SoFi
6.4
Overall Score2 months ago
SoFi
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 lenders 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.
However, potential borrowers should note that SoFi personal loans cannot be used for expenses relating to education, like as a student loan. Instead, the company offers its Sofi student loan refinancing program. The amount loaned (and subsequent payback rates) are determined in large part by the borrower's eligibility, including current employment, free cash flow, and more.
Flexible Term Loans
With loan terms ranging between three and seven years, SoFi personal loans are some of the most flexible in the industry. This feature enables borrowers to realistically pay back their loans over time if desired with the potential for a relatively low monthly payment.
Sofi also offers unsecured loans. An unsecured personal loan does not require the borrower to have an asset that can be sold if payments on the loan are unpaid. These loans have a faster approval process, which is convenient.
Competitive Rates
SoFi offers two options to borrowers for increased flexibility: fixed interest rates and variable interest rates. A fixed rate is locked in for the entire duration of the loan. Fixed-rate loans can save borrowers money and make managing the account simpler. A variable interest rate typically starts as a lower-than-average rate but increases over time. A variable rate can be beneficial to borrowers who are able to pay off their loan before the raising interest becomes higher.
With SoFi, the lowest rate for fixed interest is 6.990 percent, and the highest is 14.865 percent for those who sign up for autopay payments through the company. The rates are 7.240 percent and 15.115 percent for those without autopay.* Variable interest rates are available between 6.255 percent and 12.555 percent (autopay), and 6.495 percent and 12.795 percent (no 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.
Borrowers with excellent credit have a higher chance of being approved for a loan and of receiving the lowest 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 fees, late fees, or prepayment penalties.
The Bad
- No Same-Day Approval or Funding Guarantee
- Not Available in Missisippi
No Same-Day Approval or Funding Guarantee
SoFi currently does not offer a same-day approval or funding guarantee. 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 or a credit score), career experience, employment, and income. For borrowers who need emergency funds for something unexpected, SoFi personal loans may not be the best fit.
Not Available in Missisippi
SoFi personal loans are available in 49 states. They are not currently offered in Mississippi.
The Bottom Line
SoFi personal loans include many great features for borrowers, including a high maximum loan amount, competitive interest rates, flexible loan terms, and no hidden fees. Sofi unsecured personal loans can help people save money while paying off credit card debt. We highly recommend that individuals in search of personal loan online lenders consider working with SoFi.
*Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
**Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
***Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
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User Reviews
Initially I just wanted to refinance student loans (had been putting it off forever), but after the simple & straightforward process, I applied for & accepted a 100k personal loan as well. I had been working with Wells on increasing my 50k loc to 100k for the 3 weeks prior to applying, and it was a painfully drawn out process. My wells rep was very sweet, but that only helped so much. They requested about 15 stips and I was lucky if they reviewed 1 every couple of days. I work in finance so I understand the value of verifying information as 100k is a lot of money to lend without collateral, but I also know that the stips can be reviewed in as little as a few hours, as I’ve done it many times for our clients, so 3 weeks was just ridiculous. Wells was a day from approving my request (as I had been told many times before that) when I applied for a 100k personal loan with SoFi and their process was so quick and easy (only took 1-2 days) that I declined the loc increase with wells even though I really just wanted a loc instead of a personal loan 😏 but the difference in processes helped me decide which entity I’d rather pay interest to so ty for your easy, straightforward, and QUICK process!! Please start offering a personal loc product and I’ll stop using my loc with Wells in a heartbeat!! I have the personal and student loans set up on auto-pay and it’s been painless as well. Also the welcome SoFi shirt that they sent is great quality, not the typical t shirt that wears out and stretches quickly. Might be silly to point out in a review but little things matter to customers!! Ty SoFi!! Kyle
SOFI was great. I had cash in my account in less than 3 weeks.
VERY easy process start to finish. I started the process late on a Saturday night and the money was in my account on Wednesday. This was my first online lending experience and I couldn't believe how easy and unintimidating it was. I spoke with service at two points in the process and each agent was exceptional. After the loan was funded, I received a welcome email with additional perks and information, even career counseling and financial advice. This is unlike any other banking experience I've had.
This company does a great job of advertising. I think I get mail from them every week but I don't open it or even read what this company does.
I learned about SoFi through a simple mailer and after reading many reviews we decided they were a good fit. The entire loan process from start to finish took roughly a week, but was incredibly simple and painless. Customer service was also very polite and professional when I called with some questions. There are far worse experiences and rates to be had out there. I am quite happy with SoFi.
I didn’t have a good experience getting a loan from here. The rates werent good and they weren’t all that helpful either in finding me the best fit. I wouldn’t recommend getting a loan here.
Refinanced super easy, saved a lot of money. Got a referral bonus when I got a friend to refinance through them. They also sent some really soft shirts. Didn't have any tricky issues (e.g., I was able to make payments and didn't have any payments not post) so I can't speak to that.
SoFi is amazing! Very easy to apply easy payment plan! Highly recommend
We acquired a personal loan about 3 years ago through SoFi. The process was very easy and quick. It was all done on line and the entire process only took a couple of days. Repayment was straight forward and we completed the pay off a couple of months ago. We never actually spoke to anyone during the entire time. I would highly recommend SoFi.
