SoFi personal loan review September 2019 | finder.com

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SoFi personal loan review

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Financing with competitive rates and no fees for borrowers with good credit.

finder.com’s rating: 4.6 / 5.0

★★★★★

SoFi’s personal loans are targeted toward recent college graduates with a decent income. As a whole, SoFi offers a variety of loan services, community events and professional guidance in addition to personal loans.

$100,000

Max. Loan Amount

5.99% to 17.66%

APR

680

Min. Credit Score

Details

Product NameSoFi Personal Loan Fixed Rate (with Autopay)
Min. Loan Amount$5,000
Max. Loan Amount$100,000
APR5.99% to 17.66%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term7 years
Turnaround TimeVaries
Go to SoFi's website

How does a personal loan through SoFi work?

SoFi provides a way to get personal loans without fees or hassle. You can learn your rate and get preapproved quickly through SoFi’s online application. From there, you’ll finalize your application and select the loan that works best for your financial situation. If you’re approved talk with a SoFi agent over the phone and sign electronically. Your funds will be wired to your account within a few days.

When you enroll in SoFi’s AutoPay program, you’ll qualify for a discounted APR. Your monthly interest and principal payments will be automatically deducted from your savings or checking account. If you don’t want to pay automatically or online, you can also mail a paper check or use bill pay through your bank.

Why should I consider SoFi for a personal loan?

  • High loan maximum. Unlike many lenders that cap their loans at a few thousand dollars, SoFi has loan amounts up to $100,000.
  • No fees. You don’t have to worry about late fees, origination, closing or prepayment fees when you get a personal loan with SoFi.
  • Coapplicants welcome. As of April 2018, you can apply jointly with another member of your household to help you up your chances of being approved for a competitive rate. You’ll both share the responsibility of paying back the loan.
  • Online calculator. You can utilize the estimation calculators on SoFi’s website to see how different rates could affect your monthly payment.
  • State availability. Services are available in 48 states plus the District of Columbia. You can’t get a personal loan with SoFi if you are a resident of Mississippi.
  • Career coaching. SoFi wants you to succeed financially and provides free career coaching and unemployment protection to help you.
  • Social events. SoFi hosts community events, an entrepreneur program, a referral program and a career advisory group for its borrowers.

What else do I need to know?

SoFi is a lender that takes a harder look into your finances — your credit history, monthly income and expenses, for instance — which means turnaround can take more time than expected. Some SoFi borrowers complain of having to wait up to 30 days from application to approval. If you need a personal loan with a faster turnaround, you may want to look into other options.

Compare SoFi to other top online loan providers

Updated September 22nd, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.34% to 35.99%
Good to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.99% to 35.99%
500
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Varies by lender
Available for all credit scores
$100,000
Get a connected with a lender — or get debt advice.
5.99% to 17.66%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
550
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
7.99% to 35.89%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.

Compare up to 4 providers

How much will I pay for a personal loan with SoFi?

The APR you’re offered will be based on a variety of factors, including your income, credit history and professional experience. The rate you’re offered can be fixed or variable, and deciding on which you’d prefer is completely up to you.

If you use autopay, you may receive a discount on your interest rate. With the discount, fixed rates run from 5.99% to 17.66%, whereas variable rates are from 5.74% to 14.70%.

There are no origination fees, early repayment fees or closing fees.

Pros and cons of a SoFi personal loan

Pros

  • Low interest rates
  • No fees
  • Fast and easy application

Cons

  • Requires a higher credit score
  • Can’t use it to pay for college expenses
  • Slower turnaround

Case study: Jon’s experience

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Jon Brodsky
Finder CEO, USA

I got a SoFi personal loan with an 84-month term back in 2015, so I’m a little past halfway through paying it back as of April 2019. I chose a personal loan because we were using the money for home renovations and didn’t have enough equity left in our house to get a home equity line of credit (HELOC). It took about a week from start to finish to get the money, and most of that time was on my end verifying my income and finding my pay stubs and tax returns.

The downsides have been that SoFi regularly asks me to sign up for other SoFi products — which I don’t have much interest in — and the variable interest rate. My payments are $41 higher than they were when I first got the loan. And because it’s such a long term, only about 70% of my payments go toward the principal.

While it’s been a useful source of cash, I’ll likely pay it off with a HELOC in the near future.

Is SoFi legit?

Yes, SoFi is a legit lending platform. It offers competitive APRs and exclusive borrower perks, and may be a good fit for those with an established credit history and a good to excellent credit score. It also offers other types of loans for its borrowers, giving you a range of options similar to a more traditional lender like a bank or credit union.

