SoFi

• High Max Loan Amount
• Flexible Loan Terms
• Unemployment Protection
• Payment Due Date Changes
• Competitive Rates (with AutoPay Discount)
• No Hidden Fees
• Joint Applications
• Customer Reviews

High Max Loan Amount

While most lenders cap their personal loans at $35,000, SoFi goes above and beyond the industry average by offering loan amounts up to $100,000 to select customers. The option to borrow a larger loan amount provides borrowers with more flexibility in what they can do with their money. SoFi's high loan amounts would work especially well for debt consolidation. 

However, keep in mind that because SoFi offers such a high maximum loan amount, its qualification requirements are more strict than you might see with other lenders. For example, it has a minimum credit score requirement of 680, which is higher than other personal loan companies.

Potential borrowers should also note that SoFi personal loans cannot be used for expenses relating to education. If you are looking to finance or refinance education expenses, SoFi offers private student loans and student loan refinancing.

Flexible Loan Terms

With loan repayment terms ranging between two and seven years, SoFi personal loans are some of the most flexible in the industry — most other lenders have loan terms ranging from three to five years. This feature enables borrowers to realistically pay back their loans over more time, if desired, which can lower your monthly payment. But, if you would like to save money on interest and pay your loan faster, you could potentially qualify for a lower than average loan term of two years. 

Unemployment Protection

SoFi offers unemployment protection by suspending your monthly payments and providing job placement assistance in the case that you lose your job while paying back your SoFi personal loan. Here are SoFi's unemployment protection terms:

"If you lose your job through no fault of your own, you may apply for Unemployment Protection. If your loan(s) is/are in good standing at the time you request Unemployment Protection SoFi will, upon approval, suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three-month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment."

Payment Due Date Changes

SoFi allows borrowers to change their monthly payment due date if the assigned due date does not work for their situation. 

If you are in good standing (no outstanding payments), you can change your due date to anytime between the 1st and the 25th of the month. It's important to note you can only change your payment due date once a year, and your loan must already be funded before doing so. You also have to pay your first initial loan payment before changing the due date. 

The change will take approximately five days to be processed. 

Competitive Rates (with AutoPay Discount)

SoFi only offers fixed interest rate loans, but at very competitive rates. A fixed rate is locked in for the entire duration of the loan which can help you save money and more easily manage your payments as they will remain the same throughout the life of your loan. 

With SoFi, the lowest rate for fixed interest is 5.99 to 18.85 percent with AutoPay*. These figures rank among the lowest interest rates in the industry. These low rates can help customers save while paying off credit card debt and help them reach their financial goals.

Borrowers with excellent credit have a higher chance of being approved for a loan and of receiving the lowest rates.

It is also important to note that SoFi does not offer variable interest rates.

No Hidden Fees

SoFi works hard to protect personal loan customers against hidden fees of any kind, and the company does not charge any loan origination or prepayment penalties. Most personal loan providers require extra fees, most often an origination fee or prepayment fee of some sort. 

SoFi also has no late payment fee. This is extremely rare in the lending industry and can give borrowers peace of mind if they have difficulty making a payment on time. However, this doesn't mean you can neglect your payments completely; late payments can negatively impact your credit score, and non-payments over time can ultimately result in loan default.

Joint Applications

SoFi does accept joint applications and cosigners, which can help you qualify for a SoFi loan if you have a low credit score, and can also increase your chances of getting a lower interest rate. This is a unique offering in the personal loan industry, as not all lenders accept joint applications and cosigners.

Customer Reviews

SoFi reviews are overwhelmingly positive, awarding the loan provider a 4.5-star rating. 

SoFi complaints are limited, as consumer reviews highlight SoFi's simple application process, competitive rates, quick funds transfer, quality customer service, and affordable monthly payments. 

To read SoFi personal loan reviews scroll down to the "User Reviews" section of this profile page. 

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• SoFi Funding Time
• Not Available in Mississippi
• Minimum Credit Requirement
• No Secured Loan Option

SoFi Funding Time

SoFi does not offer a same-day approval or funding guarantee, making SoFi loan processing time a bit slower than other lenders in the industry. Thus, the overall application process can take at least a week. 

SoFi takes into consideration a potential borrower's immigration status (US citizen or permanent resident), financial history (like credit history, credit score, and credit report), career experience, employment, and income. However, a thorough application process allows SoFi to offer competitive rates (5.99 to 18.85 percent with AutoPay*) and a high max loan amount ($100,000), so it may be worth the brief wait for most borrowers. 

Not Available in Mississippi

SoFi personal loans are available in 50 states. They are not currently offered in Mississippi.

Minimum Credit Requirement

SoFi's minimum credit score requirement is 680. This is higher than some lenders in the personal loan industry and makes SoFi loan approval a bit more difficult. However, higher credit score requirements allow SoFi to provide larger personal loan amounts (up to $100,000) and better annual percentage rates (5.99 to 18.85 percent with AutoPay*). 

No Secured Loan Option

SoFi does not offer secured personal loans, meaning that loans are unsecured and are approved based on your credit history rather than collateral.

Secured loans are backed by collateral — some sort of financial asset that you own, such as a home or car. This would be used as payment if you were unable to pay back your loan.

Low-credit borrowers can qualify more easily for a secured loan than an unsecured loan since the lender is guaranteed payment in one form or another. Thus, subprime borrowers may have a difficult time qualifying with SoFi since the company solely bases its lending decisions on credit rather than collateral.