SoFi personal loan review June 2018 | finder.com

SoFi personal loan review

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Here is the loan that offers you more than you need. Exceed your expectations.

When you join SoFi, you’re joining a community of over 275,000 members, and the company has collectively saved borrowers around $1.45 billion. 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 NameSoFi Personal Loan Fixed Rate (with Autopay)
Min Loan Amount$5,000
Max. Loan Amount$100,000
APR6.199%-15.365%
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term7 years
RequirementsYou must be a US citizen or permanent resident, and 18 years or older.
Application Fee$0
  • 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?

You should have a good to 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).

How does a personal loan through SoFi work?

SoFi provides a way to get personal loans without fees or hassle. The process is simple. You first find your rate, and get pre-approved online. From there, you apply and select the loan that works best for your financial situation. Then, you simply sign electronically, talk with a SoFi agent over the phone and your funds are wired to your account within a few days.

When you enroll in SoFi’s AutoPay program, you will qualify for a discounted APR, and 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?

  • No fees. You don’t have to worry about late fees, origination, closing or prepayment fees when you get a personal loan with SoFi.
  • Online application. Applying is simple, and only takes minutes. SoFi conducts a soft credit pull when you apply. Once your application is processed and you are approved for a loan, you can get funding in as soon as a few days.
  • Coapplicants allowed. As of April 2018, you can apply jointly with another member of your household to help you up your chances of getting approved for a competitive rate. You’ll both share the responsibility of paying it back.
  • Online calculator. You can utilize the estimation calculators on SoFi’s website to see how different rates could affect your monthly payment.
  • Customer service. If you have questions, you can call SoFi or ping them on social media, 7 days a week.
  • State availability. Services are available in 48 states plus the District of Columbia. You cannot get a personal loan with SoFi if you are a resident of Nevada or Mississippi.
  • Career coaching. The company wants you to financially succeed, and provides free career coaching and unemployment protection.
  • Community events. SoFi organizes member events and happy hours so you can meet and get to know other members.

Compare SoFi to other top online loan providers

Rates last updated June 21st, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Max. Loan Amount APR
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640
$35,000
5.99%–29.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
5.96%–35.97% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
15.49%–34.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
740
$100,000
6.199%-15.365% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$40,000
6.95%–35.99% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
5.5%–11.74% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
5.98%–35.89% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$50,000
2.99%–36% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
300
$30,000
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (fixed)

Compare up to 4 providers

How much will I pay for a personal loan with SoFi?

The APR you are offered will be based on a variety of factors including your income, credit history and professional experience. Make sure to confirm that the rate offered fits your needs. These rates can be fixed or variable, and deciding on an interest type is completely up to you.

If you enroll in AutoPay, you can receive a discount on your interest rate. With the discount, fixed rates run from 6.199%-15.365%, whereas variable rates are from 6.145%-14.685%.

Origination, early repayment and closing are all without additional cost.

Pros and cons of a SoFi personal loan

Pros

  • Offers credit counseling.
  • No fees.
  • Fast and easy application.

Cons

  • Requires a higher credit score.

How to apply for a SoFi personal loan

Eligibility criteria:

  • You must be a US citizen, a permanent resident or in the US.
  • You must be at least 18 years old.
  • You must have a valid bank account.

Personal loans are not available to residents of Mississippi.

You’ll want to have the following information on-hand before you apply:

  • 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.

If you are looking for a personal loan that has low rates, and fixed monthly payments to help you pay off high-interest debt, SoFi Personal Loan may be an ideal solution. Before choosing SoFi, be sure to explore other personal loan options.

Frequently asked questions

Disclaimer


Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Personal Loans


Fixed rates from 6.199% APR to 15.365% APR (with AutoPay). Variable rates from 6.145% APR to 14.685% APR (with AutoPay). SoFi rate ranges are current as of June 15, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details: HERE. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms: HERE. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.145% APR assumes current 1-month LIBOR rate of 1.97% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at any time without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS #1121636. www.nmlsconsumeraccess.org

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4 Responses

  1. Default Gravatar
    ClevelandMay 30, 2018

    I need a 10,000 dollar loan my credit score is 466 how can I get that loan

    • finder Customer Care
      joelmarceloMay 31, 2018Staff

      Hi Cleveland,

      Thanks for leaving a question on finder.

      You should have a good to 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 THIS link on 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

  2. Default Gravatar
    DaveJuly 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

    • finder Customer Care
      AshAugust 2, 2017Staff

      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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