SoFi Personal Loans Review

Rating: 9.7 / 10 (Excellent)
76 Customer Reviews - see all reviews
Disclosure: We receive advertising revenue from this partner. Learn more.

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 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

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

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% 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.


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*

Latest SoFi Reviews

6.92
Based on 76 Reviews from SoFi customers
Loading Reviews ...
L
Latroy
Richmond, Virginia

8/29/2017
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

8/26/2017
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


C
Cheryl D
Blackstone, Virginia

8/22/2017
Good Experience with the website. We are look requesting the refinance a church mortgage.


Dequila L
, District of Columbia

8/16/2017
I think that the rating are fair an the rates are ok also.thats y I pick this


J
Jane m

8/14/2017
This company is very good and helpful to people


P
pedro r
Los Angeles, California

8/12/2017
very good and helpful


M
Marcus H

8/9/2017
Hope I can get loan fast with my credit


L
Lora
Columbus, Ohio

8/8/2017
I have heard many people who talk about how good and how well that they was with u company


H
Helen L
La Grange, Georgia

8/7/2017
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.


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SoFi Personal Loans