SoFi Review

#3 in Debt Consolidation Loans

SoFi is a leading online marketplace for multiple loan products including mortgage, student loan refinancing and personal loans. The company is currently the second largest marketplace lender with over $10 billion in loans issued to date. SoFi offers highly competitive rates for its loan products. This is due to the fact that the company takes a nontraditional writing approach to assessing potential borrowers. It considers several factors such as a borrower’s employment history among others. Personal loans can be used for a variety of purposes including debt consolidation. SoFi offers both fixed and variable rates and don’t charge origination or prepayment fees.

Company Profile

BBB Rating

A+

TrustPilot

9.6

CreditKarma

4.9

Participating States

47 + DC (TN, MS & NV are excluded

Loan Matching Service

Direct Lenders

AFCC

IAPDA

FDIC Insure Trust Account

FTC Compliant

Loan Basics

Minimum Loan Amount

$5,000

Maximum Loan Amount

$100,000

Loan Terms

3, 5, or 7 years

APR

Fixed Rates - 5.95% – 14.24%; Variable Rates - 4.84% – 10.64%

Interest Rate

Starts at 4.8%

Origination Fee

None

Late Payment Fee

Additional Fees

Upfront Fees

None

Consultation Fees

None

Fees and Charges

N/A

Prepayment Penalty

None

Qualifying

Proof of Income

Credit History

Financial Stability

Equity

Minimum Credit Score

680+

Application

Online Application

Response Time

15 minutes

Direct Deposit

18+ Years of Age

US Citizen or Permanent Resident

Social Security Number

Home Address

Email Address

Checking Account

Customer Support

Email

Phone

Loan Consultants

Summary

SoFi offers a good opportunity for debt consolidation borrowers to qualify for better rates by taking into account several factors including employment history to paint a clearer picture of their financial health. With maximum loan amounts of up to $100,000 for their personal loans, borrowers could easily cover multiple debts and consolidate it into a single account with lower interest rates. Easy application process, quick preapprovals and competitive rates makes SoFi a good place to start searching for debt consolidation loans. 

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