How to Get a Bad Credit Loan from SoFi

Life happens. People lose jobs, face medical emergencies, or have to deal with unexpected expenses—sometimes all at once. So, just because your credit score isn’t perfect doesn’t mean you should settle for sky-high interest rates or predatory lenders. That’s where SoFi comes in with its Bad Credit Loan from SoFi, offering a more transparent and supportive lending option.

While SoFi is often seen as a lender for borrowers with excellent credit, they’ve started offering options for people with less-than-perfect credit, too. In this post, I’ll walk you through how to get a bad credit loan from SoFi, who can qualify, and how you can use Beem to compare other loan options or get emergency funds quickly if you need them now.

Is SoFi Even an Option for Borrowers with Bad Credit?

SoFi’s Core Borrower Profile

SoFi is best known for offering loans to people with excellent credit, but over the years, they’ve started expanding their options. It’s not just about the score anymore; SoFi looks at your entire financial situation. They tend to cater to people with 680+ credit scores, but they’re more flexible than many traditional lenders when it comes to working with borrowers who have borderline credit scores.

If you’ve been working hard to improve your credit score or have a strong income, you could still be eligible for a loan with SoFi—even if you don’t have a perfect score. That’s because SoFi looks at the whole picture—not just the number.

Read related blogs: How To Get A Personal Loan From Reprise: A Comprehensive Guide

Why SoFi Might Still Work for You

If your credit score is improving, or you have a solid financial profile despite past hiccups, SoFi might offer you better terms than traditional lenders would. This means you don’t have to settle for a loan with high fees or sky-high interest rates. Plus, SoFi allows joint applications and co-signers, which could further increase your chances of approval.

If you’re someone who’s been working on credit recovery or trying to get your finances back on track, SoFi could be a great partner to help you get to the next level.

What You Need to Qualify for a SoFi Loan

SoFi’s loans are competitive, but it’s not impossible to qualify if you’ve had some bumps along the way. Here’s what SoFi generally looks for when considering your loan application:

Eligibility Requirements

• You must be at least 18 years old and a U.S. citizen or permanent resident.
• A steady source of income or full-time employment is required. If you’re self-employed, you’ll need to provide more detailed income documentation.
• No recent bankruptcies or major delinquencies on your credit report. A clean history of the past couple of years is important.
• Typically, you’ll need a FICO score of 650 or higher—but again, SoFi looks at more than just your credit score.

Read related blogs: How to Get a Bad Credit Loan from Reprise Financial

Step-by-Step: How to Apply for a Loan with SoFi

The application process with SoFi is pretty straightforward. Here’s how you can get started:

Step 1: Prequalify with a Soft Credit Pull

The best part about applying with SoFi is that you can check your loan offers with no impact on your credit score. SoFi uses a soft credit pull to give you a preview of the terms you might qualify for. This means you can get a sense of the rates and terms before officially applying.

Step 2: Submit Your Financial Information

Once you’ve checked your prequalification offers, you’ll be asked to submit your full application. This includes providing documentation to verify your income (like pay stubs, tax returns, or bank statements) and other details that help SoFi assess your ability to repay the loan.

Step 3: Verify Documents

You’ll need to upload documents that verify your income and employment status. This helps SoFi determine how much they’re willing to lend you and at what rate.

Step 4: Choose Your Terms and Accept

SoFi will then present you with the loan terms, including your interest rate, loan amount, and repayment timeline. You’ll pick the terms that work best for you and accept the offer.

Step 5: Get Funded

Once everything’s sorted, SoFi will typically fund your loan within 2-4 business days. It’s a relatively fast process compared to many traditional lenders, and it’s one of the reasons people choose SoFi when they need funds quickly.

Read related blogs: How to Get a Bad Credit Loan from NetCredit

SoFi Loan Features to Keep in Mind

Loan Amounts and Term Options

You can borrow anywhere from $5,000 to $100,000 with SoFi, depending on your financial profile. Loan terms range from 2 to 7 years, so you’ve got some flexibility depending on how much you need and how long you want to take to pay it off.

Zero Fees, Seriously

One of the best things about SoFi is the zero fees. SoFi doesn’t charge origination fees, prepayment penalties, or late fees, making it one of the more transparent and affordable loan options out there. The only thing you’ll pay for is the interest on your loan, and even that is often better than what you’d get from traditional lenders.

Competitive APRs

SoFi offers fixed rates starting as low as 8.99% for prime borrowers. If your credit score is in the 650–680 range, you’ll likely get rates that are far more competitive than many bad credit lenders offer.

Want More Flexible Options? Use Beem to Compare Lenders

Beem Shows You More Than Just SoFi

Beem lets you compare SoFi’s offers with multiple other lenders, even if your credit score is below 650. Side-by-side comparisons help you find the best rates and loan terms, ensuring you get the best deal based on your financial needs.

Loan Ranges Up to $100,000

Unlike SoFi, Beem connects you to lenders who offer loans up to $100,000, giving you more flexibility, especially if you need a larger loan.

Prequalify Without Impacting Your Credit

Just like SoFi, Beem uses soft credit pulls for prequalification, so you can explore loan options without worrying about damaging your credit score.

Need Emergency Cash Fast? Try Beem’s Everdraft™

Small Needs, Big Stress?

For emergency situations where a full loan might be overkill, Beem’s Everdraft™ offers up to $1,000 without the hassle of a traditional loan application or credit checks. It’s perfect for paying bills, buying groceries, or filling your gas tank.

Zero Hassle, No Hard Check

Everdraft™ is quick and simple, allowing you to access funds for small emergencies without the paperwork. It’s a great option when you need cash fast.

Pros and Cons of Using Bad Credit Loan from SoFi

Pros

• Transparent loan terms with no fees
• Competitive APRs for borderline credit scores
• Soft credit check for prequalification

Cons

• Higher credit standards for approval
• Not ideal for very low credit scores (below 600)
• Funding isn’t always same-day

Is SoFi the Right Choice for You?

Best Fit If

• Your credit score is in the 650–680 range and you’re working on improving it.
• You have strong income but past credit issues.
• You need a larger loan without extra fees.

Skip It If

• Your credit score is under 600.
• You need funds immediately.
• You’re looking for easier approvals—use Beem instead.

Conclusion

SoFi is a great option for borrowers with fair or improving credit who need personal loans with clear terms and no fees. However, if your credit score is below 600 or you need funds urgently, other options might be a better fit. Before committing, Beem gives you access to a variety of loan offers, allowing you to compare options and get better terms, faster funding, and even emergency cash advances.

FAQs: Bad Credit Loan from SoFi