elsewhere.
Best for Borrowers with Limited Credit History
6.70% to 35.99% fixed
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
300
- Small minimum loan amounts
- No prepayment penalty
- Quick loan fund disbursement
- Only three and five year terms
- Potential for high origination fees
Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Upstart- Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
- Loan term lengths are either 3 or 5 years
- Can have origination fees up to 8%
- Considers employment and education history when making loan approval decisions
- Loans are made through one of several Upstart-powered bank partners
Upstart differentiates itself from other personal loan lenders with its underwriting process, which is how it decides who gets a loan and how much to charge in interest. Like any lender, Upstart considers credit scores as part of the process. But it also considers employment history and education history, such as where you went to school and your area of study.
Be sure to consider that Upstart's personal loans can have late fee of 5% or $15, whichever is greater. This can take a significant portion out of your overall loan proceeds.
Best for Customer Support
Discover offers competitive rates ranging from 7.99% to 24.99% and flexible terms, making it a strong option for borrowers with excellent credit. Discover caters to a variety of financial needs, including debt consolidation, home improvement, and medical expenses. The lender also shines by offering no origination fees and no prepayment penalties, which can save borrowers money.
What sets Discover apart is its exceptional customer support. The lender provides various options for managing your loan, such as through a mobile app, secure account center, and even the ability to adjust your payment due date if needed. Additionally, Discover's customer service is available through automated phone calls and direct assistance from representatives, making it a reliable choice for those who value accessible customer support.
Compare Today's Loan Rates
What to Know About Personal Loans
The best lenders for personal loans will offer fast money when you need it, without astronomical fees and interest rates. We looked at loan providers that cater to a variety of credit scores and offer a range of loan term lengths. The best personal loans aren't necessarily from big-name banks; the best credit unions for personal loans generally offer lower interest rates, and you can find strong options through online banks, too.
What Is a Personal Loan?
A personal loan is an installment loan. That means you borrow money and pay it back with a set repayment schedule of monthly payments over a designated period of time.
Common Uses for Personal Loans
Many people use personal loans for debt consolidation, home improvements, medical expenses, or major life events like weddings and relocations. Others rely on them for emergency expenses or to cover unexpected costs.
One of the most common reasons people take out personal loans is for debt consolidation. There are personal loans for borrowers who want a sizeable chunk of money and for those who just need a small amount to tide them over.
Secured vs. Unsecured Personal Loans
Most personal loans are unsecured, meaning they don't require you to put down collateral. Since the lender has no collateral to collect if you default on your loan, it can charge higher interest rates for you to borrow.
With a secured loan, on the other hand, you'll put down collateral to "secure" the money you borrow. Mortgages are examples of secured loans since the house you're paying off can be repossessed if you fail to keep up with payments. Auto loans are also considered secured loans, as cars are tangible assets that the lender can repossess if you default on repayment.
Since secured loans are backed by collateral, lenders generally charge less in interest fees. However, most personal loans fall under the unsecured category. That doesn't mean you can't score a low interest rate; if you have a high credit score, you're in a good position to secure the lowest personal loan interest rates even with an unsecured loan.
Fixed vs. Variable Interest Rates
Personal loans also usually come with fixed interest rates. This means the amount of interest you'll pay will stay the same for the entire loan term. With variable-rate personal loans, on the other hand, the interest rate you pay may start out low, but it can change at any time based on market conditions. Many borrowers prefer fixed-rate loans because they offer predictability; your monthly payment won't change, for better or worse.
Interest rates for unsecured personal loans are determined largely by your credit score. The higher your credit score, the better your chances of getting the best rates for personal loans.
Personal Loans Rates
Average Personal Loan Interest Rates
The average personal loan interest rate is 20.86% APR.
However, rates can vary widely depending on factors like credit score, loan term, and lender policies. With the Federal Reserve maintaining interest rates at 4.25%-4.5% at the last Fed meeting, personal loan rates have remained relatively high, reflecting lenders' cautious approach in the current economic climate.
