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Personal Loans Reviews
SoFi Personal Loans Review
SoFi can provide up to $100k in financing with no loan fees
By Jacob Wade
Updated November 16, 2022
Fact checked by Maddy Simpson
We only recommend the best products by conducting our independent reviews process, and the advertisers are not a factor in our choices. We may earn a commission for visiting companies we recommend. Read our advertiser disclosure for more info.
SoFi
Investopedia’s Rating 4.9
Check Rates
Our Take
SoFi offers personal loans with favorable terms, low fees, and the ability to get pre-approved. However, some applicants might encounter a lengthy approval procedure that can take up to two weeks, and credit requirements could be high.
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Pros & Cons
Key Takeaways
Company Overview
Specifications
Pros
There aren’t any loan charges
Low rates
Up to $100,000 in loans
Unemployment protection available
Cons
Co-signers are not available
The minimum loan amount is $5,000.
Credit requirements that are relatively high
Why Should You Trust Us?
38
Lenders reviewed
40
Loan features considered
1,520
Data points that are analyzed
112
Primary data sources used
Investopedia identified crucial data points from various lenders to identify the most crucial factors for the borrowers. We used this information to analyze each lender’s fees access, the accessibility of their services, repayment terms and other features to provide complete, objective reviews that help our readers get the right loan to meet their requirements.
Learn more about our Methodology
SoFi
overall score 4.9
Check Rates
Table of Contents
Pros Explained
Pros and Cons Explained
Types of Loans
Time to Funding
Borrower Requirements
Features
Customer Service
Customer Satisfaction
Applying for a SoFi Personal Loan
Alternative Personal Loan Lenders
Methodology
Pros Explained
No loan fees: SoFi does not charge any origination fees on loans, which saves many dollars as compared to rivals who charge up to 10 percent. Additionally, there are no application, prepayment, or even late payment fees.
Low rates: SoFi offers rates as low as 7.99 percent on personal loans (after the autopay discount). This is close to as low as it gets for most personal loans which is why if you have good credit you could save on interest charges when consolidating your debt or making an important purchase.
Up to $100,000 in loans: While many personal loan companies don’t offer anything more than $50,000 in loan amount, SoFi can offer up to $100,000 for eligible borrowers.
Unemployment protection available: SoFi provides unemployment protection for personal loans that allows you to stop payments for upto three months should there is a loss of employment. SoFi also offers career counseling to help you find a job during this time.1
Cons & Cons Explained
Co-signers not accepted: SoFi does not allow co-signers to help you qualify for an individual loan. Co-signers offer additional assurance to SoFi and will be responsible for the loan should you fail to repay. You may apply with co-applicant, but it is similarto a co-applicant. A co-applicant is a person who applies with you and is jointly accountable in the loan.
The minimum loan amount is $5,000: While some personal loan providers provide loans as low as $1,000 (or less) SoFi demands the minimum amount to be $5,000. loan size.
Relatively high credit requirements While SoFi doesn’t disclose its minimum credit score requirements however, you (or your co-applicant) generally need good or excellent credit score to be eligible for a SoFi private loan.
SoFi could be a great option, particularly if you’re trying to get a loan in a hurry, however, when your credit isn’t good condition, you might not be eligible. Browse the top lenders with our picks for the best personal loans.
Different types of Personal Loans offered by SoFi
SoFi offers unsecured personal loans for a variety of use cases that include:
Home improvements
Consolidating high-interest credit cards as well as other debts
Medical bills
Vacation expenses
The cost of a wedding
The cost of buying a new or used vehicle
They can not be used to pay for any post-secondary education expenses or business costs. It goes without saying, SoFi personal loans cannot be used to fund criminal activities.
The time to receive funds
SoFi offers same-day funding for certain applications. They can deposit funds into the borrower’s bank account the very same business day that the loan approval is granted.
SoFi declares that «86% of typical SoFi Personal Loan applications not including Direct Pay Personal Loans and refinancing personal loans, from Jan. 1, 2021 through December 1, 2021 that were signed before 7 p.m. ET on a business day were funded that same day.»2
Borrower Requirements
To qualify to receive an SoFi personal loan you must meet the following eligibility requirements:3
You are at least the age of majority in your state and capable of signing an agreement that is legally binding.
You’re either an United States citizen, eligible permanent resident, or a non-permanent resident non-permanent resident (including DACA recipients and asylum applicants). Documentation may be required.
You are a resident of either of the fifty U.S. states or Washington, D.C.
You must be employed, have an income that is sufficient via other sources or be able to provide an offer of employment that is scheduled to begin within the next 90 days.
Credit score based on history of financial as well as credit score and other factors
SoFi Personal Loan Features
Utilize your loan for (almost) anything beyond post-secondary education and business expenses You can make use of your loan to cover almost any expenditure.
Direct Pay: SoFi can pay the credit cards that are eligible directly, if you so choose.4 This could take up to three business days after the loan is approved.
