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.
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.”
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.
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
- Email: CustomerService@SoFi.com
- Phone for personal loans: (855) 456-7634
- Monday to Thursday, 7 a.m. to 12 a.m. EST
- Friday to Sunday, 7 a.m. to 8 p.m. EST
- SoFi on Facebook
- @SoFi or @SoFiSupport on Twitter
Rebecca Safier contributed to the reporting for this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
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 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. 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 the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. 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. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* 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
** 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 - $50,000|
|6.26% – 14.87%1||$5,000 - $100,000|
|6.99% – 35.97%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|4.99% – 29.99%3||$10,000 - $35,000|
|5.99% – 18.99%4||$5,000 - $50,000|
|15.49% – 34.49%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|