SoFi personal loans review: Personal loans and member perks for good credit borrowers.

Our verdict

Our verdict

If you have a good to excellent credit score of over 680, online lender SoFi is worthy of consideration. It offers quick funding on personal and debt consolidation loans up to $100,000, starting at 8.99% APR for qualifying borrowers. It's one of the few lenders that never charges fees on its personal loans — not even late fees.

As an FDIC-insured chartered bank, SoFi offers a full suite of financial products and services, plus perks like free career coaching, future discounts on loans, unemployment protection and more. Coapplicants are also accepted but with a longer processing time.

Best for: Borrowers with good to excellent credit who want extra perks.

Pros

• No prepayment penalties or late fees
• Have Sofi pay your creditors and get a 0.25% discount
• 60-second prequalification with soft credit check
• Same-day funding with some applications
• Borrow up to $100,000

Cons

• Coapplicant loans can take longer to process
• Minimum loan amount is higher than some competitors
• Some complaints of higher-than-expected rates
• Origination fee required to buy down interest rate

4.45

★★★★★

Finder rating

Go to site

Max. Loan Amount

$100,000

APR

8.99% to 25.81%

Min. credit score

680

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SoFi personal loans

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Who SoFi is best for

SoFi is best for good to excellent credit borrowers (680 plus) who want a personal loan between $5,000 and $100,000. The average SoFi personal loan was around $30,000 in 2022. But you might not qualify if you’re fresh out of school or have a credit score under 680.

It also offers a suite of member benefits and other financial products and services, including student loans and credit cards. This makes it good for people who want the convenience of an online lender with the offerings of a traditional bank. In fact, SoFi was one of the first fintech lenders to receive regulatory approval to become a national bank in January 2022.

What makes SoFi shine

Most lenders offer loans and stop at that — but not SoFi. This lender stands out for its massive selection of financial products and loans as well as member discounts and professional advice.

• Debt consolidation. By choosing Sofi’s Direct Pay option with your personal loan, Sofi pays your creditors directly and gives you 0.25% off your rate – a benefit that saves you time and money.
• Banking and financial products. In addition to its personal loans, Sofi offers student loans and refinancing, mortgages, investment products, insurance and high APY checking and savings accounts. It also has an exchange for buying and selling crypto.
• Free career coaching and financial planning. SoFi offers free help with your resume, LinkedIn profile, personal branding and job goals. You can also get financial advice from SoFi’s advisors to help you budget, save and invest for the future.
• Member benefits. Benefits include SoFi’s rewards program, referral program, future loan discounts and more.

And if you lose your job, SoFi offers unemployment protection that puts your personal loan into forbearance and pauses your monthly payments. On top of this, it’s fast: SoFi funds the majority of loans the same day the borrower applies.

Where SoFi falls short

While offering multiple benefits, SoFi may not be the best choice for everyone. This is true if your credit score is below 680 or you’re newly self-employed. To qualify as a self-employed person, SoFi requires at least two years’ worth of tax returns and income information.

And despite the fact it’s an online lender, SoFi may not be a quick option if you’re looking for a fast turnaround. While SoFi advertises potential same-day funding after signing, some borrowers have complained about waits of up to 30 days.

SoFi loan details

How to qualify for a SoFi personal loan

These are the minimum requirements to qualify for a SoFi personal loan:

• Credit score of 680 or higher
• Currently employed, self-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.

As 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.”

However, a SoFi rep shared that if your score is around 650, you may still qualify for a loan with SoFi’s third-party partners, Cross River & Pagaya. These loans go through SoFi but are underwritten by its partners.

How to apply

Apply for a loan online or by using the SoFi app, available in the App Store and Google Play. Here are the general steps to apply for a SoFi loan:

1. Prequalify for a personal loan online.
2. Complete the application, submit documents and do a hard credit check.
3. Review the loan amount repayment terms and interest rates.
4. Sign your closing documents and wait for funding.
5. Repay the loan according to the agreement.