Borrowers with excellent credit may qualify for rates significantly lower than the average, while those with lower credit scores could see much higher rates.
How to Qualify for the Low Personal Loan Interest Rates
Securing the lowest personal loan rates requires a strong credit profile, steady income, and a low debt-to-income ratio. Borrowers aiming for the best rates should focus on improving their credit score, paying down existing debt, and shopping around with trusted loan companies. Lenders typically offer the most competitive rates to applicants with excellent credit and a history of on-time payments. Additionally, applying with a co-signer or co-borrower can help lower rates and improve approval chances.
Where to Find Personal Loans
You can get a personal loan through three types of lenders:
Online Lenders
The best online lenders can provide convenience and offer competitive rates. They typically offer a streamlined qualification and application process, allowing borrowers to apply and receive funds entirely online. Online lenders frequently cater to borrowers with a wide range of credit scores.
Banks
Banks are the traditional sources of personal loans with established reputations and familiarity. You can visit a local branch to discuss loan options and receive personalized assistance. Some of the best banks for personal loans offer perks including discounts for existing customers.
Credit Unions
Credit unions are member-owned financial institutions. They often offer better rates and fees compared to banks, for members in good standing. The best credit unions for personal loans can also be more flexible in their lending criteria for borrowers with lower credit scores. Interest rates for credit union personal loans are capped at 18% by the National Credit Union Administration.
How to Choose a Personal Loan
To pick the best lender for you, take stock of the factors that are most important to you. Many borrowers zero in on the lowest interest rate. But be sure to also look at any fees, the minimum credit score needed, and the accessibility of the lender's customer service before you apply for personal loans.
Also look at the different types of lenders you may borrow with. Some people may feel comfortable with an online lender, while others may prefer a credit union or bank.
You'll also want to make sure you're able to select a term length that works for you and that your loan's purpose is allowed by the lender you choose.
Guides like this one will help you compare multiple lenders in the same place to weigh their pros and cons. Keep in mind that you should also read individual reviews of any lenders you're considering.
What Determines the 'Best' Personal Loan?
There's no one-size-fits pick for the best personal loan that will work for all borrowers. However, there are key features to focus on when making a decision. The most important are:
Competitive Interest Rates
APRs on personal loans can vary widely from one lender to another. The interest rate on your determines how much you'll ultimately repay. Even a relatively small difference in the interest rate can add thousands of dollars over the life of your loan.
Flexible Terms
The term of a personal loan, or the period of time you have to repay it, determines how high or low your monthly payment will be. A longer term will mean a lower payment, but you'll pay in total interest. A shorter term will come with a higher payment and ultimately less overall interest. The best personal loan lenders offer a wide range of terms to choose from.
Personal Loan Lender Trustworthiness
Whether you're interested in taking out a $5,000 loan or a $40,000 loan, finding the right provider can help with your loan approval experience. The Better Business Bureau, a non-profit organization focused on consumer protection and trust, evaluates businesses using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company's score:
| Lender | BBB Grade |
| LightStream Personal Loan | A |
| Discover Personal Loan | A+ |
| PenFed Credit Union Personal Loan | A+ |
| Upgrade Personal Loan | A+ |
| Avant Personal Loan | A+ |
| Upstart Personal Loan | A+ |
| SoFi Personal Loan | A+ |
All of our top picks, minus Wells Fargo, are rated A or higher by the BBB. Keep in mind that a high BBB score does not ensure a positive relationship with a lender, and that you should keep doing research and talking to others who have used the company to get the most comprehensive information possible.
How to Choose the Best Personal Loan for You
Key Factors to Consider
When choosing a personal loan, consider the annual percentage rate (APR), which includes both the interest rate and any associated fees. A lower APR can save you money in the long run. Additionally, pay attention to the loan term. Shorter terms typically have higher monthly payments but lower total interest costs. Be aware of any fees, including origination fees, late fees, and prepayment penalties, which can increase the overall cost of the loan.
