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.

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.

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48 Customer Comments & Reviews

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Theodis w
Hyattsville, Maryland
I was trying and trying hopefully then we come through for me

dont w
Fairborn, 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
Memphis, Tennessee
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
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
  • 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*