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Personal Loans Reviews

SoFi Personal Loans Review

SoFi can provide up to $100k of funding without loan charges

By Jacob Wade

Updated 16 November 2022

Fact checked by Maddy Simpson

We only recommend the best products by using an independent review process, and advertisers do not influence our picks. We may earn a commission if you visit our partners that we recommend. Read our advertiser disclosure for more info.

SoFi

The Rating of Investopedia is 4.9

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Our Take

SoFi provides personal loans with low interest rates, no charges, and the possibility to be pre-approved. However, some applicants may experience a lengthy approval process of up to two weeks, and credit requirements may be steep.

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Pros & Cons

Key Takeaways

Company Overview

Specifications

Pros

There are no loan fees

Low rates

Credit up to $100,000

Unemployment protection available

Cons

Co-signers aren’t available

Minimum loan amount is $5,000

High credit requirements

Why Trust Us

Lenders reviewed

Loan features considered

1,520

Data points are studied

112

Primary data sources employed

Investopedia collected key data points from several lenders to determine the most crucial factors for borrowers. We used this data to evaluate each lender’s charges and availability, repayment terms, and other features to provide impartial, thorough reviews that help our readers have the best borrowing option to meet their requirements.

Learn more about our Methodology

SoFi

overall score 4.9

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Table of Contents

Pros Explained

Cons & Cons Explained

Different types of loans

Time to Funding

Borrower Requirements

Features

Customer Service

Satisfaction of Customers

The process of applying for a SoFi Personal Loan

Alternative Personal Loan Lenders

Methodology

Pros Explained

No loan charges: SoFi does not charge any origination charges on loans which can save lots of money when in comparison to other lenders who charge up to 10%. In addition, there is no application, prepayment, or even late payment fees.

Low rates: SoFi offers rates as low as 7.99% on unsecured personal loans (after the autopay discount). This is about the lowest rate you can get for most personal loans and, therefore, if you have good credit you could save on interest when consolidating your debt or making big purchases.

Loans up to $100,000: While most personal loan firms don’t provide greater than $50k, SoFi provides up to $100,000 for qualified borrowers.

Unemployment protection available: SoFi provides unemployment protection on personal loans that allows the customer to defer payments for upto three months should you lose your job. SoFi also provides career advisors to assist you in finding work during this time.1

Cons Explained

Co-signers not accepted: SoFi does not allow co-signers to help you qualify for a personal loan. Co-signers provide additional security to SoFi, and become responsible for the loan in the event of a default. You may apply with co-applicant, however, this is the same thing; a co-applicant is a person who applies with you and is jointly responsible in the loan.

Minimum loan amount is $5,000: While some personal loan companies offer loans of as little as $1,000 (or less) SoFi demands an initial $5,000 loan size.

Relatively high credit requirements Although SoFi doesn’t disclose its minimum credit score requirements, you (or the co-applicant) will generally require good or excellent credit score to qualify for an SoFi private loan.

SoFi can be a great pick, especially if you’re in a hurry, but when your credit isn’t good condition, you might not be able to qualify. Explore the top lenders using our selection of the best personal loans.

Different types of Personal Loans offered by SoFi

SoFi provides personal loans for a variety of use cases such as:

Improvements to your home

Consolidating high-interest credit card debts and other debts

Medical bills

Vacation expenses

Weddings are expensive and you have to pay for it.

The cost of buying a new or used car

The loans can not be used to cover any post-secondary educational expenses or business expenses. While it is a common saying, SoFi personal loans cannot be used for criminal activities.

Time to Receive Funds

SoFi provides same-day financing on some applications, depositing cash into the borrower’s account on the next business day after it is approved. loan approval is granted.

SoFi declares that “86% of typically SoFi Personal Loan applications not including Direct Pay Personal Loans and Personal Loan refinance, from January 1, 2021 to the 1st of December, 2021 that were approved prior to 7 p.m. ET on a day that was a business day were funded the same day.”2

Borrower Requirements

To be eligible to receive an SoFi personal loan You must meet the following eligibility criteria:3

At least you are the age of majority in your state and able to enter into a binding contract.

You’re either a United States citizen, eligible permanent resident or non-permanent resident non-permanent resident (including DACA recipients and asylum applicants). Documentation may be required.

You are a resident of any of 50 U.S. states or Washington, D.C.

You are required to be employed, receive enough income through other means, or be able to provide an offer to begin within the next 90 days.

Credit score based on history of financial as well as credit score and other factors

SFI Personal Loan Features

Utilize your loan for (almost) everything: Outside of post-secondary education and business expenses you can utilize your loan for almost any expense.

Direct Pay: SoFi will pay off any credit cards you are eligible to use directly, if you choose.4 It could take up to three business days after the loan is signed.

Unemployment protection: SoFi will pause your payments for up to 3 months at one time should you become unemployed. A total of 12 months ‘ protection is available over the life of the loan.

Benefits for members: SoFi provides many member benefits, including bonus points for referrals and rate reductions. Particularly, SoFi offers a 0.125 percent discount on personal loans to customers who also have a SoFi Money account.5

Access to career coaches as well as financial advisors: All SoFi customers have access to career coaches and financial advisors free of charge. You can set up the opportunity to speak with a coach in a 1:1 manner, or just chat via emails to have your career and financial questions answered by a professional.

SoFi’s unemployment insurance program may be useful, but be aware that the interest rate will continue to accrue during your forbearance period, which will make your monthly payments more expensive and extend the loan time to pay off.

Co-Signers and Co-Applicants

SoFi is not able to accept co-signers at this time, but you can include a co-applicant in any personal loan. Co-applicants are jointly responsible for the loan, and must live at the same address as the principal applicant unlike a co-signer.

Disappointed that SoFi doesn’t allow co-signers? Take a look at our suggestions for the best personal loans with co-signers.

Can You Refinance a Personal Loan Through SoFi?

Yes, you are able to refinance the SoFi personal loan using SoFi. Your rates and terms could differ at the time of application, and it may not end up saving you money compared to your initial loan.

There are a few things to think about if you’re looking to refinance your SoFi personal loan:

All SoFi loans have to be in good standing

You cannot refinance a personal loan with co-borrowers

It is required that you have paid at least three consecutive on-time and timely payments

You must still qualify according to SoFi personal loan requirements

Refinance your SoFi personal loan directly from your account. Be sure to read the terms and conditions of the loan prior to refinancing.

Customer Service

SoFi provides customer support via email, phone or live chat during business hours. SoFi’s customer service hours for personal loans are Monday to Thursday from 5 a.m. to 7 p.m. PT, and 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 provider in the latest J.D. Power Consumer Lending Satisfaction Study, coming in 8th place.7 Reviewers on Trustpilot give SoFi 4.4 out of 5 stars, with over 4,000 reviews posted. Reviewers praise the excellent customer service and quick loan application process as the reasons for the top rating.8

How to apply for a personal SoFi Loan

You can request an SoFi personal loan online following these four steps.

1. Pre-Qualification

SoFi provides the option of a pre-qualification application online that allows you to check your rates and loan conditions without affecting your score on credit. You’ll need to submit 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 the interest rates and loan term lengths. The terms of loans range between 24 and the length of 84 months. In addition, interest rates will vary depending on the loan term and the amount you select to borrow. Select a loan to begin your complete application.

3. Submit Application

Once you have selected for a loan then you’ll need to fill out your online application. It is possible that you will be required to submit various documents that are financial and identify you such as:

Tax forms

Statements from banks

Stubs of pay

Driver’s license