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?

Breakdown

10/10
Loan Specifics
10/10
Qualification
10/10
Cost of Loan
10/10
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
Wedding
Moving/Relocation
Vacation
Start Business
Education
Loan Minimum
$5,000
Loan Maximum
$100,000
Term Length
3, 4, 5, 6, & 7 years
Direct Deposit
Yes
Pay Creditors Directly
Yes
Disbursement Time
A few days
Credit Insurance
No
Unemployment Protection
Yes

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
Varies
Personal Income Considered
Yes
Verify Bank Account
Yes
U.S. Citizen
Yes

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
5.825%-14.99%
Origination Fee
No
Missed Payment Penalty
No

*

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
2011
BBB Rating
A+
Number of BBB Positive Reviews
26
Number of BBB Negative Reviews
83
Trust Pilot Rating
9.2 out of 10
Consumer Financial Protection Board (CFPB) Complaints
21
Date Collected
2018-03-08

Company Profile

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

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48 Customer Comments & Reviews

Loading Reviews ...
J
JP
Windsor, California
2/21/2017
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!


L
Lasheka M
Jackson, Tennessee
2/12/2017
I love the that it was a easy process to create a account and apply for a loan.


A
Anthony w
Oklahoma City, Oklahoma
2/7/2017
I think this is very helpful to those in need


R
Robert
Grand Rapids, Michigan
2/3/2017
Best I believe I found searching the web.


R
rjmland@gmail.com
Doylestown, Pennsylvania
2/2/2017
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


R
Raquel
Houston, Texas
1/30/2017
I really need this for my kids single parent and my taxes has not come yet


M
mebenge19@gmail.com
Fairview, Oklahoma
1/27/2017
Helpful. Honest dependable solutions with positive effective outcomes


R
Redrique
Fort Worth, Texas
1/24/2017
This site is. Very helpful. They found you the. Best lender for your loan


M
Michael B
Freeport, Illinois
1/23/2017
Great, easy to navigate, friendly representatives.


V
valerie
Cleveland, Texas
1/17/2017
I'm excited About getting a loan I need money now



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*