Protection against unemployment: SoFi will pause your payments for up to three months at a time in the event that you become unemployed. A total of 12 months ‘ coverage is offered over the duration of a loan.
Member benefits: SoFi offers various benefits to members, such as rates discounts and referral bonuses. In particular, SoFi offers a 0.125% rate reduction on personal loans to customers who also have an SoFi Money account.5
The ability to access career advisors and financial advisers. SoFi customers are able to access financial and career advisors as well as career coaches free of charge. you can schedule a 1:1 call, or just chat via emails to have your questions about career and finances answered by a trained professional.
SoFi’s unemployment insurance program may prove useful, however, be aware that interest may continue to accrue throughout your period of forbearance. This will make your monthly payments more expensive and extend the loan payoff timeline.
Co-Signers and Co-Applicant
SoFi doesn’t support co-signers as of yet However, you are able to apply for a co-applicant on any personal loan. A co-applicant is jointly liable for the loan, and must live with the principal applicant, unlike co-signers.
Are you dissatisfied that SoFi doesn’t permit co-signers? Take a look at our suggestions for the top personal loans with co-signers.
Can you refinance a personal loan with SoFi?
Yes, you can refinance a SoFi personal loan using SoFi. Your rates and terms might differ depending on the date of application, and it may not end up saving you money when compared to the original loan.
There are a few aspects to take into consideration if looking to refinance your SoFi personal loan:
All SoFi loans have to be in good standing.
You can’t refinance a personal loan by using co-borrowers
At minimum three consecutive on-time and timely payments
You have to still be eligible based on SoFi personal loan eligibility
Refinance your SoFi personal loan directly within your account. Be sure to read the terms and details of the loan prior to refinancing.
Customer Service
SoFi provides customer support via phone, email or live chat during the business hours. SoFi’s customer support times for personal loans are Monday to Thursday from 5 a.m. to 7 p.m. PT, and from Friday to Sunday, 5 a.m. to 5 p.m. (Pacific Time).
Email: customerservice@sofi.com
Phone: (855) 456-SOFI (7634)6
Customer Satisfaction
SoFi has been ranked as one of the top ten private loan lender in the latest J.D. Power Consumer Lending Satisfaction Study and is ranked in eighth place.7 The reviews on Trustpilot have given SoFi 4.4 out of five stars, and have more than 4,000 reviews posted. Reviews state the outstanding customer service and speedy loan application procedure as the main reasons for the top rating.8
The process of applying for a SoFi Personal Loan
You can make an application for a SoFi personal loan online by following these steps.
1. Pre-Qualification
SoFi provides the option of a pre-qualification application online, which allows you to review rates and loan terms without hurting your credit score. You will need to provide the following details:
Full name
Current address
Information about income
Date of birth
2. Lending Selection
SoFi will provide you with loan options you can qualify for, which include interest rates and loan durations. The loan terms range from 24 months to 84 months, and interest rates can vary based on the loan duration and amount you choose to borrow. Choose the loan to begin your application.
3. Submit Application
After you have chosen a loan, you will need to fill out your online application. It is possible that you will have to submit a variety of documents that are financial and identify you, including:
Tax forms
Statements from banks
Pay stubs
Driver’s license
Other documents
4. Sign Documents
In order to submit to submit your loan application, you will be required be able to agree on your loan agreement. Once you have signed, your loan can be funded in the shortest time possible on the next day. Loans are typically disbursed via ACH directly into your bank account, however, there are exceptions for Direct Pay loans, which are sent directly to creditors.
Alternate Personal Loan Lenders
SoFi LightStreamHappy Money
APR Band7.99%-23.43%6.99%-22.49%7.99%-29.99 7.99 %
The loan amount is $5,000 to $100,000.$5,000-$100,000 $5,000-$40,000
Loan Terms 2-7 Years 2-12 years2-5 years
Recommended Minimum Credit ScoreNot Disclosed 660644.
Origination Fee NoneNone0%-5%
The time to receive the loan Same day Same day,2 business days
Final Verdict
SoFi offers a wide variety of personal loan options for those who need to borrow, that come with no loan fees with competitive rates, as well as fantastic benefits for members. Borrowers may benefit from reduced rates on any additional loans, as well as access to financial experts who can solve any issues.
SoFi is a great option for those with decent credit scores, because it has relatively affordable rates for applicants who are highly qualified in comparison to other lenders. The minimum loan amount is fairly expensive, however, should you have good credit and need at least $5,000 of funding, SoFi is one of the top options for personal loans.
Doing some research will ensure that you’re not paying more for an individual loan than you need to. If SoFi isn’t a good choice for you, continue the search with our choices for the best personal loans.
Methodology
Investopedia is dedicated to providing its users with objective and comprehensive reviews of personal loan lenders. To rate providers we gathered many data elements for over 40 lending institutions. This includes fees, rates of interest, loan amounts, and repayment terms to ensure that our reviews assist users make informed decisions for their needs with regard to borrowing.
Article Sources
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