- SoFi
Founded in 2011, SoFi is an excellent financial solution for emerging professionals and students. It offers private student loans, student loan debt refinancing, personal loans, and home loans. To date, SoFi has issued over $14 billion in financial solutions. The company is currently headquartered in San Francisco, California.
SoFi personal loans are consistently among the best in the industry with low rates (APR rates from 5.99% to 18.53% with AutoPay* as of July 2020) and high maximum loan amounts (up to $100,000). SoFi offers fixed rate personal loans, flexible loan terms, unemployment protection, and due date changes — no variable loans. Additionally, this lender charges no hidden fees (including no origination fees, no prepayment fees, and no late fees).
Read SoFi reviews below to learn about customer experiences.
Attention: Know the SoFi loan requirements.
Basic eligibility requirements for a SoFi personal loan include:
- Be a U.S. citizen, permanent resident or visa holder
- Live in an eligible state (not Mississippi)
- Be at least 18 years old/age of majority in your state
- Be employed, have sufficient income from other sources, or have a job offer starting in the next 90 days
Consumers can check rates and eligibility online with a soft credit pull. This means that you can shop rates without affecting your credit score.
The Good
- SoFi Max Loan Amount
- Flexible Term Loans
- SoFi Unemployment Protection
- Payment Due Date Changes
- Competitive Rates (with AutoPay Discount)
- No Origination or Prepayment Fees
- No Late Payment Fees
- Joint Applications
- Great SoFi Reviews
SoFi 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 more flexibility in what they can do with their money. With personal loans often being used to fund debt consolidation, SoFi's high loan amounts would work especially well for debt consolidation.
Potential borrowers should note that SoFi personal loans cannot be used for expenses relating to education, like as a student loan. Instead, Sofi offers its student loan refinancing lending option. The amount loaned (and subsequent payback rates) are determined in large part by the borrower's eligibility, including current employment, credit history, free cash flow, and more.
Flexible Term Loans
With loan repayment terms ranging between two 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.
SoFi 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 owing money on a 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 save borrowers money and make managing the account simpler. Some companies increase interest rates over the life of a loan dependent on certain factors, but Sofi is unique in the sense that it's interest rates are not as subjective to other factors. Variable interest rates are not available.
With SoFi, the lowest APR rate for fixed interest is 5.99% to 18.53% 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.
No Origination or Prepayment 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, so SoFi's feeless loans are definitely a perk to consider when deciding on a lender.
No Late Payment Fees
Not only does SoFi not charge origination or prepayment fees, but the lender also does not charge for late payments. 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. Ultimate non-payment will still result in loan default.
Joint Applications
Joint applications are accepted at SoFi. Often, adding a cosigner with better credit history to your loan application can help to lower interest rates. Not many personal loan providers accept joint applications.
Great SoFi Reviews
SoFi reviews are overwhelmingly positive from customers, 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 for yourself, scroll down to the "User Reviews" section of this profile page.
The Bad
- SoFi Funding Time
- Not Available in Mississippi
- Minimum Credit Requirement
SoFi Funding Time
SoFi currently does not offer a same-day approval or funding guarantee, making SoFi loan processing time a bit slower than other lenders in the industry. 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 18.53% 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 49 states. They are not currently offered in Mississippi.
Minimum Credit Requirement
You need to have good credit to get a SoFi personal loan. The minimum credit score/FICO score needed for SoFi is 680. This is higher than some lenders in the personal loan industry and makes SoFi loan approval a bit more difficult. However, higher credit score requirements allow SoFi to provide larger personal loan amounts (up to $100,000) and better annual percentage rates (5.99% to 18.53% with AutoPay*).
The Bottom Line
SoFi personal loans include many great features for borrowers, including a high maximum loan amount ($100,000), competitive interest rates (5.99%–18.53% with AutoPay*), flexible loan terms (two to seven years), and no hidden fees (this means no origination fee, late payment fee, or prepayment penalty). Sofi unsecured personal loans would be great for helping people save money while paying off credit card debt. With a high max loan amount, credit card consolidation is definitely an option with SoFi.
We highly recommend that individuals in search of personal loan online lenders consider working with SoFi. SoFi complaints are limited, and consumers note a simple and satisfactory loan experience. In addition, Sofi has a wide array of other services like Sofi mortgage, student loan refinance, investments and much more.
