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SoFi

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123 User Reviews

7.8

Overall Score

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LAST UPDATED: October 25th, 2021

Founded in 2011, SoFi is an excellent financial solution for emerging professionals and students. It offers unsecured personal loans, private student loans, student loan debt refinancing, and home loans. To date, SoFi has issued over $14 billion in financial solutions. The company is currently headquartered in San Francisco, California.

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Highlight: SoFi rates and terms

  • APR range — 5.99–19.63% APR (with AutoPay)
  • Loan amounts — $5,000–$100,000
  • Loan terms — 2–7 years
  • Minimum credit score — 680
  • No hidden fees

Consumers can check rates and eligibility online with a soft credit pull. This means that you can shop rates without affecting your credit score.

Read SoFi reviews below to learn about customer experiences. 

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The Good

  • 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 19.63 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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The Bad

  • 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 19.63 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.

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The Bottom Line

SoFi is a good choice if you have good to excellent credit (generally within the 700 range). SoFi personal loans include many great features for borrowers, including a high maximum loan amount ($100,000), competitive interest rates (5.99 to 18.85 percent with AutoPay*), flexible loan terms (two to seven years), and no hidden fees (this means no origination fee, late payment fee, or prepayment penalty). With a high maximum loan amount, a SoFi personal loan could be a good option for debt consolidation, such as credit card debt. 

However, to qualify for a SoFi personal loan you will need to have an excellent credit score (700+). If you have poor credit or poor credit history it might be best to look into other lending options that don't offer as competitive rates and terms, as these are the factors that influence qualification requirements. That being said, you can apply for a SoFi loan with a cosigner which could increase your chances of approval and potentially get you a lower interest rate. But carefully consider if that is the best option for you before proceeding. In the end, take the time to compare lenders, especially if you anticipate difficulty qualifying based on your credit.

Based on SoFi reviews, we would recommend this company, as complaints are limited, and consumers note a simple and satisfactory loan experience.

Read SoFi reviews below to see what else customers are saying about this personal loan company.

* Fixed rates from 5.99% APR to 19.63% APR (with AutoPay). SoFi rate ranges are current as of July 30, 2021 and are subject to change without notice. Not all rates and amounts available in all states. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. 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, income, and other factors. 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.

**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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Star Rating

4.7

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123 Reviews

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79%

4 grade

16%

3 grade

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2 grade

3%

1 grade

2%

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HC Draper, UT

I love how simple their products are and how amazing the rewards are because they are not just giving them to you for the sake of giving them to you, they are really actually competitive when you compare them to other lending entities.. I love how they are geared toward younger generations that merge generations that invest or are learning about investment.

1 month ago

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Brian Clinton, OH

I have decent credit and high debt-to-income. We have been exploring personal loan options to help our goal of debt elimination. We have great income and have never missed a payment, but with the amount of debt we have, it was difficult to get a loan provider to help us. I tried SoFi on a whim, and 3 days later I have the money I asked for in my account at a reasonable interest rate (half of their competitors). I couldn't be happier with their service so far and am blown away at their efficiency. I had a few questions which resulted in a few phone calls, and their customer service department was polite and helpful. My wife also spoke with them on the phone and commented on how kind they were. They must treat their employees well. Great overall experience!

2 years ago

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Dean Lone Oak, TX

Having dealt with various loan companies over the years, I was at first skeptical that SoFi would give me decent rates for the terms I was looking to get approved. However, I was impressed with the SoFi process of requesting and approving a personal loan. It seemed easier than others. Although they take a bit more time to consider a person for a loan - while you wait on pins and needles - the rates and terms are better than the others I worked with for my particular situation. The initial loan approval process took a few days to complete and then get approval, so it is not an on-the-spot approval process. However the rates received are better as a result of their investigation, in my opinion. The payment web site seems to be laid out well for my tastes. Everything I need to know is fairly easy to find and get the information. Their site is not a lot of glitz and glamour, so it should be fairly quick to load even for those out in the boonies that have older Internet connections. Overall, I definitely recommend SoFi for people looking for loans based on my experiences so far - just past the first payment.

2 years ago

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Kyle Katy, TX

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

3 years ago

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So Thankful 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.

4 years ago

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Doug 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.

4 years ago

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Trevor Specht Baltimore, MD

I had an excellent experience securing a personal loan with Sofi. They have a different take on the factors that they emphasize when evaluating a loan application. Education level and job experience are part of the equation, and that seems to have made all the difference for me after having several other loan applications rejected. Due to life circumstances my revolving debt had increased by quite a bit and my credit score had suffered as a result. The whole point of taking out a loan was to rectify this situation, not just put myself in more debt, and I believe Sofi is rare in recognizing that I have a lot of positives that are not reflected in a credit report. Rather than feeling like I was evaluated by a machine, I feel that with Sofi I was dealing with fellow humans. Thanks so much!! Also, the process was nearly seamless and easy.

