SoFi personal loan review
Young professionals benefit the most from this no fee loan and its membership perks.
finder.com’s rating: 4.35 / 5.0
Bottom line: Low rates, no fees and benefits designed to get borrowers on the path to financial freedom set SoFi apart. It’s frequently listed as one of the top lenders out there — and it’s a great alternative to traditional bank loans. But it’s not ideal if you’re building your credit or want quick funding. Read our full review.
Max. Loan Amount
5.99% to 18.85%
Min. Credit Score
- No fees, including late fees
- Low interest rates starting at 5.99%
- Member benefits, like financial planning and career coaching
- Nonresidents can qualify with eligible visa
- Long repayment terms up to seven years
- Turnaround time is up to 30 days after approval
- Doesn’t directly send funds to creditors for debt consolidation
- High minimum loan amount of $5,000
- Potentially high interest rates of 20.25%
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
SoFi offers personal loans with low interest rates and no fees for borrowers with good to excellent credit. Its goal is to help its customers reach financial freedom by offering a suite of member benefits and other financial products and services, including student loans and credit cards. As a borrower, you get access to perks like free career coaching, financial planning and discounts on products from SoFi and its partners. And if you lose your job, SoFi offers unemployment protection that puts your personal loan into forbearance and pauses your monthly payments.
Borrowers who are a few years into their career and want to build their wealth can benefit the most. But you might not qualify if you’re fresh out of school or have a credit score under 680. And in some cases, it can take as long as 30 days to get funded.
Visit our guide to personal loans to see how SoFi compares.
How SoFi compares to other lenders
SoFi personal loans are highly competitive when it comes to costs. But other providers might be better for credit card debt consolidation or for borrowers who want to borrower a smaller loan amount.
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SoFi rates, fees and terms
SoFi personal loans have fixed interest rates ranging from 5.99% to 18.85%, with a 0.25% autopay discount. Your interest rate is based on your credit score and other financial factors. Borrowers with good credit may see slightly higher rates than borrowers with excellent credit. And because SoFi personal loans don’t have any fees — including origination fees — your APR will be the same as your interest rate. There are also no prepayment penalties. If you decide to pay off your loan early, you'll save on interest without having to tackle another unnecessary fee.
Your loan amount will be between $5,000 and $100,000, and loan terms last anywhere from 24 to 84 months. You can adjust your loan amount, interest rate and loan term on our calculator to estimate your monthly payments on a loan with SoFi.
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|Loan terms (in years)|
How to qualify
Make sure you meet these minimum requirements to qualify for a SoFi personal loan:
- Credit score of 680 or higher
- Currently employed or pending employment in the next 90 days
- US citizen, permanent resident or in the US on an eligible visa
- Age of majority in your state
Generally, your personal finances need to be in good shape to qualify and score the lowest interest rates. SoFi CEO Anthony Noto tells Finder, “SoFi continues to focus on lending to prime and super prime borrowers. In addition to credit score and credit history, we continue to weigh factors such as monthly income versus expenses, assets, employment status and professional experience.”
SoFi reviews and complaints
|BBB customer reviews||1.41 out of 5 stars, based on 100 customer reviews|
|Trustpilot Score||3.4 out of 5 stars, based on 2,484 customer reviews|
|Customer reviews verified as of||12 October 2020|
It’s a mixed bag. Positive reviews comment on how fast and simple the application process was. Some reviewers were also happy with the quality of customer service. And it came in fourth place in the J.D. Power Consumer Lending Customer Satisfaction Survey.
But many others had problems with SoFi’s rates and the application process, with frequent complaints about glitches that customer service was unable to resolve. Its response to COVID-19 also gets mixed reviews.
How the application works
You can apply for a loan online or by using the SoFi app, available in the App Store and on Google Play. It takes a couple minutes to prequalify for a personal loan by answering basic questions about loan amounts and terms you’re looking for. You can apply on your own, or bring on a coapplicant to help you qualify for lower rates and higher loan amounts.
If you prequalify for a SoFi personal loan, you’ll receive instructions on how to complete the rest of the application — and access to a member of the customer support team to help you along. SoFi will pull your credit report if you agree to a loan, and from here, you’ll be able to see your exact repayment terms and loan rates.
After you sign and submit your loan documents, it typically takes a few days to send the funds to your bank account. However, the turnaround can take as long as 30 days — not the best news for anyone looking to get their loan approved and funded quickly.
What sets SoFi apart?
SoFi offers low rates and no fees — unlike many other lenders. But the customer experience and benefits are what really sets it apart. As a borrower, you become a member of SoFi with access to a full suite of perks beyond its personal loans, including:
- Career coaching
- Unemployment protection
- Financial planning from accredited advisors
- Active and robo investing with no commission or management fees
- Estate planning
- Networking experiences and events
- Access to SoFi’s online community
- Up to $10,000 in referral bonuses
- Rate discount of 0.125% on future SoFi loans
- SAT and ACT Test prep discounts
- College financial aid assistance
- Discounts at partner companies
- Member lounge access at the SoFi Stadium
It’s also one of the few lenders borrowers in the US on an E-2, E-3, H-1B, J-1, L-1 and O-1 visas, as well as DACA recipients — without requiring a coborrower. But you still need good credit or excellent credit to qualify. This might be difficult to meet if you’re new to the US and don’t have sufficient credit history.
Is SoFi legit?
Yes, SoFi is a legitimate business. It’s currently regulated as an online lender in all 50 states and the Consumer FInancial Protection Bureau. Alongside loans, it offers a wide array of financial services, including investments and money management. And in 2020, SoFi applied for a bank charter, which would mean it has to meet the same standards as any other bank. This might be especially useful if you’re looking to apply for a credit card or one of SoFi’s private student loans in addition to a personal loan.
In 2019 SoFi entered a settlement with the Federal Trade Commission (FTC). The FTC had accused SoFi of inflating the potential savings and misrepresented the monthly cost of its student loan refinancing product. As part of the settlement, it’s agreed to only make savings claims backed by concrete evidence.
How has COVID-19 affected SoFi personal loans?
SoFi has expanded its repayment assistance options in the wake of of the coronavirus outbreak. “For our personal loan holders, we are providing forbearance of payments for an initial 30 days with a possible extension available to those still impacted,” Noto tells Finder. This is on top of its unemployment assistance program, which offers up to 12 months of forbearance over the life of a loan.
And if you’re thinking of applying, you might still benefit even if you’re rejected.
“We have seen a pretty substantial uptick in personal loan applications, both since the start of the year and especially since quarantine began,” Noto says. “We are doing whatever we can to educate people on choice. Where we cannot meet peoples’ needs … we will readily introduce them to other options.”
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