SoFi Personal Loans Review

Rating: 9.7 / 10 (Excellent)
48 Customer 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.

You can borrow between $5,000 and $100,000 with variable rates 5.21% - 11.67% 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.


Direct loan service

Loan Details

Unsecured Personal Loans

Minimum Loan Amount


Maximum Loan Amount


Minimum Loan Period

3 Years

Maximum Loan Period

7 Years

Loan Rates


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


  • 5.21% - 11.67% APR (with AutoPay)
  • 5.46% - 11.92% 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.



Online Application Time

A few minutes

Response Time

Not Stated


US Citizen or Permanent Resident

Age of majority in your state

Currently Employed

Information Used

Credit History


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. (
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.

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 Paying Off Credit Card Debt*

Latest SoFi Reviews


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.

Robert L
Spring, Texas

Loan process was simple and fast. Needed the loan to payoff a higher interest loan. Will recommend!

West Falls, New York

loan process started easy and pain free.

Deloris R
Smyrna, Tennessee

I found the process to be simple and easy. I would recommend Sofia Personal Loans to my friends.

Leola R
Holland, Michigan

Easy application. Can finally get to living within my income

Wende L
Oviedo, Florida

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

Milwaukee, Wisconsin

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
, Pennsylvania

Excellent rating for personal loans

John s
Louisville, Colorado

They. Treat u fare

Michael A
Charlotte, North Carolina

Excellant professional.

Shakina P
Charlotte Hall, Maryland

Great that I can get a loan for important items. Thanks for all your help.

James W

Every easy to get too

Windsor, California

Scam! Terrible service. Bait and switch. They tell you that you are "pre-approved" pending a few steps. Then they hit your credit report with a hard inquiry and suddenly your interest rate is jacked up to over 14.9%. Then when I ask for answers, they stop responding. I even sent an email to the CEO and he failed to respond. Look, there are plenty of reputable places to secure a loan (such as a BANK) with a reputation. Why deal with pop-up lending companies that come and go and rip you off and screw up your credit report. I wish I would have read the reviews before applying!! Run from this company!

Lasheka M
Jackson, Tennessee

I love the that it was a easy process to create a account and apply for a loan.

Anthony w
Oklahoma City, Oklahoma

I think this is very helpful to those in need

Lansing, Michigan

Best I believe I found searching the web.

New Hope, Pennsylvania

Lousy company that promises to help people trying to rebuild credit. They really sell a bunch of lies and, after a drawn out process, say no anyway