Apply on your own with SoFi or bring on a coapplicant to help you qualify for lower rates and higher loan amounts. But you and the coapplicant must share the same address.

How SoFi compares to other lenders

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Name	Product	Filter Values	APR	Min. credit score	Loan amount
Best Egg personal loans Finder Rating: 3.8 / 5: ★★★★★ Best Egg personal loans Finder Rating: 3.8 / 5: ★★★★★			8.99% to 35.99%	640	$2,000 to $50,000	Fast and easy personal loan application process. See options first without affecting your credit score.	Go to site View details	Compare	loading Fetching your data...
Upstart personal loans Finder Rating: 4.15 / 5: ★★★★★ Upstart personal loans Finder Rating: 4.15 / 5: ★★★★★			5.20% to 35.99%	300	$1,000 to $50,000	This service looks beyond your credit score to get you a competitive-rate personal loan.	Go to site View details	Compare	loading Fetching your data...
SoFi personal loans Finder Rating: 4.45 / 5: ★★★★★ SoFi personal loans Finder Rating: 4.45 / 5: ★★★★★			8.99% to 25.81%	680	$5,000 to $100,000	A highly-rated lender with competitive rates, high loan amounts and no required fees.	Go to site View details	Compare	loading Fetching your data...
First Premier Lending Not rated yet First Premier Lending Not rated yet			5.99% to 35.99%	All credit types	$100 to $20,000	Short-Term Loans to Fit Your Needs	Go to site View details	Compare	loading Fetching your data...
Smart Advances Finder Rating: 3 / 5: ★★★★★ Smart Advances Finder Rating: 3 / 5: ★★★★★			5.99% to 35.99%	All credit types	$100 to $20,000	Smart Advances was designed to help you request the loan you need, for any reason.	Go to site View details	Compare	loading Fetching your data...
Credible personal loans Finder Rating: 4.3 / 5: ★★★★★ Credible personal loans Finder Rating: 4.3 / 5: ★★★★★			4.60% to 35.99%	Fair to excellent credit	$600 to $100,000	Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.	Go to site View details	Compare	loading Fetching your data...

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SoFi reviews and complaints

Customers give SoFi mixed reviews on sites like the Better Business Bureau (BBB) and Trustpilot. While the majority of reviews on Trustpilot are overwhelmingly positive, Sofi has garnered some complaints too.

• Positive reviews comment on the fast and simple application process and professional quality of communication and customer service. Others mention fast funding times of less than 24 hours.

• Negative reviews mention application rejections, unexpectedly high rates and glitches that customer support couldn’t resolve. Others report that the company’s technology felt outdated.

SoFi ranked fourth in the 2020 J.D. Power US Consumer Lending Customer Satisfaction Survey. But it didn’t make the cut in 2021 and came in 8th place in 2022.

Is SoFi legit?

SoFi’s lending model is a departure from traditional lending, but it’s otherwise legit. Here’s some more background:

• SoFi is registered as a national bank, meaning that it has to meet strict regulatory standards.
• SoFi is authorized to offer an array of online financial services, including:
  • Mortgage loans
  • Credit cards
  • Student loans,
  • Checking accounts
  • Life insurance
  • Investments
• SoFi acquired community bank Golden Pacific Bank in June 2021, which could fast-track its bank charter application.

However, SoFi has had some trouble in the past. In 2019 it entered a settlement with the Federal Trade Commission (FTC), which accused SoFi of inflating the potential savings while misrepresenting the monthly cost of its student loan refinancing product. SoFi agreed to only make savings claims backed by concrete evidence.

Frequently asked questions

Is SoFi a real bank?

Yes, SoFi is a real, nationally chartered bank. It received regulatory approval to operate as a national bank in January 2022.

Is SoFi FDIC insured?

Yes, SoFi deposits are insured by the FDIC up to $250,000 per individual and up to $500,000 per joint account.

Does SoFi have a phone number?

Yes, it’s 1-855-456-7634. Operating hours are Monday to Thursday from 5 a.m. to 7 p.m. PT and
Friday to Sunday from 5 a.m. to 5 p.m. PT.