SoFi Personal Loans Review


Rating: 10.0 / 10 (Excellent)
49 Customer Reviews - see all reviews
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How is SoFi rated?
10/10
Loan Basics
10/10
Service Features
10/10
Qualification
10/10
Additional Fees
10/10
Customer Experience

SoFi is the second largest marketplace lender around today, providing student loan refinancing, mortgages, and personal loans. With over $14 billion in loans issued to date, SoFi offers some of the most attractive rates in the industry. They can do this given their nontraditional underwriting approach that takes into account merit and employment history, among other factors. You can borrow between $5,000 and $100,000 with variable rates 4.79%-10.89% APR (with AutoPay)* or fixed rates 5.70%-14.24% APR (with AutoPay)*. SoFi offers both fixed and variable rate options. Equally as important, they don't charge any origination or prepayment fees – what you see if what you get.

Category

Direct loan service

Loan Details

Unsecured Personal Loans

Minimum Loan Amount

$5,000

Maximum Loan Amount

$100,000

Minimum Loan Period

3 Years

Maximum Loan Period

7 Years

Loan Rates

Fixed: 

  • 5.70% - 14.24% APR (with AutoPay)
  • 5.95% - 14.49% APR (without AutoPay)

Variable:

  • 4.79% - 10.89% APR (with AutoPay)
  • 5.04% - 11.14% APR (with AutoPay)

Rate cap 14.95%

Direct Deposit

Sign your documents and funds are wired to your account

 

SoFi Representative Sample

A consumer borrowing $5,000 at a 6% APR over a 24-month period would end up paying a total of $5,318.47.

 

Application

Online Application Time

A few minutes

Response Time

Not Stated

Qualification

US Citizen or Permanent Resident

Age of majority in your state

Currently Employed

Information Used

Credit History

Income

Employment Status

SoFi Personal Loan Summary

SoFi offers one of the highest loanable amounts for personal loans making it a useful financial tool that can be used for funding different financial needs. SoFi focuses on delivering a great customer experience and even provides unemployment protection as an additional benefit. SoFi is an excellent choice for personal loans with its high loan limit and competitive interest rates. However, in order to avail of these benefits clients must show a history of responsible lending and strong credit rating.

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 Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
​*​Fixed rates from 5.70% APR to 14.24% APR (with AutoPay). Variable rates from 4.79% APR to 10.89% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2016 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 4.79% APR assumes current 1-month LIBOR rate of 0.79% plus 4.25% 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.

 

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Latest Reviews

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John s
Louisville, Colorado
3/23/2017
They. Treat u fare

Michael A
,
3/20/2017
Excellant professional.

S
Shakina P
3/14/2017
Great that I can get a loan for important items. Thanks for all your help.

L
Leonardo
3/14/2017
I am interested in

J
James W
,
3/8/2017
Every easy to get too

J
JP
2/21/2017
Scam! Terrible service. Bait and switch. They tell you that you are "pre-approved" pending a few steps. Then they hit your credit report with a hard inquiry and suddenly your interest rate is jacked up to over 14.9%. Then when I ask for answers, they stop responding. I even sent an email to the CEO and he failed to respond. Look, there are plenty of reputable places to secure a loan (such as a BANK) with a reputation. Why deal with pop-up lending companies that come and go and rip you off and screw up your credit report. I wish I would have read the reviews before applying!! Run from this company!

D
Deborah
,
2/21/2017
Yes I would like to get a personal loan with bad credic by tomorrow asap its an emergency I really need a quick answer please my email is [email protected]

L
Lasheka M
Jackson, Tennessee
2/13/2017
I love the that it was a easy process to create a account and apply for a loan.

A
Alexandria
2/12/2017
Medical expenses

S
[email protected]
Melbourne, Florida
2/10/2017
SoFi is an interesting option for a personal loan, but think you can compare and maybe do a bit better. I found some good choices at OnePersonalLoans.com for anyone interested.

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