Read SoFi reviews below to see what else customers are saying about the personal loan company.
* Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of August 27, 2020 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, income, and other factors. See APR examples and terms. 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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User Reviews
Star Rating
120 Reviews
Review Breakdown
Sentiment Criteria
Judy Feldmeier
Great rates very competitive and they try to be much more than just a bank. They offer virtual cooking classes. They try to make it a fun place to bank with.
Chad Carman
There hasn't been much interaction with us and SoFi, but they have always made it simple for us to pay our loans because of it.
Cynthia Carman
SoFi was extremely helpful when I needed to refinance my student loans. They allowed me to see the light at the end of the tunnel when it came to student debt.
Beth Farmer
We refinanced with SoFi. They took care of all of the transferring over. There were zero fees involved and they got us from a 6.8% interest fee to a 4.2% interest fee! They were extremely easy to work with and saved us tons of money!! We love SoFi
David Farmer
I was sent a "pre-qualified" email, so I decided to apply and consolidate a few credit cards to get better control. I sent in everything they asked for in the application, but in addition, sent in a record of ALL of my bank deposits for the last two years to show them just how much money I put into my account each month. Anything to prove low risk. My credit score is very good. I have never in my life missed a payment or been late. I also explained that I have had a lot of medical bills the past few years due to severe cancer my wife has, and yet with all of those additional bills, I STILL DO NOT miss payments and I make enough money, shown by my monthly deposits and income. DENIED. I asked for an appeal to someone to actually "meet me by phone and speak with me" and was told it had already been reviewed and was declined. Personal care? Uh huh...right. You can assess looking at paperwork, or, you can do that AND speak to the person requesting a loan. You know, like the good ol' days when personal banking was actually...personal? So I risked a hard pull on my credit because they said I was pre-qualified, and even with more than enough proof I am little to no risk...declined. Be very choosy who you go to.
Lori
A little while ago we got a personal loan through SoFi to cover some unexpected medical bills. We were able to get approved very quickly and had the money what seemed like the next day. The only negative was the interest rate. I would use them again though if we found ourselves in a bind.
Jennifer
SoFi was awesome when I found myself in a bind. The interest rate on the loan was much lower than other lenders I was looking into. The application process was very easy and the money was transferred to my account much faster than I had thought it would be. I would recommend them to anyone finding themselves in the same situation I was, short on money.
Brian
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!
S Suguturaga
Great product, very easy to use and provides the needed information for what works best for you financial situation.
Brandie Rudy
SoFi is a great company with resources to help consolidate debt in many different situations. It was easy to apply the website is easy to navigate and quite user friendly. There are many options and repayment is simple.
Pete
Extremely easy to apply & very kind service
Matt Fl
Quick, easy loan process and competitive rate. The customer service throughout the process has been fantastic! Immediately answered my calls and provided solid info. Much easier to navigate than any other loan.
Dean
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.
Kyle
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
Troy Rogers
SOFI was great. I had cash in my account in less than 3 weeks.
Joshua M Michaud
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.
Joy Henry
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.
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.
Haidyn Houtz
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.
Scott
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.
Kristin
SoFi is amazing! Very easy to apply easy payment plan! Highly recommend
Blake Olson
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.
jonathan
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!
Lisa C.
The overall application and approval process is customer friendly and quick. It’s really easy. Thanks SoFi!!!
Marcel
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.
Peter Fadden
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!!
Julie
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.
Jonathan
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.
Courtney Jones
Not a direct lender just sent my info all around and I got phone calls and emails for months
Sergio Cortez
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. !!!!!
Marti Baldecchi
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!!
Karla B
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.
Aaron L
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!
Caroline Kretsos
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 !
Mahesh
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.
Vijay Menon
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.
Anthony
The application process was thorough but easy at the same time.
Rob W
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.
Sharon
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.
Chris
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.
Chris
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!
Craig Gibbons
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.
Jason Anderson
The whole process was fast and painless!
Mason
Competitive rates and exceptional service. Well-trained staff members available to answer questions and guide you through the process.
Wendy Ganza
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!
Amy
They are always available and the rates are the best I've found. Trying their new wealth product to.
Brad Beckett
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.
ARTHUR BEST
Easy process Great customer service Quick results
Stephanie Diaz
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.
Kim Olsen
SoFi has great customer service! They are very communicative throughout the process and approval and funding was very quick. Highly recommend!