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 borrower benefits designed to get borrowers on the path to financial freedom set SoFi apart. But it’s not ideal if you’re building your credit.
Max. Loan Amount
5.99% to 18.28%
Min. Credit Score
- No fees, including late fees
- Low APRs starting at 5.99%
- Member benefits, like financial planning and career coaching
- Nonresidents can qualify with eligible visa
- Turnaround time is up to 30 days after approval
- Doesn’t directly send funds to creditors for debt consolidation
- No loans under $5,000
- Can’t use funds for college or business expenses
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 more than competitive rates and no fees. It’s goal is to help its customers reach financial freedom by offering a suite of member benefits and financial products. As a borrower, you get access to perks like free career coaching, financial planning and discounts on products from SoFi and its partners.
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 it can take as long as 30 days to get funded in some cases.
Visit our guide to personal loans to see how SoFi compares.
SoFi rates, fees and terms
SoFi offers fixed rates ranging from 5.99% to 18.28% APR, with a 0.25% autopay discount.
It also offers variable rates, which it caps at 14.95%. These can change as you repay the loan, based on the one-month LIBOR rate.
There are no fees on SoFi personal loans — not even late fees. You can borrow between $5,000 and $100,000 with terms of 24 to 84 months. Use the calculator to see what a monthly repayment might be like on a SoFi personal loan.
See how much you'll payCalculate monthly and overall costs
|Loan terms (in years)|
How SoFi compares to other lenders
SoFi is highly competitive when it comes to costs alone. But other providers might be better for debt consolidation or loans on the lower end of the spectrum.
Compare even more personal loans
How to qualify
You must 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. 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||1.7 out of 5 stars, based on 114 customer reviews|
|J.D. Power ranking||Ranked No. 4 in J.D. Power 2020 customer satisfaction survey|
|Trustpilot score||3.6 out of 5 stars, based on 2,491 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 applying, with frequent complaints about glitches that customer service was unable to resolve. Its response to COVID-19 also gets mixed reviews.
SoFi user reviews
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How the application works
You can apply for a SoFi loan online or by using the SoFi app, available in the App Store and on Google Play. It takes a couple minutes to prequalify 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, you’ll receive instructions on how to complete the rest of the application — and access to a member of the SoFi lending team to help you along. 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 be as long as 30 days in some cases.
What sets it apart?
SoFi offers low rates and no fees. But the customer experience and benefits are what set it apart from other lenders. As a borrower, you become a member with access to the following perks:
- Career coaching
- Unemployment protection
- Financial planning from accredited advisors
- 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 a 680 credit score to qualify. This might be difficult to meet if you’re new to the US.
Is SoFi legit?
Yes, SoFi is a legitimate online lender. It’s currently regulated as an online lender in all 50 states and the Consumer FInancial Protection Bureau. But it’s also applied for a bank charter in 2020, which would mean it has to meet the same standards as any other bank.
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.”
See how SoFi stacks up to other lenders
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