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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Greensboro, North Carolina
Poor customer service.

Young B
Fort Lee, 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
Ashburnham, Massachusetts
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
Saint Paul, 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

Lake Hiawatha, 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
Lakewood, 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
  • 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*