However, SoFi was recently under investigation by the Federal Trade Commission (FTC) for allegedly making false statements about its loan refinancing program. It has come to a settlement, but you may want to confirm you’re getting the best deal by calculating your refinancing options before borrowing.

Is applying for a loan with SoFi safe?

Generally, yes. SoFi is a legit online lender that safeguards your personal and financial information through Transport Layer Security (TLS) encryption. It might share your information with third parties for marketing and general business purposes. You can opt out of some of the ways SoFi shares your information by calling its customer service line.

However, it isn’t accredited by the Better Business Bureau (BBB), and your transactions aren’t insured by the Federal Deposit Insurance Corporation (FDIC), although FDIC insurance is more of a safeguard for investors, so it may not affect your experience.

What do borrowers say about SoFi?

SoFi has mixed online reviews as of September 2019. It receives an A- from the BBB and has over 100 complaints filed against it. But it does better on Trustpilot, scoring a 4.4 out of 5 based on over 2,000 reviews.

Positive reviews commented on how quick and simple the application process was. Some reviewers were also happy with the qualify of customer service. But several borrowers reported glitches on the application, which customer service wasn’t able to fix. A few were upset that they didn’t get approved for the amount they’d prequalified to borrow.

Am I eligible for a SoFi personal loan?

SoFi requires its borrowers to meet slightly stricter eligibility criteria than other online lenders. In order to qualify, you’ll need to meet the following requirements:

  • Credit score of 680+
  • Currently employed or pending employment
  • US citizen or permanent resident
  • At least 18 years old (varies by state)

SoFi doesn’t offer loans to residents of Mississippi.

How do I apply for a SoFi personal loan?

To apply for a personal loan from SoFi, follow these steps:

  1. Click Go to Site and click Find My Rate.
  2. Enter your full name, email and create a password. Read SoFi’s Privacy Policy and Terms of Use, then click Continue.
  3. Enter your loan amount and select your loan purpose, then enter your preferred monthly payment. Click Next.
  4. Enter your date of birth then select your citizenship status. Enter your address and mobile phone number. Click Next.
  5. Select your current living arrangement and your annual income. Click Next.
  6. Select if you would like to apply with a coapplicant. If yes, enter their information.
  7. Click Check My Rate.

It may take a few minutes for SoFi to process your request. Depending on the information you enter, it may require you to enter your Social Security number.

Once your application is processed, it may take several days to fund your loan.

Go to SoFi's site

Bottom line

Having funded loans to over 600,000 borrowers, SoFi is a safe lender for those with a decent credit history who are looking for lower APRs than other online competitors. Before choosing SoFi, be sure to explore other personal loan options. You may also consider looking into SoFi’s other loan options if you’re looking to take out a student loan or a buy a home.

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)

Personal Loans

Fixed rates from 5.990% APR to 17.665% APR (with AutoPay). Variable rates from 5.74% APR to 14.90% 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.

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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4 Comments

  1. Default Gravatar
    Cleveland
    May 30, 2018

    I need a 10,000 dollar loan my credit score is 466 how can I get that loan

    • Default Gravatar
      joelmarcelo
      May 31, 2018

      Hi Cleveland,

      Thanks for leaving a question on finder.

      You should have a good to excellent credit score when applying for a SoFi loan. In addition, you must be a US citizen or permanent resident, at least the age of majority in your state and be employed (or have pending employment starting within 90 days). Most lenders expect applicants to have good to excellent credit (680+) in order to be approved for a $10,000 loan. You can instead check out THIS link on providers who can approve you for a loan even if you bad credit. If you need anything further, please send me a message anytime.

      Cheers,
      Joel

  2. Default Gravatar
    Dave
    July 23, 2017

    I have been trying to find an installment loan of $8500 and every place that says bad credit no problem I apply at and still get turned down. I am on disability not by my fault but the check I get each month is not for very much, but I have enough to pay back the loan if it’s stretched out to 60 months but I feel like I am black listed I have had people trying to get my score back up for over a year now and I told them that someone took a couple loans out in my name that I do not know who it is. So what do you think about this I really need that loan bad

    • AvatarStaff
      Ash
      August 2, 2017

      Hello Dave,

      Thank you for reaching out to us.

      Since you are on a disability pension, you may like to review first the criteria then contact a lender featured on this page – https://www.finder.com/loans-for-people-on-pension to discuss your options and eligibility especially if have a bad credit rating.

      Furthermore, please note that the eligibility requirements would vary from lender to lender so it will be best to review the criteria thoroughly. The amount you can borrow would also depend on their assessment of your financial situation.

      I hope this information helps.

      Let us know if there is anything else that we may assist you with.

      Cheers,
      Ash

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