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6.0

Overall Score

77 User Reviews

Founded in 2011, SoFi is an excellent financial solution for emerging professionals and students. To date, SoFi has issued over $14 billion in financial solutions. SoFi personal loans are consistently among the best in the industry with low rates and high maximum loan amounts. The company is currently headquartered in San Francisco, California.

The Good

  • High Max Loan Amount
  • Flexible Term Loans
  • Competitive Rates
  • No Hidden Fees

High Max Loan Amount

While most competitors cap their personal loans at $35,000, SoFi goes above and beyond the industry average by offering amounts up to $100,000 to select customers. The option for a larger loan amount provides borrowers more flexibility in what they can do with their money. A quick reminder, SoFi personal loans cannot be used for expenses relating to education. The amount accepted (and subsequent payback rates) are determined in large part by your eligibility. Factors that calculate your options include current employment, free cash flow, and more.

Flexible Term Loans

With loan terms falling between three and seven years, SoFi personal loans are some of the most flexible in the industry. This feature enables consumers to realistically pay back their loans over time with relatively low monthly payment amounts. Most top personal loan companies have terms averaging around five years. SoFi's longer personal loan terms make sense especially if a borrower receives close to $100,000.

Competitive Rates

Fixed interest rates fall between 5.49 percent and 14.24 percent for those who sign up with autopay through the company, and 5.74 percent and 14.49 percent for those without autopay. Variable interest rates are available between 5.17 percent and 11.32 percent (autopay), and 5.42 percent and 11.57 percent (no autopay), with a cap at 14.95 percent. These figures rank among the lowest interest rates in the industry, lower than many other top companies. Other competitive companies range from roughly 7 percent to 20 percent. Regardless of the length of your loan, low rates allow you to potentially pay less over the lifetime of your loan.

SoFi offers two options for increased flexibility: fixed interest rate or variable interest rate. A fixed interest rate is locked in for the entire duration of your loan. This rate does not change over time and can save you money and make managing your account simpler. A variable interest rate typically starts out as a lower than average rate but increases over time. This can be beneficial to you if you are able to pay off your loan before the raising interest becomes too high. Variable interest rates are capped at 14.95 percent. Whatever your preference, having options to choose from puts you, the borrower, in control and ultimately makes your experience more satisfactory.

No Hidden Fees

SoFi works hard to protect personal loan customers against hidden fees of any kind. This includes no loan origination fees or prepayment penalties. This transparency in costs should give potential borrowers confidence to proceed with SoFi. This is a huge factor when comparing different personal loan companies, and SoFi does an excellent job providing its personal loan customers with valuable information throughout its application.

The Bad

  • No Same-Day Approval or Funding Guarantee
  • Not Available in Missisippi or Nevada

No Same-Day Approval or Funding Guarantee

Although many competitors offer a same-day guarantee of both approval as well as funding of personal loans, SoFi does not offer a same-day approval or funding guarantee. The overall process can take at least a week. For consumers who need emergency funding for something unexpected, this option may not be the best fit.

Not Available in Missisippi or Nevada

SoFi is available to make personal loans in 48 states, excepting Mississippi and Nevada. The reason for the unavailability in these states is not stated; however, do not be surprised if services are offered for personal loans in these states in the future. Despite the lack of total nationwide availability, SoFi still maintains a greater national reach than several other personal loan providers.

The Bottom Line

SoFi personal loans provide many great features for customers. Not only is the lending amount broad enough to fit most customers' needs, but the interest rates also remain among the lowest in the industry. Along with these and other features, SoFi offers unique unemployment protection to help customers get back on their feet after losing a job. The company also makes customer service a huge priority, providing ample and responsive service via phone or email. The biggest downside to SoFi is the potentially long wait for approval and lack of services in Mississippi and Nevada; however, for a great interest rate SoFi is definitely worth the wait. We highly recommend you check out SoFi for your personal loan needs!

User Reviews

4.8

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  • 10

    Mason

    December 7th, 2017 Potomac, MD DETAILS

    Value for your money
    Quality of product or service
    Customer Service
    Company trustworthiness

    Competitive rates and exceptional service. Well-trained staff members available to answer questions and guide you through the process.

