SoFi personal loan review November 2018 |

SoFi personal loan review

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Here is the loan that offers you more than you need. Exceed your expectations.’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 NameSoFi Personal Loan Fixed Rate (with Autopay)
Min Loan Amount$5,000
Max. Loan Amount$100,000
APR6.99% to 14.87%
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term7 years
RequirementsAt least 18 years old, US citizen or permanent resident.
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?

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 Nevada or 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

Rates last updated November 14th, 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 Min. Credit Score Max. Loan Amount APR
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.34% to 35.99%. (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
6.95% to 35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
6.99% to 14.87% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (Varies by state) (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
4.99%–36% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
Conveniently check your loan options without affecting your credit score.
9.95%–35.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)

Compare up to 4 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 6.99% to 14.87%, whereas variable rates are from 6.26% to 13.99%.

There are no origination fees, early repayment fees or closing fees.

Pros and cons of a SoFi personal loan


  • Credit counseling available
  • No fees
  • Fast and easy application


  • Requires a higher credit score
  • Not a student loan alternative
  • Slower turnaround

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.

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

Eligibility criteria:

  • 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 or Nevada.

Required information:

  • 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.

Bottom line

Having funded loans to over 275,000 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, SoFi Personal Loan may be an ideal solution. Before choosing SoFi, be sure to explore other personal loan options.

Frequently asked questions


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. (

Personal Loans

Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details . 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 . Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% 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. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. See Consumer Licenses.

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

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.

Aliyyah Camp

Aliyyah Camp is a publisher for helping folks compare personal, student, car and business loans. When she's not helping people with their personal finances, you can find her going for runs outdoors.

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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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.


  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 – 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.


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