After 5 years of dealing with health issues we had accumulated a lot of credit card debt that was crushing us financially. SoFi Helped my wife and I save over $300 per month on our credit cards and cut our interest rate in half! We now feel like there is light at the end of the tunnel and we will be able to be debt free so much faster now. From start to finish the process wit SoFi was so fast and easy!
The overall application and approval process is customer friendly and quick. It’s really easy. Thanks SoFi!!!
The process of applying for a loan through SoFi was easy and painless. When i called customer services with questions, that i had about getting a loan, my questions were answered without being transferred to several different people. I would definitely recommend SoFi.
I - literally - applied for a $40k personal loan on Sunday evening (on my iPad), and the money was in my bank account on Tuesday morning. This was an AMAZING experience for me, and it could NOT have been easier!!
I was very happy with the whole online loan process. It was very quick and easy. Also, the customer service was wonderful as well. They were very knowledgeable and willing to help answer all of the questions that I had.
This is our second loan from Sofi. The process is quick, easy and streamlined. The people at Sofi are efficient and know what they are doing. These loans are allowing us to get out of debt quicker than expected due to the low interest rates and payment options provided by Sofi. Best of all, there is no origination or up front fee! And you even get a .25% off the rate if you sign up for autopay. We have no complaints at all. This company is wonderful.
Not a direct lender just sent my info all around and I got phone calls and emails for months
I was extremely impressed with the ease and the speed of the application process. I filled out the short application and got a call with some follow up questions from a team member. The terms were easy to understand and the funds were wired within the specified time-frame. I am extremely pleased that what was advertised was delivered without any hassles or hidden terms. I am happy to be a part of the SoFi family. I would recommend them to anyone that is looking for a loan. !!!!!
I was extremely impressed with the ease and the speed of the application process. I posted a quick questions on-line and received a phone-call that same day from a knowledgeable and friendly team member. The terms were easy to understand and the funds were wired within the specified time-frame. Being able to select an auto-payment for a reduced rate was also great. (I would think most people would want auto-pay anyway, so to be rewarded for it was fabulous). Overall, I am extremely pleased and happy to now be a part of the SoFi family. I would recommend them!!
The application process is very simple and straightforward. The rates are very reasonable and they offer terms that fit your individual needs. The process is fast and they keep you updated every step of the way. The website is user friendly and has all the information you need in one place. I recommend SoFi to anyone searching for a good loan experience.
They have been great with my personal load, funding the amount needed, with a great rate and even helping when I ended up being late on payments. They have bent over backwards to help whenever I need it - AWESOME!
The personal loan I received had a competitive rate, no fees at all associated with the loan and has no prepayment penalty. Professional and courteous people on the other end of the line whenever I called. That's how it should be done !
SOFI processed my Personal loan very quickly. Also the Rate Of Interest is nominal. It's one of the very few companies that approve loan for H1B Visa holders. I would defenitely recommend SOFI to my friends and family.
Like everyone else has said, terrific customer service and great website ! Everything was done electronically. The zero cost refinancing, $300 welcome bonus and 0.25% interest rate reduction for autopay make this a no brainer in my books.
The application process was thorough but easy at the same time.
My experience was excellent. I was undecided about other companies and hidden fees such as prepayment penalties and origination fees. I spent months researching debt consolidation companies and I even applied to other companies but was not approved for the amount I needed. SoFi was the only company that approved and funded my loan. I received payment within 2 days after I signed my contract. The communication is excellent. I received emails and text messages throughout the process as a reminder of where I was in the application process and what I needed to do. You can’t ask for a more transparent process. I highly recommend SoFi. Fyi - this is NOT a paid endorsement. I am hoping this will help others in a similar situation.
I applied for a personal loan with SoFi and was approved the same day- within hours! My loan was funded the very next day- less than 24 hours after submitting my application. No other rates out there could compete with the 5.49% rate I was offered. I should mention that my credit score is 800+, so if you have excellent credit like I do, you should have no problem getting the money you need, when you need it. A+ service.
I found out about SoFi from a professional group on Social media. The application process to refinance my student loans was very easy and it saved me 2% points which will add up to a nice savings over the life of the loan.
SoFi has outstanding rates, makes the application process extremely easy, and has great customer service should you have any questions. They also have an excellent company culture that seems more devoted to helping people than to simply trying to make money. It feels good to do business with SoFi.
Sofi was very fast in approving my loan. They would text me if they needed information which also helped speed up the process. They had the lowest rate I could find, so it will save me money!
Extremely fast process considering the amount of my loan. Good APR and length of time on loan. Zero loan fees. Process was all done online. Definetly reccomend.
The whole process was fast and painless!
Competitive rates and exceptional service. Well-trained staff members available to answer questions and guide you through the process.
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!
They are always available and the rates are the best I've found. Trying their new wealth product to.
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.
Easy process Great customer service Quick results
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.
SoFi has great customer service! They are very communicative throughout the process and approval and funding was very quick. Highly recommend!
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.
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!