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  • 10

    Wendy Ganza

    December 2nd, 2017 Littleton, CO DETAILS

    Value for your money
    Quality of product or service
    Customer Service
    Company trustworthiness

    SoFi is an excellent company to work with! I used them to consolidate credit card debt and they have been incredibly easy to work with. I highly recommend them!

    Helpful?
  • 10

    Amy

    December 2nd, 2017 Springfield, PA DETAILS

    Value for your money
    Quality of product or service
    Customer Service
    Company trustworthiness

    They are always available and the rates are the best I've found. Trying their new wealth product to.

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  • 10

    Brad Beckett

    December 1st, 2017 West Chester, OH DETAILS

    Value for your money
    Quality of product or service
    Customer Service
    Company trustworthiness

    I was highly skeptical at first of SoFi's claims, but after doing some research on Credit Karma and other sites I decided to give them a try. After spending 4 days researching SoFi I finally felt confident enough to upload the 2 documents they requested. 5 business days later my personal loan was funded and in my checking account and now I am credit card debt free and paying 40% of the rate I was to my credit card issuers. It doesn't get any easier or better than Sofi. I wished they offered Mortgages in my state, I would move everything to SoFi if given the choice.

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  • 10

    ARTHUR BEST

    November 28th, 2017 Kirkland, WA

    Easy process Great customer service Quick results

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  • 10

    Stephanie Diaz

    November 14th, 2017 Hialeah, FL DETAILS

    Value for your money
    Quality of product or service
    Customer Service
    Company trustworthiness

    I am very happy with Sofi, they were very helpful and made the process easy and quick for me. I would definitely reccomend this company, one of the best experiences ever.

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  • 10

    Kim Olsen

    November 9th, 2017 Long Beach, CA DETAILS

    Value for your money
    Quality of product or service
    Customer Service
    Company trustworthiness

    SoFi has great customer service! They are very communicative throughout the process and approval and funding was very quick. Highly recommend!

    Helpful?
  • 10

    Brian Dahlquist

    November 4th, 2017 Cary, NC DETAILS

    Value for your money
    Quality of product or service
    Customer Service
    Company trustworthiness

    Great people and simple to use. The application process was very straightforward and easy to follow. I had a couple hiccups along the way and they were very quick to respond to questions and sort everything out in a timely manner. The interest rates are wonderful and everything about my experience has been top notch.

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  • 10

    R Morales

    November 3rd, 2017 Saint Augustine, FL

    Very easy process. The no hidden fees sold me out at first but, then the customer service closed the deal. The TV add drew me into considering them. Actually, I wasn't thinking about getting a loan to realign my finances until I saw the TV ad. I would recommend to anybody!

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  • 10

    raul gutierrez

    October 8th, 2017 Saugus, MA

    I was really impressed with the rates I was offered on my 25k personal loan. For a second I couldn't believe that there were no hidden fees no origination fees or anything like that. The rate you get is the actual APR because there are no other fees. Great customer service. Money was wire transferred to my bank account the next morning after getting funded.

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  • 10

    Timothy T

    September 20th, 2017 New York, NY

    Refinance your loans through Sofi; especially if you have loans through Wells Fargo or a similar private bank. Sofi made the process of refinance incredibly transparent, and their support was approachable and friendly. The interest rate they quote you on (at least in my case), was the interest rate I ended up with! I recommend using this service to refinance your student loans.

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  • 10

    Gina

    September 19th, 2017

    I refinanced my school loan with SoFi. They had the best loan terms out there that I could find. I received a steady flow of communication keeping me updated on how the processing was going. The customer service was excellent. They are even giving me a free tee-shirt! Above and beyond the call of duty and I am very pleased with SoFi!

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  • 10

    So Thankful

    September 2nd, 2017 Micro, NC

    SoFi funded a $23 thousand dollar loan for me within a week of applying. I immediately paid my credit cards in full and will be saving thousands of dollars in interest and will be out of debt in 5 years (term of my loan) or less. I liked that I could begin the process with a soft pull on my credit before committing to a hard pull. I also enjoyed applying from home and being able to follow the process after my working hours. There were no origination fees and they offered a rate decrease for paying back via automatic payments. I am no longer a prisoner to my credit cards and have seen a nice increase in my credit score.

