Pay Off Massive Debt With a SoFi Personal Loan

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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A SoFi personal loan offers affordable and low-cost ways to borrow money. These unsecured loans are used to finance major purchases or restructure high-interest debts.

SoFi offers great savings to borrowers with high incomes and cash flows, steady careers, and responsible financial histories. However, to determine if SoFi is right for you, you need to do your research and read up on SoFi personal loan reviews.

SoFi personal loan review

SoFi’s personal loans

SoFi offers a range of financing options, including student loan refinancing and mortgages. But SoFi personal loans are its most flexible lending product, helping borrowers get the cash they need at a low cost.

Personal loans are a smart option to refinance high-interest debt or consolidate credit card debt.

But they can also be used to finance almost anything, from a major purchase to a life event like moving. SoFi’s site lists uses of its personal loans which include covering medical expenses, investing in your career or financing home improvement projects.

Sign Up for SoFi Today

With SoFi personal loans, you can borrow between $5,000 and $100,000 — that’s much higher than what most online lenders offer.

SoFi offers personal loan terms of three, five and seven years. It also has both fixed and variable rate personal loans. These are unsecured loans; no collateral is required to borrow.

SoFi’s terms vary in different states to comply with local laws.

Using the SoFi online platform

To get started, go to SoFi.com and click the button that says “Find my rate.” Here, you’ll create an account with SoFi. It simply asks for your name, state of residence, an email and password for the new account.

Once you’ve created your login, you’ll go to the homepage of your SoFi account. If you’re new to SoFi, you’ll probably see a list of products SoFi offers with the prompt to “Apply Now.”

Click on “personal loans.” You’ll go to a page that asks for the information SoFi uses to give you a rate estimate. The rate estimate involves a soft credit pull, which won’t affect your credit scores. It will check if you meet SoFi’s criteria to borrow through its personal loans, and give you a rate estimate to match.

To perform this soft credit pull, SoFi asks for identifying and contact information. The form then prompts the applicant for information about college degree(s). However, having a college degree is not a requirement to apply. Next, provide employment information, including employer name, income and years of experience.

Lastly, SoFi asks how you intend to use the funds from your personal loan. A dropdown menu allows you to select from several options, such as “Pay off credit cards” or “Invest in career development.”

Get Started With SoFi

Applying for a SoFi loan

After submitting your initial information, SoFi will generate a range of loan terms for which you qualify. You’ll select the one you want. The next steps are to update documents to verify your identity and your income.

Once you submit this, you’ve officially applied for a SoFi personal loan. All that remains is to set up disbursement, or how you want to get the funds from SoFi, and sign an acceptance package.

SoFi processes the application, including requesting a full credit report and verifying the provided information. A SoFi personal loan takes 10 business days to be fully underwritten and funded.

SoFi personal loan interest rates and fees

For borrowers who meet SoFi’s eligibility requirements, its personal loans are a low-cost borrowing option. That’s thanks to a combination of low-interest rates and zero fees.

SoFi’s personal loan rates are competitive, beating out rates offered by many other online lenders. On top of that, SoFi offers a 0.25 percent discount for borrowers who enroll in autopay.

Other lenders charge an origination fee, which can add hundreds to the cost of a loan. But a SoFi personal loan is cheaper; the lender does not charge loan origination fees. SoFi also has no closing costs or prepayment penalties.

What’s more, SoFi no longer charges fees of any kind to personal loan borrowers. As of April 17, 2018, SoFi stopped charging late or overdraft fees on its personal loans.

Anyone who borrowed a loan before April 17 will still be subject to the old fee structure, which involved a fee of $5 for late payment (after a 15-day grace period) and $10 for insufficient funds.

But as long as you keep up with payments, you won’t be subject to any additional fees on a SoFi personal loan.

SoFi personal loan eligibility requirements

SoFi has no stated minimum credit score. It’s also friendly to borrowers with a thin credit file. There’s no minimum requirement for credit history length.

However, not every borrower will qualify for a SoFi loan — or get the best rates. SoFi prefers well-qualified borrowers with higher incomes and promising earning potential. They look for borrowers with an established career and multiple years of experience.

Cash flow is also important. Borrowers need to comfortably cover existing living expenses and new loan payments. A responsible financial history of on-time payments will also improve your chances of approval and better rates.

Additionally, you must qualify for a SoFi personal loan using your own information alone; they do not accept co-signers on personal loans.

SoFi has several firm requirements. Borrowers must be U.S. citizens or permanent residents. They also must reside in a state in which SoFi offers personal loans.

SoFi personal loan customer service

Generally, SoFi’s personal loans are well-reviewed, with most customers reporting a positive experience.

Before you start the application process, you can call SoFi for a free, personal consultation and discuss your situation, and determine if a personal loan is right for you. Should you apply, SoFi’s customer support team is in contact throughout the loan application process, communicating your progress and when you can expect to receive your funds.

Once you’re a SoFi borrower, you can also contact the customer service anytime by phone, email or even social media.

See What Sofi Can Do For You

More about SoFi

SoFi is an online finance company that offers personal loans, student loans and refinancing, and mortgage loans. It also provides investment and wealth management services. On its site, SoFi states its team is “all about helping our members get ahead and find success.”

To date, SoFi has served 225,000 members and funded $15 billion in loans. It has also helped borrowers save $1.45 billion in student loan interest.

SoFi has additional perks for its members. It hosts community events like happy hours or panel sessions, where members can meet, mingle and network. Members also receive free career help, from career coaching to job searching and more.

SoFi personal loan contact

SoFi can be reached almost any time by phone, email or social media accounts. Here’s how to contact the SoFi personal loan team:

Rebecca Safier contributed to the reporting for this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 7.08% APR to 15.37% APR (with AutoPay). Variable rates from 5.81% APR to 14.11% APR (with AutoPay). SoFi rate ranges are current as of August 10, 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 5.81% APR assumes current 1-month LIBOR rate of 2.07% 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. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. Terms and Conditions ApplySOFI 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 Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS #1121636.
    (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.49% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.


7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33


* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% – 29.99%$1,000 - $50,000Visit Upstart
5.81% – 15.37%1$5,000 - $100,000Visit SoFi
6.87% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%2$5,000 - $35,000Visit Payoff
4.99% – 29.99%3$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%4$5,000 - $50,000Visit Citizens
15.49% – 34.49%5$2,000 - $25,000Visit LendingPoint
6.16% – 35.89%6$1,000 - $40,000Visit LendingClub
5.49% – 18.24%7$5,000 - $75,000Visit Earnest
9.95% – 35.99%8$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Published in Credit & Debt, Loans, Review