5.5

Overall Score

98 User Reviews

19 days ago

SoFi

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APR Range: 6.145%–15.49%*

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. However, potential borrowers should note that SoFi personal loans cannot be used for expenses relating to education. 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 relatively low monthly payment amounts.

Competitive Rates

SoFi offers two options for increased flexibility: fixed interest rates and variable interest rates. A fixed interest rate, which is locked in for the entire duration of the loan, can save borrowers money and make managing the account simpler. A variable interest rate typically starts out as a lower-than-average rate but increases over time, which can be beneficial to borrowers who are able to pay off their loan before the raising interest becomes higher. 

With SoFi, fixed interest rates fall between 6.20 percent and 15.24 percent for those who sign up with autopay through the company, and 6.45 percent and 15.49 percent for those without autopay*. Variable interest rates are available between 5.895 percent and 14.685 percent (autopay), and 6.145 percent and 14.935 percent (no autopay).* These figures rank among the lowest interest rates in the industry.

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 or prepayment penalties.

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The Bad

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

No Same-Day Approval or Funding Guarantee

SoFi currently does not offer a same-day approval or funding guarantee, and the overall process can take at least a week. For borrowers who need emergency funds for something unexpected, SoFi personal loans may not be the best fit.

Not Available in Missisippi or Nevada

SoFi personal loans are available in 48 states; they are not currently offered in Mississippi and Nevada.

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. We highly recommend that individuals in search of a personal loan consider working with SoFi.

 

*Fixed rates from 6.200% APR to 15.240% APR (with AutoPay). Variable rates from 6.145% APR to 14.685% APR (with AutoPay). SoFi rate ranges are current as of May 3, 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 6.145% APR assumes current 1-month LIBOR rate of 1.97% plus 4.175% 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.

**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. 

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User Reviews

4.9

98 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

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Lisa C.
June 4th, 2018 Gray, GA

The overall application and approval process is customer friendly and quick. It’s really easy. Thanks SoFi!!!

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Marcel
May 16th, 2018 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.

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Peter Fadden
May 9th, 2018 Riverview, FL DETAILS
Value for your money
Quality of product or service
Customer service
Company trustworthiness

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!!

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Julie
May 18th, 2018 Wrightsville, PA

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.

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Jonathan
April 10th, 2018 Vacaville, CA DETAILS
Value for your money
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Company trustworthiness

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.

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Courtney Jones
March 26th, 2018 DETAILS
Value for your money
Quality of product or service
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Company trustworthiness

Not a direct lender just sent my info all around and I got phone calls and emails for months

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Sergio Cortez
March 20th, 2018 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. !!!!!

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Marti Baldecchi
March 6th, 2018 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!!

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Karla Brazelton
March 5th, 2018 Detroit, MI DETAILS
Value for your money
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Company trustworthiness

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.

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Aaron L
February 28th, 2018 Seattle, WA DETAILS
Value for your money
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Company trustworthiness

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!

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Caroline Kretsos
February 26th, 2018 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 !

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Mahesh
February 21st, 2018 Manchester, CT DETAILS
Value for your money
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Company trustworthiness

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.

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Vijay Menon
February 20th, 2018 Apex, NC DETAILS
Value for your money
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Company trustworthiness

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.

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Anthony
February 16th, 2018 Columbus, OH DETAILS
Value for your money
Quality of product or service
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Company trustworthiness

The application process was thorough but easy at the same time.

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Jeffrey Ballard
February 12th, 2018 Lutherville, MD DETAILS
Value for your money
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Company trustworthiness

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.

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Rob W
January 31st, 2018 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.

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Sharon
January 24th, 2018 Oneonta, NY DETAILS
Value for your money
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Company trustworthiness

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.

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Chris
January 18th, 2018 Schenectady, NY DETAILS
Value for your money
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Company trustworthiness

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.

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Chris
January 8th, 2018 Kimberly, ID

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!

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Craig Gibbons
January 8th, 2018 Garland, TX DETAILS
Value for your money
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Company trustworthiness

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.

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Jason Anderson
December 18th, 2017 Midlothian, VA DETAILS
Value for your money
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The whole process was fast and painless!

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Mason
December 8th, 2017 Potomac, MD DETAILS
Value for your money
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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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Wendy Ganza
December 4th, 2017 Littleton, CO DETAILS
Value for your money
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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!

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Amy
December 4th, 2017 Springfield, PA DETAILS
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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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Brad Beckett
December 1st, 2017 West Chester, OH DETAILS
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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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ARTHUR BEST
November 28th, 2017 Kirkland, WA

Easy process Great customer service Quick results

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Stephanie Diaz
November 14th, 2017 Hialeah, FL DETAILS
Value for your money
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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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Kim Olsen
November 9th, 2017 Long Beach, CA DETAILS
Value for your money
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Company trustworthiness

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

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Brian Dahlquist
November 6th, 2017 Cary, NC DETAILS
Value for your money
Quality of product or service
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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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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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raul gutierrez
October 9th, 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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Timothy T
September 26th, 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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Gina
September 28th, 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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So Thankful
September 5th, 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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Tiffany Kelly
August 30th, 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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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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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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Michelle
August 16th, 2017 Bremerton, WA

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

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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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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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