SoFi Personal Loans Review


Rating: 9.8 / 10 (Excellent)
56 Customer Reviews - see all reviews
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How is SoFi rated?
10/10
Loan Basics
10/10
Service Features
9/10
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 4.99% - 11.09% 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

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)
  • 5.70% - 14.49% APR (without AutoPay)

Variable:

  • 4.990% - 11.090% APR (with AutoPay)
  • 5.240% - 11.340% 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

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 5.49% - 14.24% APR (with AutoPay). Variable rates from 4.990% - 11.090% 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.

*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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Latest Reviews

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Brandy N
Helena, Georgia
5/23/2017
Recently divorced need money to buy vehicle and home I he put everything in his name and now I have 3 kids and nothing and I have to start over from scratch

Leola R
Holland, Michigan
5/22/2017
Easy application. Can finally get to living within my income

Wende L
Hialeah, Florida
5/19/2017
I was skeptical after reading some of the reviews. Credit Karma had my Score in the mid 600s due to a foreclosure over 3 years ago and high credit card debt. I submitted all of my information to get a personal loan for a large purchase. I submitted all of my income information - paystubs, year end paystubs, w-2s, & driver's license for personal verification. I was notified of approval within a few hours and signed the paperwork by the end of the day. The rate was under 10% with auto debit which is quite good for an unsecured loan. The next day I received a verification call and the loan funded that evening. My actual score was 745 and I was unbelievably surprised by how quick and... Read More

Ezra S
Dallas, Texas
5/11/2017
DO YOU WANT A PERSONAL/BUSINESS/INVESTMENT LOAN? LOAN IS HERE FOR YOU We have provided over $1 Billion in business loans to over 15,000 business owners just like you. We use our own designated risk technology to provide you with the right business loan so you can grow your business. Our services are fast and reliable, loans are approved within 72 hours of successful application. We offer loans from a minimum range of $10,000 to a maximum of $500 million. Do you find yourself in a bit of trouble with unpaid bills and don’t know which way to go or where to turn? What about finding a reputable Debt Consolidation firm that can assist you in reducing monthly installment so that you will... Read More

John A
Lagos, Lagos
5/8/2017
Do you need an urgent loan to start up business, debt loan? buy a car or a house? If yes worry no more, For we offer all kinds of loan at a low and affordable interest rate of 3%, without collateral and without credit check. Get back to us if you need a loan, please email me now via: [email protected]

becks
Milwaukee, Wisconsin
5/4/2017
I got the 'pre-approved' notice also. I thought great, I can consolidate all my small debts and make jus one payment a month, yay. Unfortunately, the pre-approved was a scam to get you onto their site. I fell for it. Logged in, set up an account and filled out the information as requested. My pre-approved status turned into a sorry, we cant help you but go to this other place who wants to charge you a 36% interest rate. I contacted several people at SoFi concerning this. If I am pre-approved, why will they not make the loan. I have a good credit score and a full time job making decent money. I was told that the majority of the people who actually get loans from SoFi make... Read More

Pedro M
Philadelphia, Pennsylvania
5/1/2017
Excellent rating for personal loans

dwayne
Tunnel Hill, Georgia
4/14/2017
well no one hasn't given me anything....hell I cant even get a 10000 loan because on my pass...... Now i'm sat on fixed income I cant get an apartment or loan dued to the fact I HAVE to make so much per month lmao I cant even get in a retirement home.

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

Michael A
Indian Trail, North Carolina
3/20/2017
Excellant professional.

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