Compare the APR and fees of a SoFi Personal Loan | finder.com
usfpl-sofi-personal-loans-page-featured-image

SoFi loans

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

This lender sets itself apart with competitive rates and an extensive list of borrower perks.

Best known for student loan refinancing, SoFi has issued more than $30 billion in loans to over 600,000 members. Its products include personal loans, student loan refinancing, mortgages and mortgage refinancing. The typical SoFi borrower has good credit and a high salary, but it has no hard credit or income requirements.

What loans does SoFi offer?

SoFi offers a number of loans for people with good to excellent credit.

Personal loans

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.

Student loan refinancing

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:

  • Medical resident refinancing. Working on a medical or dental residency? SoFi offers refinancing options that can lower your monthly payments down to $100. Loan terms go up to 20 years, and you’ll be able to choose from a fixed or variable rate — both with low starting APRs.
  • Parent PLUS refinancing. If you took out a Parent PLUS Loan to help pay for your child’s college expenses, you can also refinance through SoFi. Fixed rates start as low as 3.9% APR, while variable rates start as low as 2.47% APR.

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.

Mortgages and mortgage refinancing

SoFi offers both mortgages and mortgage refinancing options to its borrowers.

If you’re looking to take out a mortgage to buy a new home, you’ll only have to make a down payment of 10% and meet a credit score of just 620 — much more lenient than the average bank. And with no application or origination fees, you’ll only have to worry about closing costs when considering the cost of your loan.

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.

Has SoFi stopped offering mortgages?

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.

Our top pick: SoFi Personal Loan Fixed Rate (with Autopay)

  • Min. Credit Score Required: 680
  • Min. Loan Amount: $5,000
  • Max. Loan Amount: $100,000
  • APR: 5.99% to 16.24%
  • Requirements: Ages 18+, US citizen or permanent resident
  • No fees
  • Autopay discount
  • Competitive rates

Our top pick: SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

  • Min. Credit Score Required: 680
  • Min. Loan Amount: $5,000
  • Max. Loan Amount: $100,000
  • APR: 5.99% to 16.24%
  • Requirements: Ages 18+, US citizen or permanent resident
Promoted

Compare SoFi loans

Updated April 24th, 2019
Name Product Filter Values Minimum Credit Score Max. Loan Amount APR
680
$100,000
5.99% to 16.24%
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
5.74% to 14.70%
Borrow up to $100,000 with this highly rated lender offering competitive APRs and no fees.

Compare up to 4 providers

Why should I consider taking out a loan with SoFi?

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:

  • Competitive rates. SoFi offers a choice of fixed and variable rates that start relatively low compared to the competition. You also have the opportunity to knock up to 0.375% off your APR by signing up for autopay and qualifying for SoFi’s member rate discount.
  • Minimal fees. None of SoFi’s loans come with origination, application or prepayment penalty fees. And if you take out a personal loan, you won’t be on the hook for any late fees either.
  • Unemployment protection. If you end up losing your job through no fault of your own, you can apply for the SoFi Unemployment Protection Program.
  • Networking opportunities. SoFi organizes community events like happy hour meet-ups, dinners, workshops and lectures where members can get to know each other.

Where SoFi loans fall short

Consider these potential drawbacks before taking out a loan with SoFi:

  • Qualifying can be difficult. SoFi’s comparably low rates are compelling, but not everyone can qualify for a SoFi loan. If you’ve experienced any kind of financial hardship in the past, you might have a hard time getting approved.
  • Not available nationwide. SoFi doesn’t offer its personal loan products to residents of Mississippi.
  • Mediocre customer reviews. Top customer complaints of SoFi include its glitchy application process, inflexible repayment schedule and strict underwriting criteria.
  • Good to excellent credit required. SoFi only accepts borrowers on the upper end of the credit scale, which can be hard to meet — especially if you’re a recent graduate without an extensive credit history.

Compare loan providers similar to SoFi

Updated April 24th, 2019
Name Product Filter Values Minimum Credit Score Max. Loan Amount APR
Good to excellent credit
$100,000
5.34% to 35.99%
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
550
$100,000
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
620
$50,000
7.99% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
640
$40,000
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
680
$100,000
5.99% to 16.24%
No fees. Multiple member perks such as community events and career coaching.
550
$10,000
34% to 155% (Varies by state)
Check eligibility in minutes and get a personalized quote without affecting your credit score.
640 FICO®
$35,000
5.99% to 29.99%
A prime lender with multiple repayment methods.
550
$100,000
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.

Compare up to 4 providers

Updated April 24th, 2019
Name Product Min. Credit Score Maximum Loan Amount APR
680
None
3.39% to 6.69%
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
Good to excellent credit
None
Starting at 2.57%
Get prequalified offers from top student loan refinancing providers in one place.
650
None
2.5% to 7.89%
Get a tailored interest rate and repayment plan with no hidden fees.
650
Full balance of your qualified education loans
2.5% to 7.11%
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
700
$300,000
3.75% to 7.03%
Straightforward refinancing with competitive rates.
700
$300,000
Starting at 3.75%
Save on your student loans with this market-leading newcomer.

Compare up to 4 providers

What's this I hear about a SoFi CEO scandal?

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.

How much will it cost me to borrow with SoFi?

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.

What do borrowers say about SoFi?

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.

Are SoFi loans safe?

In general, yes — though no website can ensure your personal information stays 100% safe. However, SoFi does its part by encrypting any details you enter online. It also has a robust privacy policy that spells out what type of personal information is collected, how it’s used and how you can limit sharing. Your information won’t be sold or rented to any third parties, which helps keep you safe from fraud.

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.

How to apply for a loan with SoFi

In order to start the application process, select the type of loan you want to borrow from the list above. Follow these steps:

  1. Click Go to Site to begin the student loan refinancing or personal loan application process. Otherwise, select the product you want from the dropdown menu on SoFi’s website.
  2. Click Find My Rate and create your account by providing your full name, selecting your state of residence and entering your email and password.
  3. Read over SoFi’s different policies, including its terms of use and arbitration agreement.
  4. Follow the application steps, providing personal information like your address, date of birth and income. You may also be required to enter your Social Security number.
  5. Click Find My Rate to submit your application and see what loan terms you qualify for.

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.

Eligibility requirements

The exact eligibility requirements differ by loan type, but in general, you’ll need to meet the following:

  • Be employed or have a steady source of income.
  • Live in a state SoFi is licensed to lend.
  • Be a US citizen, permanent resident or visa holder.
  • Be the age of majority in your state.

And while SoFi doesn’t have a set income requirement, the median income of a SoFi borrower is $101,000.

Go to SoFi's site

More about SoFi

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.

Bottom line

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.

Before you fill out its quick application, take the time to explore your other personal loan and student loan refinancing options.

Frequently asked questions

Disclaimer

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)

Student Loan Refinance
SoFi APRs and terms 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. 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. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly.

SoFi unemployment protection

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will 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. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Personal Loans
Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 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 5.74% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% 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. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly.

SoFi unemployment protection

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will 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. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Unemployment protection: If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will 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. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Was this content helpful to you? No  Yes
Back to top

Read more on this topic

US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site