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SoFi personal loan review

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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.

$100,000

Max. Loan Amount

5.99% to 18.85%

APR

680

Min. Credit Score

SoFi's Product Details

Product NameSoFi personal loans
Min. Loan Amount$5,000
Max. Loan Amount$100,000
APR5.99% to 18.85%
Interest Rate TypeFixed
Min. Credit Score680
Loan Term24 to 84 months
Turnaround TimeUp to 30 days
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Pros

  • 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

Cons

  • 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%
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Review by


Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for everyday people to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise.

Expert review

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.

This article was reviewed by Doug Noll, a member of the Finder Editorial Review Board and award-winning lawyer, mediator and author with over 40 years of experience in the legal field.

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 borrow a smaller loan amount.

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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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 accredited No
BBB rating A
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.

Find a personal loan that’s right for you

Data updated regularly
Name Product Filter Values APR Min. Credit Score Loan amount
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
SoFi personal loans
5.99% to 18.85%
680
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
LendingClub personal loans
8.05% to 35.89%
640
$1,000 – $40,000
A peer-to-peer lender offering fair rates based on your credit score.
Prosper personal loans
7.95% to 35.99%
640
$2,000 – $40,000
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
Figure personal loans
5.99% to 15%
680
$5,000 – $50,000
Get prequalified in just a few clicks without hurting your credit. This lender offers offers quick turnaround for loans starting at $5,000.
PenFed Credit Union personal loans
6.49% to 17.99%
650
$600 – $35,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
Upstart personal loans
7.68% to 35.99%
580 or 600 depending on state of residence
$1,000 – $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
OneMain Financial personal loans
18% to 35.99%
Varies
$1,500 – $20,000
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Monevo personal loans
1.99% to 35.99%
None
$500 – $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
NetCredit personal loans
34% to 155%
No minimum
$1,000 – $10,500
Check eligibility in minutes and get a personalized quote without affecting your credit score.
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Personal loan ratings

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★★★★★ Good
★★★★★ Average
★★★★★ Subpar
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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

    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 an 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 our list of 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

    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

      Default Gravatar
      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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