How to Compare Lenders for the Best Offer
To find the best personal loan offer, compare APRs, loan amounts, repayment terms, and fees across multiple lenders. Take into account any available discounts, such as AutoPay or loyalty discounts. Additionally, consider the lender's customer service reputation, loan approval process, and flexibility in handling repayment issues.
Red Flags to Watch Out for When Choosing a Personal Loan
Be cautious if a lender is offering a loan with an unusually high APR or doesn't provide clear terms. Red flags include hidden fees, a lack of transparency about loan terms, and aggressive marketing tactics. If a lender asks for upfront payments or guarantees approval without reviewing your financial situation, that's another red flag. Always read the fine print before committing to a loan.
Pros and Cons of Taking Out a Personal Loan
Pros of Personal Loans
- Lower interest rates. Personal loans typically offer lower interest rates than credit cards, especially for borrowers with good credit.
- No collateral required. Most personal loans are unsecured, meaning you don't need to put up assets like your home or car.
- Fixed payments. Personal loans often come with fixed monthly payments, making it easier to budget and plan for repayment.
Cons of Personal Loans
- High rates for poor credit. Borrowers with low credit scores may face higher interest rates, making the loan more expensive.
- Origination fees. Some lenders charge origination fees, which can increase the total cost of the loan.
- Risk of debt cycle. If you don't manage the loan responsibly, you could fall into a cycle of debt or struggle with high monthly payments.
How to Apply for a Personal Loan
Step-by-Step Guide to the Application Process
- Research and compare personal loan options: Compare offers from different lenders to find the best rates and terms for you financial sitituation.
- Check eligibility requirements: Ensure you meet the lender's minimum requirements, including credit score and income level.
- Prequalify for a loan: Many lenders offer a personal loan preapproval that gives you an idea of the loan amount, rates, and terms you may qualify for, without affecting your credit score.
- Complete the loan application: Fill out the application form with your personal, financial, and employment information.
- Submit supporting documents: Provide necessary documents like proof of income, identity, and address.
- Wait for approval: The lender will review your application and financial details.
- Review the loan offer: Carefully examine the terms, including interest rates, fees, and repayment options.
- Accept the loan offer: If you're satisfied, accept the terms and sign the loan agreement.
- Receive funds: Once approved, funds are typically disbursed directly into your bank account, usually within 1 to 7 business days, depending on the lender. The best quick personal loans often offer same-day or next-day funding.
Required Documents and Information
The following documents may be necessary to fill out a loan application:
- Proof of identity (e.g., driver's license, passport).
- Proof of income (e.g., pay stubs, bank statements, tax returns).
- Proof of address (e.g., utility bills, lease agreements).
- Employment information (e.g., job title, employer details).
- Credit score or authorization to check credit history.
- List of outstanding debts or other financial obligations.
- Loan purpose (for some lenders, especially for large loans).
Common Mistakes to Avoid When Applying
One of the most common mistakes when applying for a personal loan is failing to compare different lenders. While it may be tempting to apply to the first lender you come across, shopping around and comparing loan offers allows you to be better informed and choose a good option for you.
Another mistake is not checking your free credit report before applying. If your credit score is low, you might not qualify for the best rates or any loan at all, so it's crucial to understand your credit before you apply. Additionally, some borrowers make the mistake of taking out a loan for the wrong reasons, such as funding a non-essential purchase or accumulating more debt. Always assess whether a personal loan is the best financial solution for your situation.
Alternatives to Personal Loans
Credit Cards vs. Personal Loans: Which One Is Better?
When deciding between credit cards and personal loans, it's important to understand their key differences and how each option works. Credit cards offer revolving credit, meaning you can borrow up to your credit limit and only pay interest on the amount you borrow.
While credit cards often have high-interest rates, they can be a good option for small, short-term purchases or emergencies. Some credit cards also offer 0% APR introductory periods, which can help you avoid interest charges if you pay off the balance within the promotional period.