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  • 10

    Tiffany Kelly

    August 29th, 2017 Suwanee, GA

    Amazing customer service. Have never worked with a broker or loan officer who is so responsive and easy to communicate with. We refinanced our mortgage with Sofi and did everything online/over email until the appraisal and then actual closing (the lawyer came to our house for closing which was so convenient). I love that I didn't have to spend hours on the phone so I could fill out paperwork at my leisure. We are thrilled with our new loan and are saving $900 per month now.

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  • 10

    Cynthia Naval

    August 24th, 2017 Santa Fe, NM

    Although the entire loan application, document requirements, signatures, and confirmations are done 100% via the internet, I had to call customer service on a couple of occasions and was super impressed that: #1. I got a live person after just one call routing option and, #2. each time i called the person I spoke with didn't pass me off to another person. Both times i called the customer service rep was friendly, knowledgeable and very helpful.

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  • 10

    Jeremy

    August 23rd, 2017 Crossville, TN

    Great customer service, good rates, all around great experience. They may not have same day turnaround on a loan, but the wait is worth the experience!

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  • 10

    Michelle

    August 15th, 2017 Bremerton, WA

    Best customer service of any company I've dealt with in a very long time.

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  • 10

    Fernando Morales

    August 15th, 2017 TX

    Customer service means a lot to me ,people on the phone where great . Loan was fast enough for me ,about 5 days total . So awesome not walking into my bank to apply for loan . I did everything over phone while at my job.

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  • 10

    Robert Buster

    August 9th, 2017

    There is no time or effort wasted here. These folks want to make your life easier and they do indeed do so. A completely perfect and professional experience.

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  • 10

    Sharon

    July 30th, 2017 Presque Isle, ME

    Very good customer service - thorough but not cumbersome process - friendly actual people to speak with. Highly recommend

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  • 10

    jack vierling

    July 23rd, 2017

    interesting email piqued my interest about $$ available and quickly giving me the answer as to what rate and dollar amount I would receive IF---Further increased interest and made initial application. processed quickly and within 36 hrs. we had affirmative response. Closed quickly and loan in bank much, much, quicker than thought possible. EACH agent answered all question quickly and correctly. And BO difficulty understanding their ENGLISH!!! What a delight to deal with people that speak my language w/o a dialect twist.! Thanks for assembling a great team of helpers.

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  • 10

    Greg

    July 18th, 2017 Claxton, GA

    The process was easy and I got a loan for the initial amount offered by SOFI. My final rate was higher than the initial offer but since there is o pre-pay penalty the rate difference was worth it to me. Would definitely use them again and would highly recommend them to you.

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  • 10

    Sam

    July 18th, 2017

    Soft pull check on a Wednesday got preapproved, uploaded docs and did hard pull application on a Thursday. Approved same day with no change in terms or additional docs. Funded on Friday afternoon after 2 minute phone call to verify a couple things. Money in account by midnight Monday morning. 100k loan. 5.49 rate. This company is the real deal

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  • 10

    Abdi Nasehi

    July 16th, 2017 SC

    I have been very pleased with the loan that I took with Sofi. I am now inquiring into their mortgage loans. I have not joined the Sofi community yet, but if it is as good as the loan, I will do so.

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  • 10

    Karen

    July 14th, 2017

    Very pleased with quick response and customer service. Would not hesitate to utilize SOFI again if needed.

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  • 10

    Carlos

    July 11th, 2017 Holland, MI

    Great costumer service that answered all my questions and concerns before signing anything.

    Helpful?
  • 10

    Angel Menendez

    July 9th, 2017 Apopka, FL

    In all my years of applying for different loans, this was BY FAR the easiest, most convenient, hassle-free, and seamless experience. The initial numbers offered, (amount, interest, payment, and length), we're EXACTLY the terms when closing the loan. They offered, BY FAR (several percentage points), THE LOWEST interest rates. Going forward, I will give them the first shot at ALL my future lending/borrowing business. GO SOFI!

