SoFi Personal Loans Review


Rating: 10.5 / 10 ()
21 Customer Reviews - see all reviews
Disclosure: We receive advertising revenue from this partner. Learn more.
How is SoFi rated?
10/10
Loan Basics
10/10
Additional Fees
10/10
Types of Lenders
10/10
Application Process
10/10
Service Features
9/10
Customer Service
10/10
Reviews
7/10
Loan Qualification

SoFi is the second largest marketplace lender around today, providing student loan refinancing, mortgages, and personal loans. With over $10 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 4.84% – 11.44% (with AutoPay) or fixed rates 5.95% APR to 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 rates:

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

Variable rates:

  • 4.77%-11.44% APR (with AutoPay)
  • 5.02%-11.69% 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 $4,000 at a 6% APR over a 24-month period would end up paying a total of $4,254.78.

 

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 insurance 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.

 

Start your review for SoFi Personal Loans

Latest Reviews

Loading Reviews ...
G
gerald sneed
Cleveland, Tennessee
1/23/2017
just disiabilty of $2.233 a month and i need this money to get me through till april whan i get my first check

V
valerie
,
1/18/2017
I'm excited About getting a loan I need money now

T
Theodis walker
1/12/2017
I was trying and trying hopefully then we come through for me

D
dont waste your time
1/3/2017
wow just wow credit score 780 debt ratio low and instantly denied what is up??

F
Fidel reyes
12/23/2016
Prestamo personal

D
Dale
,
12/20/2016
8

T
T
Emporia, Virginia
12/12/2016
This company approved me for a loan. I electronically signed all of my documents and after I signed the documents they declined my loan. My husband was approved. My score is slightly higher than his, we both have 800 credit scores, my debt ratio is lower and my salary is $30k more than his salary. When I asked why I was declined after signing all of the loan documents they said they couldn't verify my identity. Very strange that this was the answer sent I sent them all the same documents that were sent in for my husband plus I sent in extra documents. Not sure about how they decide on who they will approve for a loan. I received numerous apologies each time I called but no one attempted to... Read More

Mich'kael King Israel
11/7/2016
They did a"soft pull" on a loan app that i didn't even finish. I got a email from sofi stating that thet declined my credit, and didnt give me a reason. At the bottom had my credit score above 750 for experian. What a joke...

N
NICK
10/27/2016
Just had my loan funded with Sofi.com and direct deposit only took 1 day. The approval process took a week longer than I thought, but well worth the wait. I'm saving hundreds of dollars with a personal loan refinance. Great customer service. I'll definitely be back in the future.

D
D M
Hilo, Hawaii
9/23/2016
I tried to set up an account.. entered my name .. after entering my SS# the program changed my name and address and would not allow me to change it back. then a customer support person asked me to send a copy of my drivers license to verify.. really?. If this company cannot associate my SS number with my legal name why in the world would i do business here?

Start your review for SoFi Personal Loans