Home Equity Loans and HELOCs as Alternatives
Home equity loans and home equity lines of credit (HELOCs) allow you to borrow against the value of your home. Home equity loans offer fixed interest rates, while HELOCs typically have variable loan rates. These options usually have lower interest rates than personal loans because they are secured by your home. However, they come with the risk of losing your home if you default on the loan, so it's essential to consider the risks before choosing this option.
Borrowing from Friends and Family: Pros and Cons
Borrowing from friends or family can be a more flexible and personal alternative to traditional loans, but it comes with its own set of challenges. The main advantage is that these loans often come with little to no interest and more relaxed repayment terms.
However, borrowing from friends or family can strain relationships, especially if you have trouble repaying the loan. Unlike banks, personal lenders may not have formal contracts or clear repayment terms, which can lead to misunderstandings. It's important to communicate clearly about the amount, repayment schedule, and any interest or terms involved to avoid potential conflict.
Why You Should Trust Us: Our Experts on the Best Personal Loans
Our Methodology: How We Chose the Best Personal Loan Products
We rate all personal loan products in our reviews and guides on a 1-5 scale. For each product mentioned in our guide on the best personal loans, the overall rating is a weighted average that considers seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
See our personal loan rating methodology for more details.
At Business Insider, our reviews are guided by editorial independence, meaning our recommendations and ratings are based on objective criteria, thorough research, and expert analysis. Advertisers do not dictate our content, ensuring our reviews remain transparent and unbiased.
Our Experts' Advice on Choosing the Best Fast Loans
We consulted personal loan and financial experts to give their insights into finding the best lenders for personal loans for your needs.
- Markia Brown, certified financial education instructor and registered financial associate at Money Plug, LLC
- Ryan Wangman, former loans reporter at Business Insider
How does the interest rate on a personal loan affect how much I pay?
Markia Brown:
"The interest rate on a personal loan is the price you pay for borrowing the loan. This rate can make a massive difference in the total amount paid over time, so ensuring you have the lowest interest rate available saves you money!"
Ryan Wangman:
"Depending on the interest rate you're charged, you could end up paying hundreds or thousands of dollars more than a borrower with better credit who takes out a similar amount of money."
If someone wants to get a lower interest rate but doesn't currently qualify for one, what should they do?
Markia Brown:
"The first step is to pull a copy of your credit report from TransUnion, Equifax, and Experian. All you have to do is go to www.annualcreditreport.com.
After you pull your credit reports, go through them to identify what could be holding you back from qualifying for a better rate. Some of the information on your credit report is used to generate your credit score, which is used when determining if you qualify for a loan and what your interest rate should be. The five sections used to calculate your credit score are your payment history, credit utilization, length of payment history, mix of accounts, and new accounts or inquiries."
Ryan Wangman:
"The best way to get a lower rate is to improve your credit history. You can do so by making on time, reliable payments and managing the amount of debt you take out compared to your overall limit."
Best Personal Loan FAQs
What credit score do I need for a personal loan?
Generally, lenders require a credit score in the mid-600s to qualify for a personal loan, though some will lend to borrowers with lower credit scores. To get a loan with bad credit, you might also want to consider credit unions offering personal loans and secured loans.
Can I have more than one personal loan?
In theory, you can have an unlimited number of personal loans. But the total number you'll actually be able to get will depend on how many you can qualify for. Your chances of qualifying for a loan will decrease with each loan you take out as your debt-to-income ratio increases.
How long does it take to get a personal loan?
The time it takes to get the proceeds from a personal loan depends on the lender. Most fund them in a week or less after you are approved. The best quick personal loan companies can get you your money either the same day or the next day.
What is the easiest personal loan to get approved for?
The easiest personal loans to get approved for tend to be those with the most lenient credit score requirements. However, even the best loans for bad credit that you can get are likely to come with high interest rates.
What are alternatives to a personal loan?
Alternatives to personal loans include 0% APR credit cards, which can be used to consolidate credit card debt or make purchases that you'd like to pay off over time, and home equity lines of credit, which can fund major repairs or renovations usually at lower interest rates.
SoFi Personal Loan Disclosures: Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000— $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi's underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