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  • 10

    joe Caldwell

    July 4th, 2017 Omaha, NE

    As advertised- best experience we have had getting a loan. No surprises no hidden fees. Highly recommended

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  • 10

    R E

    July 3rd, 2017 Anaheim, CA

    The best way to describe my experience is like when I first took an Uber. Why would I ever go back to a Taxi service? My experience was better, with better rates, focus on me and great support. Highly recommend them and they will hopefully lead the way for other lenders in how to treat their customers.

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  • 10

    Sh

    June 28th, 2017

    Very professional, customer service driven organization. My process went very smoothly. Anytime I called I received the help and assistance I needed. I would highly recommend SoFi!

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  • 10

    Peter Bissonette

    May 20th, 2017 New York, NY

    This company is beyond compare. Mike C, Andrew M, and their entire staff (small shout out to those I did work with through my application process: miss Ally M, Tyler, Eric, Matt, and I know there were a couple more and forgive my memory failing me guys) are a rare gem among big cooperation's - which, quite frankly, is sad to think that the SoFi standard isn't the standard across the board. They certainly set the bar here for genuine care for their customer base and a very palpable passion for their services. P.S. I hope the staff likes pizza!

    Helpful?
  • 9

    Martin Foltin

    May 4th, 2017 Fort Collins, CO

    Loan application was quick and easy - a well designed process with small number of steps, upload of paystub and identity proof, all signatures done online, and one quick phone call received from the company 1 day after submitting application (their web site says it can be up to 3-4 days after submitting). Payment terms were good - I got a choice of 3, 5 and 7 year options, with no pre-payment and no origination fees. Advertised availability of wealth management, career services, and unemployment support during loan existence are strong plus. Interest rate reasonable for my credit score (I hoped for slightly lower rate, but I understood what I was offered and was not disappointed). 0.25% rate discount after agreeing to automatic payments from checking account. Loan was funded 2 days after submitting application. Excellent experience.

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  • 10

    PrinceM

    April 26th, 2017 Richmond, VA

    Excellent service. Loan approved within 24 hrs.

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  • 10

    Anonymous Debtor

    April 26th, 2017 Downers Grove, IL

    SoFi had the best interest rates and highest credit amount I could find on an unsecured personal loan. I was able to consolidate 3 other credit card / loan balances into a single SoFi loan at a much lower rate. This will save me thousands in interest.

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  • 10

    CAIN TURNER

    April 25th, 2017 Cincinnati, OH

    Amazing customer service, they're on top of everything and very timely!

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  • 10

    Jamie Stephens

    April 25th, 2017

    The loan process was very simple and convenient. I was able to provide the required information and choose the amount that I wanted to borrow on at my convenience. Customer service was polite and helpful. Everything was completed on schedule. I highly recommend SoFi.

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  • 10

    LINDEL ROSADO

    April 18th, 2017

    GREAT CUSTOMER SERVICE, THE WHOLE LOAN PROCESS WAS GREAT AND FAST, VERY SIMPLE AND PROFESSIONAL. THIS WAS THE BEST LOAN PROCESS I EVER HAVE. VERY GOOD INTEREST RATE. I HIGHLY RECOMMEND SOFI.

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  • 10

    Charles Malgrat

    April 18th, 2017

    Quickest and easiest loan process I've ever been through. Submitted loan information online on Wednesday morning, was approved by Wednesday evening and funds were in my account first thing Thursday morning (less than 24 hours from start to finish). Interest rate was competitive and allowed me to consolidate some high interest credit cards into one lower monthly payment.

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  • 10

    Doug

    April 16th, 2017 Gainesville, FL

    The whole loan process with SoFi was, for me, simply an extraordinary experience. I applied online on Sunday afternoon and was asked to upload some documents that evening. On Monday I electronically signed for the loan and was contacted via phone that afternoon by a SoFi representative to complete the process. The loan was funded at an excellent interest rate that evening and the funds were in my bank account on Tuesday morning. The whole process was totally professional, courteous, simple, straightforward and very fast. This was, without a doubt, the BEST loan process I have ever encountered. Your mileage may vary, but I highly recommend SoFi.

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  • 10

    Gregory Antonowich

    April 13th, 2017 Garfield, NJ

    I needed to get a personal loan and found SoFi's rate most agreeable. Their loan process from approval to funding was smooth and they kept me notified each step of the way. Their representative as clear and concise. There were no surprises and they make the whole loan process very agreeable.

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