4 years ago

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Mike Power Atlanta, GA

When I was looking into companies to give me a loan so if I had the best rates the most Fair interest rate and we're willing to give me the most money out of anyone. The whole process was easy and straightforward

7 months ago

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Joshua M Michaud Chelmsford, MA

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.

3 years ago

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Philip Woodford

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.

3 years ago

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jonathan Vancouver, WA

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!

3 years ago

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Jonathan Vacaville, CA

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.

3 years ago

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Sergio Cortez Temecula, CA

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. !!!!!

3 years ago

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Marti Baldecchi Santa Monica, CA

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!!

3 years ago

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Karla B Detroit, MI

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.

3 years ago

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Rob W Bayville, NJ

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.

3 years ago

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Brad Beckett West Chester, OH

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.

4 years ago

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raul gutierrez 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.

4 years ago

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Timothy T 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.

4 years ago

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Tiffany Kelly 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.

4 years ago

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Cynthia Naval 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.

4 years ago

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jack vierling

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.

4 years ago

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Sam

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

4 years ago

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Angel Menendez 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!

4 years ago

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Peter Bissonette 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!

4 years ago

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Martin Foltin 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.

4 years ago

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Charles Malgrat

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.

4 years ago

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Brian Meier

The process was very easy to apply I was able to keep track on the progress of the loan and it was processed within 3 days. I had money in my account by the 4th day. It is fantastic there is the site available for loans. I had a follow up call they asked if I had questions and they were quickly answered. Also offered information on other products available to me.

4 years ago

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Bryon Nampa, ID

Try SoFi before you go anywhere els! Honestly, I was expecting some sort of "hitch" to delay or derail my student loan refinancing process. I've been waiting for YEARS to find a solution to transfer (refinance) a parent PLUS loan to my name. I honestly thought there would never be a chance until SoFi. Also, I was so pleased with the ease of the electronic process and availabiliy of customer service when I had questions (I had SEVERAL). SoFi will be my 'go to' option for any and all future financing needs! Thank you!

4 years ago

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David B Leesburg, VA

SoFi was so simple and fast. Maybe not same day approval, but I did not need that. Also, the money came quick when compared to other banking experiences. Finally, they did it all with good follow up and a smile (mostly virtual, since I only spoke live to them once. I would encourage anyone who has had terrible customer service experiences when borrowing and servicing their account to run immediately into the arms of SoFi.

4 years ago

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No Wayout Naples, FL

SoFi loan was a life saver and extremely excellent service so far. I was fully funded in about a week total from the day I applied. They really do come through with very fair terms based on your credit and income at the time you apply. I did debt consolidation and they saved me thousands interest from my high interest cards I owed. Do it, you won't regret it!

4 years ago

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Stephan Warrington Philadelphia, PA

I was in major need of some financial purchasing power. I had just payed off a loan from another lending company hoping they would fund a new loan for me but I was denied. I reached out to SoFi and in a matter of just a few days (less than 3) my loan was approved. Sofi came to bat for me when I was in crisis mode so I would definitley recommend them before any other lending company. Their customer service staff is also onpoint!

4 years ago

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Breann Voss Rochester, MI

I just refinanced my Navient and FedLoans with SoFi, and I could not be happier. The interest rate is significantly lower than my two original loans, and since the minimum payment is lower, I can continue paying the same "minimum amount" from the original loans to knock these out quicker. The approval and funding processes were very fast and easy; I would recommend SoFi to anyone looking to refinance their student loans.

4 years ago

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S Benford Ogden, UT

We weren't in the market for any loans, but I suppose since we got a new car, our info was sold for ads. SoFi was an ad mailer we got. I usually throw them away, but this one caught my attention with the loan details-no fees-no penalties-low rates, etc. So I decided to look at a loan to pay off some higher interest cards. After some typical income verification that all lenders do, we had a loan approved, and it was funded within a week. I was thrilled to get rid of those credit cards, and very happy to know I'll have them truly paid off in a set timeframe, and especially for a fixed interest rate. The process was simply, fast, and very helpful. I'd definitely use SoFi again if I needed another loan.

