Find out how SoFi protects its borrowers’ personal and banking information.
SoFi is a safe lending platform founded by a Stanford graduate in 2011. SoFi takes pride in providing new approaches to lending, putting it a step above its competitors.
SoFi Personal Loan Offer
SoFi offer you the chance to borrow up to $100,000 with the choice between a fixed or variable interest rate.
- Recommended Credit Range: Good to excellent
- Min. Loan Amount: $5,000
- Max. Loan Amount: $100,000
- Loan Term: 3, 5, or 7 years
- Unemployment protection
- Confidential and secure online application
Is SoFi legit?
Yes, SoFi is a legitimate lending platform. SoFi offers competitive APRs and exclusive customer perks. This nontraditional lender is potentially a good fit for those with an established credit history and good to excellent credit score.
What makes SoFi unique?
To get a loan through SoFi, you’ll need to have good to excellent credit. Here’s what makes SoFi stand out:
- Low APRs. While the specifics of each loan varies, APRs are some of the lowest in the market.
- No origination fee. You won’t pay a fee for getting a new loan with SoFi.
- High loan maximum. Borrow from as little as $5,000 to up to $100,000.
- Flexible terms. SoFi offers both variable and fixed rates.
- Unsecured loans. You won’t need collateral for any loan through SoFi.
- Flexible loan terms. Repay your loan over three to seven years.
- Social events. SoFi hosts community events, an entrepreneur program, a referral program and a career advisory group for its borrowers.
What to look out for
- Slower turnaround. Loans with SoFi can take up to seven days to transfer to your account.
- Services in 49 states. SoFi is not available in Nevada, which means you’ll need to look elsewhere if you’re a resident of the Silver State.
- Late fees. After a 15-day grace period, you’ll pay a penalty equal to 4% of the payment due or $5, whichever is lower.
Compare SoFi to its competitors
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Is applying for a loan with SoFi safe?
Yes. SoFi is a legitimate online lender that safeguards your personal and financial information.
- A+ BBB rating. SoFi has an A+ Better Business Bureau rating.
- Not FDIC insured. SoFi prides itself on not being a bank, but it means that your transactions aren’t insured by the Federal Deposit Insurance Corporation.
- TLS encryption. SoFi protects your personal and financial information with Transport Layer Security encryption.
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.
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.
But before making a final decision, be sure to compare your available loan options to get the best rates and terms that you’re eligible for.