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SoFi

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6.2

Overall Score

LAST UPDATED: January 23rd, 2024

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 — 8.99%-25.81% APR (with all discounts*)
  • Loan amounts — $5,000–$100,000
  • Loan terms — 2–7 years
  • Minimum credit score — 680

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 discounts)
  • No Required 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 discounts)

SoFi offers fixed or variable interest rate loans 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. A variable rate might change over the life of the loan based on external factors.

With SoFi, the lowest rate for fixed or variable interest is 8.99%-25.81% APR with all discounts*. 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 Required Fees

SoFi works hard to protect personal loan customers against required fees of any kind, and the company does not require 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 required 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.

Available Nationwide

SoFi personal loans are available in all 50 states, including Washington, D.C.

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
  • 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 and a high max loan amount, so it may be worth the brief wait for most borrowers. 

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 (4.49 to 8.99 percent with all discounts*). 

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, competitive interest rates, flexible loan terms, and no required fees (this means no required 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 8.99% APR to 25.81% APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 5/19/23 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. 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. Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%–6%, which will be deducted from any loan proceeds you receive. 
Autopay: 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. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC ("Direct Deposit Account"), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposit to receive a Loan.

**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

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4.6

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146 Reviews

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15%

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1%

2 grade

3%

1 grade

4%

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Review Source

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Florida Pensacola, FL

Please don’t fall victim of this company. They said I was pre approved. I have a credit score over 800, no debt and I’m employeed. I also have an excellent history with this company as well as an excellent beacon score. AFTER being pre approved they pulled my credit, which wasn’t a problem because I have excellent credit, right? WRONG. They wanted proof of employment , proof of income, an offer letter stating when I was hired from my employer and more. The offer letter had to include how much my pay was per week, per year and stating that it was permanent employment etc …. Then they asked for the same info to be sent directly from my employer’s email address. We both provided everything they asked for. After two weeks of my employer and myself sending them the same info multiple times I told them to quit wasting my time. They kept asking for the same info over and over. I kept getting emails that said: We need more info. The pre approval is a joke! Don’t waste your time. I’m not sure what has changed with this company but if a credit score over 800 with no debt, with permanent employment and an excellent beacon score as well as great history with the company and a pre approval can’t get you a loan , then I would like to know who they actually approve?? They have definitely lost a customer here. Super irritated that my credit dropped 15 points from their hard pull inquiry that was for nothing! False advertising for sure! You’re NOT pre approved.

11 months ago

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Review Source

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Linda K Medlock Spring City, TN

I was very disappointed,,would not advice anyone to chose the bank. I am speaking the truth,,,no matter how much money you put in the account hundreds or thousands,,the would accuse the money been stolen or some sort,, I Will tell you from experience it happened to me,,,I will say very crooked bank

8 months ago

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webonlinestrade Sumter, SC

Sofi Money Locked - No support assistance AT ALL My Sofi Money (Checking account) was blocked over a month ago with a balance of almost $10,000, without any explanation. The Live Chat support becomes unavailable while the account is locked, NO email support nor ticket support is available AT ALL, and they will ONLY get a phone call, but SURPRISE, the matter cannot be handled by their support, but by a so called Security Team that doesn't want to talk to the customers in any way. NO live chat, NO email, NO ticketing and NO phone support for their Ghostly security team. The Security team ONLY accepts voicemail. That's what I've been told. Sure, I called several times and left voicemails, but nothing happened.

1 year 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.

2 years ago

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David Farmer Holland, MI

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.

4 years ago

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Stanley Ryng

These people STOLE my investments, saving and checking without reason. They refuse me access to my own money for 30+ days without an explanation. They are the worst choice you could make in terms of banking.

6 months ago