SoFi Personal Loans Review

Rating: 9.7 / 10 (Excellent)
49 Customer Comments & Reviews - see all comments
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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.

How is SoFi rated?


Loan Specifics
Cost of Loan
Lender Reputation

Overall Rating: 9.7 / 10 (Excellent)

SoFi offers one of the highest loanable amounts for personal loans, making it a practical 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 thanks to 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 a strong credit rating.

SoFi Loan Specifics

Loan Specifics - 9.6 / 10

SoFi allows customers to borrow between $5,000 and $100,000, and you can use the money for just about anything. SoFi borrowers often use their personal loan to pay off credit card debt, invest in home improvements, or start businesses. It takes approximately 2 minutes and a soft credit pull to check rates. However, if you decide to continue with the full application process, they will need to do a hard pull. Unique among online lenders, SoFi's Unemployment Protection program will actually assist you with job placement while also suspending payments for up to 12 months.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Start Business
Loan Minimum
Loan Maximum
Term Length
3-7 Years
Direct Deposit
Pay Creditors Directly
Disbursement Time
A few days
Credit Insurance
Unemployment Protection

Representative Loan 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.

SoFi Qualification

Qualification - 9.6 / 10

Technically SoFi advertises a minimum FICO score of 660, but most customers tend to have scores of 700 or above. As personal loans go, SoFi is able to offer such competitive rates because they tend to have high qualification standards. The company takes financial history, monthly income vs. expenses, and professional experience into account. Additionally, applicants must be US citizens, permanent residents or visa holders, be 18 years old, and reside in an eligible state.
Minimum FICO Score
Personal Income Considered
Verify Bank Account
U.S. Citizen

SoFi Cost of Loan

Cost of Loan - 10 / 10

SoFi has variable 5.21% - 11.67% APR (with AutoPay)* rates or fixed 5.49% - 14.24% APR (with AutoPay) rates. Even more impressive, SoFi borrowers improved their credit scores by 17 points on average when paying off credit card debt.*

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.

Fixed Rates:
5.49% - 14.24% APR (with AutoPay)
5.74% - 14.49% APR (without AutoPay)

Variable Rates:
5.21% - 11.67% APR (with AutoPay)
5.46% - 11.92% APR (without AutoPay)
APR Range
Origination Fee
Missed Payment Penalty
Lesser of 4% of the payment due or $5.

SoFi Reputation

Lender Reputation - 9.5 / 10

SoFi has an A+ with the BBB and a high Trustpilot score of 9.2 with 95% positive reviews. Although there are a majority of negative reviews with the BBB, the company has diligently and comprehensively addressed most of them, providing customers specific avenues of resolution.

SoFi is regulated by the Consumer Financial Protection Bureau. SoFi personal loans had a total of 21 complaints with the CFPB, all of which were marked as responded to timely and closed with explanation.
Type of Lender
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
9.2 out of 10
Consumer Financial Protection Board (CFPB) Complaints
Date Collected


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. (


Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.21% APR to 11.67% APR (with AutoPay). SoFi rate ranges are current as of January 2, 2018 and are subject to change without notice. Not all rates and amounts available in all states. 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. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.21% APR assumes current 1-month LIBOR rate of 1.57% plus 3.89% 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.


Individual results vary. 82% of people who used their SoFi Personal Loan to consolidate $10,000+ of credit card debt saw their FICO scores increase an average of 17 points within 2 months. Average FICO score increases are based on funded members from November through December 2016. Increase was computed by comparing reported Version 8 FICO scores at the time of application against the same scores on January 18, 2017.

Company Profile

Full Name
SoFi Personal Loans
Company Website
1 Letterman Dr Bldg A STE 4700, San Francisco, CA, 94129

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49 Customer Comments & Reviews

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Kelli H
Puyallup, Washington
What is your minimum credit score requirement?

I disagree with the negative reviews on SoFi. The process for me was absolutely phenomenal! The rate offered preliminarily was the rate that we closed at. If you give them factual information upon which to base the terms, they are true to their offer. The only suggestion I would make to them would be to add an automatic notification system in place for when the status of the loan application changes. I figured out that you have to log in to check the status but it moved really quickly. From the date that I requested the preliminary offer to the date that the (substantial) amount was in my bank account, took only 6 business days, and would probably have been sooner if I did not miss... Read More

Ariel N
im a single mom of three kids and struggling to find a job it is christmas time and stressing out, i got bills and rent and so much other issues i need to take care of i need and want to provide my family things they need an want, these times can be hard, i have never been in this situation, could really use the help. all 3 of my kids are on the boarder of autism and my baby is sick, it would be a miracle to be able to get this loan. thanls for your time.

Tonika E
Chicago, Illinois
Helpful and very on time with the loan I am very please D with this offer

Cheryl D
Blackstone, Virginia
Good Experience with the website. We are look requesting the refinance a church mortgage.

Dequila L
, Texas
I think that the rating are fair an the rates are ok also.thats y I pick this

Jane m
This company is very good and helpful to people

pedro r
Los Angeles, California
very good and helpful

Helen L
Marietta, Georgia
Clean site--easy to navigate. I'm looking forward to the end; I know I'll find their high quality standards there also. I hate writing reviews, but this one was easy because of their well ordered content with its easy to read information.

Linda F
, Florida
So far it's informative & helpful.

Our Partner
9.7 / 10
  • Our #1 choice for borrowers with excellent credit
  • Up to $100,000 for debt consolidation, home improvements & more
  • No origination fees or pre-payment penalties, unemployment protection
  • As low as 5.49% fixed or 5.21% variable (with AutoPay)
  • Loan terms of 3-7 years
  • SoFi borrowers improved their credit scores by paying off credit card debt*