Personal Loans Reviews
SoFi Personal Loans Review
SoFi offers up to $100k of funding with no loan fees
By Jacob Wade
Updated 16 November 2022
Fact checked by Maddy Simpson
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SoFi
The Rating of Investopedia is 4.9
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Our Take
SoFi offers personal loans with low interest rates, no fees, and the option to obtain pre-approval. However, some applicants may have to wait for approval of up to two weeks. The credit requirements may be steep.
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Pros & Cons
The most important takeaways
Company Overview
specifications
Pros
There are no loan fees
Low rates
Loans up to $100,000
Unemployment protection available
Cons
Co-signers not available
The minimum loan amount is $5,000.
High credit requirements
Why Should You Trust Us?
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary sources of data utilized
Investopedia has gathered crucial data points from various lenders to pinpoint the most significant factors that affect the borrowers. We used this data to evaluate each lender’s fees, accessibility, repayment terms, and other aspects to give impartial, thorough reviews that help our readers make the right borrowing decision for their specific needs.
Check out our full Methodology
SoFi
Overall rating 4.9
Check Rates
Table of Contents
Pros Explained
Pros and Cons Explained
Types of Loans
Time to Funding
Requirements for Borrowers
Features
Customer Service
Satisfaction of the Customer
The process of applying for a SoFi Personal Loan
Alternative Personal Loan Lenders
Methodology
Pros Explained
No loan fees: SoFi does not charge any origination fees for loans which can save many dollars compared to competitors that may be charging up to 10%. In addition, there is no prepayment, application, or late payment charges.
The rates are affordable: 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 the majority of personal loans and, therefore, when you have good credit, you can cut down on interest costs when consolidating your debt or making big purchases.
Up to $100,000 in loans: While most personal loan firms don’t provide more than $50,000, SoFi offers up to $100,000 to eligible borrowers.
Unemployment protection is available: SoFi provides unemployment protection on personal loans that allows customers to stop paying for upto three months in the event that there is a loss of employment. SoFi even offers career counselors to help you find an employment opportunity in this time.1
Pros and Cons Explained
Co-signers not accepted SoFi is not able to accept co-signers to aid you in qualifying for personal loan. Co-signers offer additional assurance to SoFi and will be responsible for the loan in the event of a default. You can apply with a co-applicant, however, this is similar; a co-applicant is a person who apply with you and who is jointly responsible to the loan.
The minimum loan size is $5,000. While some personal loan providers provide loans of as little as $1,000 (or less) SoFi has an initial $5,000 loan size.
Credit requirements that are relatively high While SoFi doesn’t disclose its minimum credit score requirements however, you (or the co-applicant) will generally require good to excellent credit to qualify for an SoFi personal loan.
SoFi is a good option, particularly if you’re in a hurry, but if your credit isn’t in good shape you may not be able to qualify. Check out the top lenders by using our selection of the best personal loans.
Different types of Personal Loans offered by SoFi
SoFi offers unsecured personal loans to suit a variety of scenarios such as:
Home improvements
Consolidating high-interest credit card debts and other debts
Medical bills
Vacation expenses
Paying for a wedding
The cost of buying a new or used car
The loans are not able to be used to pay for any post-secondary educational expenses or business costs. While it is a common saying, SoFi personal loans cannot be used to fund illegal activities.
Time to Receive Funds
SoFi offers same-day funding for certain applications. They can deposit cash into the borrower’s account the very same day it is approved. loan has been approved.
SoFi claims that «86 percent of the typical SoFi Personal Loan applications not including Direct Pay Personal Loans as well as Personal Loan refinance, from Jan. 1, 2021 to December 1, 2021, that were completed prior to 7 p.m. ET on a working day were funded the same day.»2
Borrower Requirements
To be eligible for a SoFi personal loan You must satisfy the following criteria for eligibility:3
You are at least the age of majority in your state and able to enter into a binding contract.
You are either or 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 live in one of the 50 U.S. states or Washington, D.C.
