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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Greensboro, North Carolina
Poor customer service.

Young B
Jersey City, New Jersey
Applied online and received pre-approval in couple of days for $100,000 personal loan. Uploaded all documentation as requested and received approval and "funding" status in two weeks. "Funding" status means that SoFi will ACH the funds to my account and they will let me know when they do so. Based on that I proceeded with what I had planned to use with the funds. However, after 10 days of "Funding" status, my file was declined without giving me an answer. For detailed reason for decline, I have to request and SoFi will release it in 30 days. What's the point of approval my loan application and giving me "Funding" status and then all of a sudden deny my application? SoFi is a joke. Thanks... Read More

Thomas P
Concord, California
Big promise, but no delivery, and a big headache. I was quickly approved for good terms on a personal loan, but could never actually get the loan because their verification process is a total joke. The customer service agents, who I had to talk to over and over again, admitted that many people have trouble with their online verification system, and there is no alternative. There is supposed to be a list of security questions to answer in the verification process, but I could never get to that point, and after numerous tries over several weeks, and even submitting a new application, I used up my maximum attempts. I did everything they suggested, using different browsers, different... Read More

Will H
Firstly, yes, the process can be a bit lengthy if SoFi needs additional documentation but they are authorizing high loan amounts and need to be cautious. Next, overall this was an excellent experience and I would recommend them to anyone. They are in no way fully FICO driven, rely on history and income more. The experience I had with everyone of their agents was exceptional. Friendly reps who truly helped. Their phones were always answered by two rings. Incredible!!!!

Deby R
Canby, Oregon
I applied for a loan with Sofi. After over a month of having to keep checking my account because no one contacted me when they needed more information, I was approved. They use an electronic signature process and use identity verification questions before signing. However, their questions are worded so that if you answer them correctly, or incorrectly, your responses are unacceptable either way. After four attempts, they told me my previously approved loan would be declined and I had to submit a new application. However, the interest rates had gone up significantly, and they wouldn't honor the original rate. So I won't be doing business with them.

Lubbock, Texas
Loan for $50,000.00 was denied. Although I have a great history of making payments to my outstanding loans, my Expense to Income ratio shows that I am paying at least 55% of my income compared to my income. The reason given was that the underwriter determined that they couldn't be assured that I would use the funds that would be deposited to my bank account would be used to pay down my credit cards. I also indicated that I would pay an additional amount over and above the indicated monthly payment for a 7 year loan. I think this is a downfall for the underwriters which could easily make direct payments to the merchants and they would know where the funds went. This... Read More

Parsippany, New Jersey
I was pre-approved for a personal loan with Sofi and applied in July. I completed the entire application process even inputting my bank account information, I was then told on the website and by Sofi employees that my next step would be to electronically sign to receive the funds. 2 months later I was denied the loan. The issue here is not being denied; its the timeframe in which this took 2 months over which time I received 3 emails requesting additional documentation which I provided. I received. I received an email indicating I was denied no one called as they stated. Why did it take 2 months? why wasn't someone courteous enough to call at most offer me something lower at least give me... Read More

Jen H
Tacoma, Washington
This company took months, yes months, to process our application. They repeatedly requested that I submit the same information over and over, sometimes in a new format and sometimes they just overlooked the fact that they already had the info. Good thing I wasn't in a hurry. Glaciers melt faster than they operate.

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*