SoFi Personal Loans Review

Rating: 9.7 / 10 (Excellent)
48 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. They can do this given their nontraditional underwriting approach that takes into account merit and employment history, among other factors.

How is SoFi rated?


Loan Specifics
Cost of Loan
Lender Reputation

Overall Rating: 9.7 / 10 (Excellent)

SoFi offers one of the highest loanable amounts for personal loans, making it a practical 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 thanks to 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 a strong credit rating.

SoFi Loan Specifics

Loan Specifics - 9.6 / 10

SoFi allows customers to borrow between $5,000 and $100,000, and you can use the money for just about anything. SoFi borrowers often use their personal loan to pay off credit card debt, invest in home improvements, or start businesses. It takes approximately 2 minutes and a soft credit pull to check rates. However, if you decide to continue with the full application process, they will need to do a hard pull. Unique among online lenders, SoFi's Unemployment Protection program will actually assist you with job placement while also suspending payments for up to 12 months.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Start Business
Loan Minimum
Loan Maximum
Term Length
3, 4, 5, 6, & 7 years
Direct Deposit
Pay Creditors Directly
Disbursement Time
A few days
Credit Insurance
Unemployment Protection

Representative Loan 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.

SoFi Qualification

Qualification - 9.6 / 10

SoFi does not advertise a specific minimum FICO score, but most customers tend to have scores of 700 or above. As personal loans go, SoFi is able to offer such competitive rates because they tend to have high qualification standards. The company takes financial history, monthly income vs. expenses, and professional experience into account. Additionally, applicants must be US citizens, permanent residents or visa holders, be 18 years old, and reside in an eligible state.
Minimum FICO Score
Personal Income Considered
Verify Bank Account
U.S. Citizen

SoFi Cost of Loan

Cost of Loan - 10 / 10

SoFi has variable 5.825% to 14.365% APR (with AutoPay)* rates or fixed 5.95% to 14.74% APR (with AutoPay) rates. 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 fees of any kind, including late and overdraft fees – what you see if what you get.

Fixed Rates:
5.95% to 14.74% APR (with AutoPay)
6.20% to 14.99% APR (without AutoPay)

Variable Rates:
5.825% to 14.365% APR (with AutoPay)
6.075% to 14.615% APR (without AutoPay)
APR Range
Origination Fee
Missed Payment Penalty


Fixed rates from 5.950% APR to 14.740% APR (with AutoPay). Variable rates from 5.825% APR to 14.365% APR (with AutoPay). SoFi rate ranges are current as of May 18, 2018 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 5.825% APR assumes current 1-month LIBOR rate of 1.90% plus 4.175% 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.he benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

SoFi Reputation

Lender Reputation - 9.5 / 10

SoFi has an A+ with the BBB and a high Trustpilot score of 9.2 with 95% positive reviews. Although there are a majority of negative reviews with the BBB, the company has diligently and comprehensively addressed most of them, providing customers specific avenues of resolution.

SoFi is regulated by the Consumer Financial Protection Bureau. SoFi personal loans had a total of 21 complaints with the CFPB, all of which were marked as responded to timely and closed with explanation.
Type of Lender
Other Financial Institution
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
9.2 out of 10
Consumer Financial Protection Board (CFPB) Complaints
Date Collected

Company Profile

Full Name
SoFi Personal Loans
Company Website
1 Letterman Dr Bldg A STE 4700, San Francisco, CA, 94129

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48 Customer Comments & Reviews

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Orchard Park, New York
loan process started easy and pain free.

Deloris R
Murfreesboro, 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
Miami, 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
Philadelphia, Pennsylvania
Excellent rating for personal loans

John s
Louisville, Colorado
They. Treat u fare

Michael A
Davidson, North Carolina
Excellant professional.

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

James W
Every easy to get too

Our Partner
9.7 / 10
  • Our #1 choice for borrowers with excellent credit
  • Up to $100,000 for debt consolidation, home improvements & more
  • Zero fees of any kind
  • As low as 5.95% fixed or 5.825% variable (with AutoPay)
  • Loan terms of 3-7 years
  • SoFi borrowers improved their credit scores by paying off credit card debt*