Here is the loan that offers you more than you need. Exceed your expectations.
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.
|Product Name||SoFi Personal Loan Fixed Rate (with Autopay)|
|Min. Loan Amount||$5,000|
|Max. Loan Amount||$100,000|
|APR||5.99% to 16.79%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||2 years|
|Maximum Loan Term||7 years|
|Requirements||Ages 18+, US citizen or permanent resident|
- You must be a U.S. citizen or permanent resident.
- You must be at least the age of majority in your state.
- You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
First, do I qualify?
SoFi requires its borrowers to meet slightly stricter eligibility criteria than other online lenders. In order to qualify, you’ll need to
- Have a credit score of 680+
- Be currently employed or pending employment
- Be a US citizen or permanent resident
- Be at least 18 years old (varies by state)
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
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 16.79%, 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
- Low interest rates
- No fees
- Fast and easy application
- Requires a higher credit score
- Can’t use it to pay for college expenses
- Slower turnaround
Case study: Jon’s experience
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.
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.
Despite this, SoFi gets an A+ rating from the BBB based on factors like transparent business practices and complaints.
What do customers say about SoFi?
SoFi has mixed online reviews as of July 2018. Only 31 out of the 152 reviews on its BBB page are positive. But it scores a respectable 9.2 out of 10 on Trustpilot based on over 1,800 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 customers 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.
How to apply for a SoFi personal loan
- You must have a valid bank account
- You must be a US citizen or a permanent resident
- You must be at least 18 years old
Personal loans from SoFi aren’t available to residents of Mississippi.
- Your name, contact information and date of birth.
- How much you want to borrow and the purpose of the loan.
- Your credit score range.
- Your annual individual income.
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. The additional support provided by social events and career advice could sweeten the deal.
If you’re looking for a personal loan that has low rates, and fixed monthly payments to help you pay off high-interest debt, a SoFi personal loan may be an ideal solution. Before choosing SoFi, be sure to explore other personal loan options.
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