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SoFi Personal Loans Review


Rating: 9.7 / 10 (Excellent)
83 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.Β 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 5.17% APR to 11.32% APR (with AutoPay)* or fixed rates 5.49% - 14.24% APR (with AutoPay). 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.

Category

Direct loan service

Loan Details

Unsecured Personal Loans

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Minimum Loan Amount

$5,000

Maximum Loan Amount

$100,000

Minimum Loan Period

3 Years

Maximum Loan Period

7 Years

Loan Rates

Fixed: 

  • 5.49% - 14.24% APR (with AutoPay)
  • 5.74% - 14.49% APR (without AutoPay)

Variable:

  • 5.17% - 11.32% APR (with AutoPay)
  • 5.42% - 11.57% APR (without 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

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Age of majority in your state

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Currently Employed

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Information Used

Credit History

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Income

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Employment Status

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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 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 4.99% APR to 11.14% APR (with AutoPay). SoFi rate ranges are current as of June 1, 2017 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 4.99% APR assumes current 1-month LIBOR rate of 1.04% 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.

*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.


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83 Customer Comments & Reviews

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A
AZRA I
11/21/2017
We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed. We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description. The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an... Read More


B
Britany H
11/19/2017
my husband and I are hard working people.We have been married for 35 years have a daughter and a 2 grandkids.Yet we still run our 100 acre cattle farm and hold down jobs during the week,I recently lost my mom and inherited a home but just don't have enough cash to fix her like I want.Was hoping to get a small loan. Sincerely.Hugh and Lisa Turner


Fame L
11/5/2017
Are you in need of any kind of loan? Such as Xmas loan, If yes then contact me today for a quick loan at the interest rate of 3% email me ASAP via: russell.credit40@gmail.com or text us: +1 (619)-345-7498 Regards. Russell Investment


Tonika E
Chicago, Illinois
10/24/2017
Helpful and very on time with the loan I am very please D with this offer


J
joseph m
Las Vegas, Nevada
10/17/2017
I have had two months of real trouble. Last month my checking account was hacked and I lost my money...this month S. S. sent my payment to the wrong bank and took them nearly two weeks to locate and send it to my current bank. However I was charged late fees. leaving me no way to pay them. Therefore if you can see your way clear give me an installment loan. I will be able to handle it. As of now I am receiving calls. I can make it on 6-7 hundred dollars....PLEASE Oh, my name is Joseph Bryon Martin s. s. 5388


Connie O
Chicago, Illinois
10/10/2017
I Iii need this losn gor mmy bills yo gey out of debts i would be very apppl


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barbara g
Winter Park, Florida
10/10/2017
it could help me pay the back bills and help me get my credit back on tract


L
Latroy
Richmond, Virginia
8/28/2017
It seems like a good loan place an i want to try it out and found out how it work


D
Deb c
Columbus, Ohio
8/25/2017
I would like to borrow $1000 to get caught up on some of my bills


A
alberto r
, Wisconsin
8/23/2017
t could resolve my needs



Top Rated
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 5.17% Variable (with AutoPay)
  • Loan terms of 3-7 years
  • SoFi Borrowers Improved Their Credit Scores Paying Off Credit Card Debt*