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 14.49% 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 14.49% APR (with AutoPay)
6.20% to 14.74% 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 14.490% APR (with AutoPay). Variable rates from 5.825% APR to 14.365% APR (with AutoPay). SoFi rate ranges are current as of May 3, 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.

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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Theodis w
Washington, District of Columbia
I was trying and trying hopefully then we come through for me

dont w
Dayton, Ohio
wow just wow credit score 780 debt ratio low and instantly denied what is up??

Emporia, Virginia
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 K
Little Rock, Arkansas
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...

Philadelphia, Pennsylvania
Just had my loan funded with 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.

Hilo, Hawaii
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?

Carlos Z
St Louis, Missouri
I looked for many options to pay my high interest credit cards and was rejected for all expect the consolidation options that were not what I was looking for, until I found SoFi and they approved my application. Very good experience so far!!!!

Maurice P
Fresno, California
I have a 750 credit score. I was pre approved. I make good income. They told me I would have an answer in 3 days. I was told this for 2 weeks, then denied. They said they couldn't verify my identity. I had to pay and get the right birth certificate for them. They had my Drivers license. I've lived at the same place for 50 years. Its a Crock. I will now go to my bank. I didn't this because it was suppose to be quick.

Guia L
Honolulu, Hawaii
Poor website performance. I tried to upload documents (on two different browsers) and the website kept faulting. Then I tried to remove my documents and the website would not allow me to. I gave up trying to apply for a loan and then 3 months later SoFi pulled my credit report and provided me with a letter denying my loan request. SoFi denied my loan request for a loan that I did not complete in my application process and I could not cancel the in-progress loan application. Poor performing company and poor performing process. I would recommend Lending Tree or Lending Club as they actually have customer service who will assist.

La Crescenta, California
I recently attempted to obtain a personal loan from SoFi. After filling out the short application, they sent me a "pre-approval" and a guaranteed "low rate." They then asked me to send in very personal information such as my driver's license picture and birth certificate copy. After sending them current pay stubs and last year's W-2 they said that I was denied for the loan. I have a 756 FICO score and no late payments on my credit report including owning a home. I earn a very solid six figure income and was looking to consolidate some credit card debt to one simple payment. After denying my loan they sent me a link to one of their "affiliate" websites Avant where they would get me a... Read More

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*