4 years ago

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Jonathan Sanders Memphis, TN

I actually want to give SOFI a 10 because I am so happy with the outcome, but can't because I would have given them a 4 during the application process. Read the other reviews and most of them are fairly accurate. From the other side they are a great company that I believe are doing a lot of work in the background for your benefit to give you the loan you need at a great rate. They seem to be very thorough and make sure you can afford the loan. This makes sense due to their being no collateral to back the loan. Half of my income is salary and half is self employed. As others have said they do look harder at self employed and have their own formula for it. If you are self employed be prepared for that. The approval process took two and a half weeks for me. That isn't too bad but like other reviews have said there was very little communication during the process. I would recommend logging in and checking the website a few times a day just in case they need more information from you. It will show up there long before they send any communication about it. I also checked the status on their online chat every few days just to get an update. Sometimes I got nothing and sometimes I got new information. But everyone I chatted with or talked to tried to be as helpful as they could. I was actually impressed with their customer service considering some of the reviews I read. They likely won't be able to give you a time frame though. which can be frustrating. Once approved I was expecting my loan to take the full 30 days to fund. So I was very happy when it was funded and in my account just a few days later. I would recommend applying with SOFI to get a good loan at a good rate. Just make sure you upload everything they request, be proactive on checking on the status, and be prepared that the process is not quick. But at the end it is worth it.

5 years ago

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Jen Springfield, MA

This was my first experience with seeking a personal loan with an online lender. I thought their pre-approval process was exceptionally easy AND informative. I called before officially applying and my questions were expertly answered by a very friendly representative. It was a quick and painless experience; LOVED that there were no fees!! My loan was approved within 2 days.

5 years ago

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Hugo Seattle, WA

I'm a former banker who has 15 years experience (as of 10/2015) with a national and community bank. Those folks should be scared because the ease of use with being able to use my Iphone for most of the application and closing process along with getting follow up calls on weekends made this the easiest loan I've ever had to deal with both personally and professionally! Locked up a fixed rate to consolidate 2 accounts which lowered my monthly payment from $645 to less then $400 and will save me Thousands. So glad that these guys are here instead of just playing the balance transfer game with all kinds of fees. Loving my experience with Sofi so far and would highly recommend to family and friends.

5 years ago

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nate Midland, MI

I am a very happy SoFi customer. It took a few weeks to process the loan; but once processed signing and dispersement were very timely. I am not particularly concerned with the processing time and process as I know from having to upload additional documents a couple times that they are very thorough with positive identification and due diligence on their part. The extra hassle for me means that they probably have fewer defaulting loans which means rates are lower for the rest of us and less likely that someone else will steal my identity to take out a loan with SoFi, which also makes me happy. No fees or prepayment penalties is excellent and the Rates and Terms are very competitive for an unsecured loan. I would highly recommend SoFi if you're looking for an unsecured loan to consolidate debt, use for a business startup etc. If you have a good credit and income history this is a great financial tool to have available.

6 years ago

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AV Las Vegas, NV

I had quite the awful experience with this lender and I would encourage physicians and independent contractors to steer clear. As an attending physician I get paid several different ways but primarily my income is through a 1099 as an independent contractor. I recently purchased a new house and decided to refinance my student loans at the same time, since I would have all my up-to-date financial paperwork at my fingertips anyways. Unfortunately, after starting the application process my rate was significantly increased because my income could not be “verified.” SoFi clearly thinks I can repay the loan, since they still offered me one, I just do not qualify for normal rates. This is despite producing two years worth of tax returns (2019 and 2020) supporting my income and a signed letter from our office manager with my stated guaranteed income. After going back and forth with customer service for 13 days I was finally put in contact with an account specialist. They informed me that the only way I would qualify for their initial offer was if I could produce two years worth of End Of Year paystubs (the W2 was not sufficient). So, if you are a physician/independent contractor you will not qualify for their advertised rates unless you can also produce End Of Year paystubs, even if you have over 2 years worth of tax returns confirming you income. If you don’t happen to have End Of Year paystubs do not even bother checking your rate, it won’t be honored anyways. The real salt in the wound was being approved for the mortgage (which is twice the amount of the student loan I am refinancing) with the same documentation and half the hassle. If you have ever purchased a house, think back on your mortgage application. Remember the frustration and headache? Now double it and you have an idea of what dealing with SoFi has been like. If you are a physician/independent I would strongly recommend looking elsewhere. I know that is what I will be telling the medical students and residents that rotate through my clerkship when they ask about student loan refinancing.

7 months ago

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Marcel Nicholson, GA

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.

3 years ago

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Caroline Kretsos Levittown, NY

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 !

3 years ago

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Vijay Menon Apex, NC

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.

3 years ago

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Chris Schenectady, NY

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.

3 years ago

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R Morales 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!

4 years ago

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Gina

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!

4 years ago

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Greg 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.

4 years ago

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R E 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.

4 years ago

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Anonymous Debtor 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.

4 years ago

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Jamie Stephens

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.

4 years ago

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Gregory Antonowich 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.

4 years ago