Editor's choice: SoFi personal loans
- Competitive APRs from 5.99%
- Loans up to $100,000
- No fees — not even late fees
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SoFi offers a number of loans for people with good to excellent credit.
Geared toward recent college graduates, you’ll need to have a credit score of at least 680 and be currently employed — or pending employment — in order to qualify for a personal loan from SoFi. In most states, you can borrow between $5,000 to $100,000. Your loan funds can be used for just about anything, from home improvement to paying off credit card debt, and interest rates can be either variable or fixed.
The maximum you qualify to borrow depends on a number of factors, including your creditworthiness, current financial situation and state regulations. But there’s one big benefit of a SoFi personal loan: You don’t have to pay any fees — not even late fees.
If you choose to get a variable-rate loan, APRs start at SoFi Personal Loan Variable Rate (w/o Autopay) APR. Existing variable rates for individuals who sign up for autopay start at 5.74% APR. SoFi has a cap on its variable-rate loans, so no matter how high prevailing interest rates climb, your variable-rate loan will never exceed 14.95% APR.
Cover up to 100% of your school-certified cost of attendance with SoFi’s undergraduate student loans. Loan terms range from 5 to 15 years with your choice of fixed or variable rates — here’s how they break down:
If you opt for variable rates, they’ll increase or decrease based on the lending market, though they’ll never go above 13.95% — relatively low compared to other lenders. Its loans come with a few other perks, including no late fees, cosigner release, interest rate discounts and access to networking events to help you find a job after graduation.
To qualify, you or your cosigner need to have a credit score of at least 700 and a steady income. And it’s only open to US students.
If you have at least $5,000 in federal or private student loans and are looking to consolidate them into one monthly payment, possibly at a lower rate, then SoFi student loan refinancing might be a good choice. With autopay, you could a discount on both fixed and variable rates.
SoFi also offers a few other types of refinancing for students and parents, including:
And if you do choose to refinance with SoFi, you’ll also score unemployment protection, career support and access to wealth advisers — among other benefits.
SoFi doesn’t offer small business loans directly. But it launched a platform called SoFi Lantern to help connect business owners with funding. Currently, it’s focused on helping businesses that have been hurt by COVID-19.
“SoFi Lantern makes it easy for applicants to search across different financing options, including SBA programs, private small business financing options, and personal loans to provide applicants with a wide array of solutions all from a single application,” SoFi CEO Anthony Noto tells Finder.
SoFi currently only offers home loan refinancing to new borrowers.
While SoFi has temporarily stopped accepting new mortgage applications as of December 15, 2018, you can still apply for a mortgage or refinancing through its affiliate company: SoFi Mortgage. It offers everything from conventional home loans for first-time buyers with as little as 3% down to refinancing Federal Housing Administration (FHA) and Veterans Administration (VA) mortgages to even more home loan products.
If you’re looking to refinance, you can choose between a regular refinance for up to 80% of your loan-to-value ratio (LTV) or a cash-out refinance for up to 65% of your LTV. Regular refinancing is perfect for those who want to lower monthly payments or potentially save on interest, while a cash-out refinance works like a home equity loan — borrow what you need to consolidate debt, pay for home renovations or handle other big expenses.
From its competitive rates to its slew of borrower perks, here are a few reasons why you should consider taking out a loan with SoFi:
Consider these potential drawbacks before taking out a loan with SoFi:
You might have heard that SoFi’s cofounder and CEO Mike Cagney resigned in the fall of 2017. This is no cause for panic if you’re already a SoFi borrower: Your money is as safe as it ever was. Cagney’s resignation follows allegations of sexual harassment, not financial misconduct. However, SoFi has pulled back on its plans to expand to foreign markets and asset management following this change in leadership.
One of the biggest benefits of borrowing with SoFi is its lack of fees. No matter which loan you choose to take out, you won’t have to pay an application or origination fee. And if you choose to make an early payment or pay off your loan entirely before the term is up, you won’t be charged a prepayment penalty. The only fees you’ll be responsible for are closing costs and related fees if you choose to take out a mortgage through SoFi.
Of course, you’ll still have to pay late fees if you miss a payment — unless you’re borrowing a personal loan. As of April 2018, SoFi has stopped charging late fees for its personal loan products, making it an even more competitive option for borrowers.
Reviews of SoFi are mixed. Some borrowers have only positive things to say, while others have run into hurdles that have turned them off from the lender entirely.
SoFi isn’t accredited with the Better Business Bureau (BBB) and receives an A- rating due to government action taken against the company and a high volume of borrower complaints filed against it. And while a large majority of complaints have been hidden, the reviews haven’t. As of January 2019, reviewers give SoFi an average 2-star rating. Many complained that they received a preapproval offer only to be denied the loan after filling out a full application. Others had problems with customer service not being responsive or helpful to inquiries about their loan status.
It fares much better on Trustpilot. Over 90% of its nearly 2,000 reviewers rate SoFi as “Excellent” or “Great.” Most of the negative reviews have to do with the underwriting process and mistakes with customer service — same as on the BBB. But positive reviews praise SoFi’s speed and easy application process, with multiple people stating they’ve gone to SoFi for two or three loans and have had great experiences each time.
These mixed reviews can make it hard to know if SoFi is the right choice for you. Fortunately, the preapproval process only requires a soft pull of your credit. So you can see what rates you qualify for — and how the customer service fares — before signing your loan contract.
In addition, SoFi has a dedicated contact page that lists its customer service numbers, email addresses and physical locations, so you know exactly where to turn if you have a problem with your loan.
In order to start the application process, select the type of loan you want to borrow from the list above. Follow these steps:
The information you need to provide to complete your application varies by loan type. Check out our review pages or contact SoFi directly to learn what documents you might need to submit in order to finalize your application.
The exact eligibility requirements differ by loan type, but in general, you’ll need to meet the following:
And while SoFi doesn’t have a set income requirement, the median income of a SoFi borrower is $101,000.
SoFi was founded in 2011 in San Francisco. Since then, it’s served over half a million borrowers and funded $30 billion in loans. And beyond its loan products, it also offers investing options, life insurance and FDIC-insured checking accounts. It works to minimize fees so borrowers can keep more money in their pockets.
SoFi has become an industry leader since it was founded. With plenty of loan options for borrowers and limited fees, you’re likely to find a loan that suits your needs. But its strict eligibility criteria and mixed customer reviews might turn some borrowers off.
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