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finder.com’s rating: 4.35 / 5.0
★★★★★
Bottom line: Low rates, no fees and 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 or want quick funding. Read our full review or get our 30-second take.
Min. Loan Amount | $5,000 |
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Max. Loan Amount | $100,000 |
APR | 6.99 to 22.23% |
Interest Rate Type | Fixed |
Min. Credit Score | 680 |
Loan Term | 24 to 84 months |
Turnaround Time | As soon as the same day |
This article was reviewed by Doug Noll, a member of the Finder Editorial Review Board and award-winning lawyer, mediator and author with over 40 years of experience in the legal field.
SoFi offers personal loans with low interest rates and no fees for borrowers with good to excellent credit. Its goal is to help its customers reach financial freedom by offering a suite of member benefits and other financial products and services, including student loans and credit cards.
Borrowers who are a few years into their career and want to build their wealth can benefit the most. SoFi members get access to perks like free career coaching, financial planning and discounts on products from SoFi and its partners. And if you lose your job, SoFi offers unemployment protection that puts your personal loan into forbearance and pauses your monthly payments.
These loans are particularly good for large expenses like home improvements — the average SoFi personal loan was around $32,000 in 2020. But you might not qualify if you’re fresh out of school or have a credit score under 680. And in some cases, it can take as long as 30 days to get funded.
SoFi is currently not a bank, but is in the process of applying for a bank charter. The FDIC gave SoFi's charter application conditional approval in October 2020.
SoFi offers one of the least-expensive unsecured personal loans out there.
Since there are no fees, your interest rate and APR are the same. Your rate is based on your credit score and other financial factors. Borrowers with good credit may see slightly higher rates than borrowers with excellent credit.
Your loan term can also affect your interest rate. Generally, longer terms come with higher interest rates.
Get an estimate of your monthly cost using our personal loan calculator. Enter the loan amount, interest rate and loan term you think you might qualify for.
Calculate the cost of a SoFi personal loan
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SoFi personal loans are highly competitive when it comes to costs. But other providers might be better for credit card debt consolidation or for borrowers who want to borrow a smaller loan amount.
SoFi personal loans | LightStream personal loans | Marcus by Goldman Sachs personal loans |
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★★★★★ | ★★★★★ | ★★★★★ |
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APR 6.99 to 22.23% | APR Competitive | APR 6.99% to 19.99% |
Loan Term 24 to 84 months | Loan Term 24 to 84 months | Loan Term 3 to 6 years |
Loan Amount $5,000 to $100,000 | Loan Amount $5,000 to $100,000 | Loan Amount $3,500 to $40,000 |
Min. Credit Score 680 | Min. Credit Score Good to excellent credit | Min. Credit Score Good to excellent credit |
Compare even more personal loans
Make sure you meet these minimum requirements to qualify for a SoFi personal loan:
Generally, your personal finances need to be in good shape to qualify and score the lowest interest rates.
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.”
Qualify for a SoFi personal loan without a coborrower if you're a permanent resident or in the US on one of the following visas or immigration statuses.
SoFi offers low rates and no fees. But the perks are what really set it apart from other providers. As a borrower, you become a member of SoFi with access to a full suite of perks beyond its personal loans.
It’s also one of the few lenders that allows borrowers in the US on certain visas to apply without requiring a coborrower. But you still need good credit or excellent credit to qualify. This might be difficult to meet if you’re new to the US and don’t have sufficient credit history.
Unlike lenders like Discover, SoFi doesn’t directly send your loan proceeds to your creditors. This means it's up to you to contact your creditors and ask for a payoff amount on the date you expect to send over the funds. This can also take longer than if you use a lender that directly pays creditors for you, because you have to wait for two ACH transfers:
Sofi’s high minimum loan amount also means that you can’t consolidate debt under $5,000. While this is common — most debt consolidation loans are around $10,000 or $15,000 — it still rules out Sofi for some borrowers. Other lenders may offer lower rates too, so be sure to shop around to find the best deal for your situation.
BBB accredited | No |
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BBB rating | A+ |
BBB customer reviews | 1.24 out of 5 stars, based on 71 customer reviews |
BBB customer complaints | 158 |
Trustpilot score | 3.1 out of 5 stars, based on 2,507 customer reviews |
Customer reviews verified as of | 31 August 2021 |
Customers give SoFi mixed reviews on sites like the Better Business Bureau and Trustpilot.
SoFi came in fourth place in the 2020 J.D. Power Consumer Lending Customer Satisfaction Survey. But it didn't make the cut in 2021.
Apply for a loan online or by using the SoFi app, available in the App Store and Google Play. Here's how the process generally breaks down:
You can apply on your own, or bring on a coapplicant to help you qualify for lower rates and higher loan amounts. But that coapplicant and you must share the same address.
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 take as long as 30 days — not the best news for anyone looking to get their loan approved and funded quickly.
Log in to your SoFi account on a computer to manage your loan. But using the mobile app could be a better option:
In addition to making payments, you can use the app to take advantage of unemployment protection or change your payment due date once every 12 months.
SoFi's lending model is a departure from the traditional. But it's a legitimate personal loan provider.
However, SoFi has run into some trouble in the past. 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.
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.
4 Comments
May 30, 2018
I need a 10,000 dollar loan my credit score is 466 how can I get that loan
May 31, 2018
Hi Cleveland,
Thanks for leaving a question on Finder.
You should have a good to an 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 our list of providers who can approve you for a bad credit loan. If you need anything further, please send me a message anytime.
Cheers,
Joel
July 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
August 2, 2017
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