Some lenders may require collateral for a loan, however, SoFi does not. SoFi does not require collateral to secure a personal loan because they already have some of the most strict loan approval requirements in the industry. Although SoFi does not require collateral, they do allow for a potential borrower to have a co-borrower sign onto the loan agreement. By having a co-signer, a potential borrower may qualify for an unsecured personal loan when they may not have previously, or they may be able to lock in a lower interest rate.