SoFi Debt Consolidation Review

Rating: 8.9 / 10 (Excellent)
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SoFi, also known as Social Finance, Inc., is one of the country’s largest personal lenders. The company offers a variety of loan services including student loan refinancing, mortgages, mortgage refinancing, debt consolidation, and personal loans. The company has originated over $25 billion in loans to over 500,000 customers.

How is SoFi rated?


Pricing & Fees

Overall Rating: 8.9 / 10 (Excellent)

Unlike many of the other companies in the debt consolidation business, SoFi is not primarily a debt consolidator. Rather, it offers a wide variety of loans, some of which may be used for consolidation. The company does not do debt settlement negotiations, bankruptcy, or debt counseling. However, SoFi is a strong choice for those who have decided to consolidate higher-interest debts into one lower-interest obligation. Its reputation in making such loans is excellent and and additional financial services the company provides are enticing.

SoFi Services

Services - 8.5 / 10

SoFi offers a broad range of loan types, including those that can be used for debt consolidation. It also provides a number of related services to its customers, including finance education, career coaching, and social events. As part of the "fintech" industry, the company's calling card is its easy-to-use web interface.
Services Offered
Debt Consolidation


Qualification - 9 / 10

SoFi makes personal, unsecured loans to people, who then can use that money for whatever purpose they wish--including the consolidation of other loans and outstanding bills. Loans can be taken out for anywhere between $5,000 and $100,000 for terms of 3, 4, 5, 6 or 7 years. To qualify, prospective customers must create an account by supplying their full names and states of residence. Customers then fill out a second form with detailed information about their addresses, phone numbers, work histories, educational background, birthdate, and citizenship. SoFi checks their credit history, but claims that it does so in a way that will not depress a client's score. Customers then receive a rate quote that depends on the data they submit. If the customer agrees to the rate quote, SoFi then requests a full credit report and notes that this step may have a temporary negative impact on a person's credit score.
Minimum Debt Amount
Debt Solutions For
Personal Loans
Medical Bills
Business Debt
Unsecured Loans
Credit Cards

Pricing: How much does SoFi cost?

Pricing & Fees - 9 / 10

SoFi charges interest which varies between 5.49% and 14.24%. It does not charge an origination or application fee.
Up-front Fees?


Reputation - 9 / 10

SoFi has the highest possible rating from the BBB and is scored very highly by TrustPilot. It does not appear to have been involved in any consumer-related litigation. Its rapid growth suggests that the company is giving its customers a service they find desirable.

Company Details

Year Founded

Compliance & Accreditations

IAPDA Accredited
FTC Compliant

Online Reviews

Trust Pilot Rating
9.3 out of 10
BBB Rating
Number of BBB Positive Reviews
Number of BBB Neutral Reviews
Number of BBB Negative Reviews
Date Collected

Contact & Additional Information

Homepage URL
Headquarters Address
375 Healdsburg Avenue, Suite 280, Healdsburg, CA, 95448

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Our Partner
8.9 / 10
  • For people with $5,000-$100,000 in debt & good credit
  • 3, 4, 5, 6 and 7 year loan periods
  • Simple online application and live customer support 7 days a week
  • Unemployment protection
  • Ranked lower because Good or Excellent Credit Score Required