You are required to be employed, receive sufficient income via other sources or have an offer of employment that is scheduled to begin within the next 90 days.
Qualify based on financial history including credit score, other factors
SFI Personal Loan Features
Utilize your loan to pay for (almost) everything: Outside of post-secondary educational expenses and business expenses you can utilize your loan to cover almost any expenditure.
Direct Payment: SoFi pays off the credit cards that are eligible directly, if you choose.4 It could take as long as three business days after your loan is signed.
Protection against unemployment: SoFi will pause your payments for upto three months at a time if you lose your job. A total of twelve months’ unemployment insurance is offered over the duration of the loan.
Member benefits: SoFi offers various benefits to members, such as bonus points for referrals and rate reductions. Particularly, SoFi offers a 0.125 percent rate reduction on personal loans for customers who have the SoFi Money account.5
Access to career coaches and financial advisers. SoFi customers have access to financial and career advisors as well as career coaches free of charge. You can set up an appointment for a one-on-one call or just chat via email to get your financial and career questions answered by a trained professional.
SoFi’s unemployment protection program can be useful, but be aware that interest may continue to accrue during your period of forbearance. This can increase the monthly payment and prolong the loan time to pay off.
Co-Signers and Co-Applicant
SoFi doesn’t support co-signers as of yet, but you can add a co-applicant to any personal loan. A co-applicant is jointly liable for the loan and must be residing 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 best personal loans with co-signers.
Can You Refinance a Personal Loan with SoFi?
Yes, you can refinance the SoFi personal loan through SoFi. The terms and rates may vary at the time of application. It may not end up saving you money as compared to your initial loan.
There are a few aspects to consider if you are planning to refinance your personal loan:
All SoFi loans must be in good standing
It isn’t possible to refinance your personal loan by using a co-borrower
At minimum three consecutive on-time payments
You still need to be able to qualify based on SoFi personal loan eligibility
Refinance your SoFi personal loan directly within your account. Make sure you read the terms and conditions of the loan prior to refinancing.
Customer Service
SoFi provides support via phone, email, or live chat during the business hours. SoFi’s customer service hours for personal loans are Monday through Thursday and 5 a.m. to 7 p.m. PST, and Friday to Sunday, 5 a.m. until 5 p.m. PT.
Email: customerservice@sofi.com
Phone: (855) 456-SOFI (7634)6
Customer Satisfaction
SoFi is ranked as a top-ten personal loan company in the most recent J.D. Power Consumer Lending Satisfaction study and is ranked in 8th place.7 And reviewers on Trustpilot give SoFi 4.4 from five stars, and have more than 4000 reviews written. Reviewers praise the excellent customer service and speedy loan application process as the reasons for the high rating.8
The process of applying for a SoFi Personal Loan
You can make an application for a SoFi personal loan on the internet by following these four steps.
1. Pre-Qualification
SoFi provides the option of a pre-qualification application online, which allows you to examine rates and loan terms without impacting your credit score. You’ll need to submit the following details:
Full name
Current address
Information on income
Birth date
2. Lending Selection
SoFi will list the loan options you qualify for, which include rates of interest and loan terms. The loan terms range from 24 months to 84 months, and interest rates will vary depending on the loan term and the amount you decide to be able to borrow. Select a loan to begin your complete application.
3. Submit Application
Once you have selected for a loan it is time to complete your online application. You may be required to provide various documents that are financial and identify you such as:
Tax forms
Statements from banks
Pay stubs
Driver’s license
Other documents
4. Sign Documents
To complete to submit your loan application, you’ll need to sign the loan agreement. After signing, your loan could be paid within the same day. Loans are typically disbursed via ACH directly to your bank account except for Direct Pay loans, which are sent directly to lenders.
Alternative 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.Between $5,000 and $100,000, $5,000 to $40,000
The Loan Terms are2-7 years 2-12 years2-5 years
Minimum Credit ScoreNot Known 660644.
Origination Fee NoneNo0%-5 percent
When to Receive Loan theThe same day the same day,2 business days
Final Verdict
SoFi provides a variety options for personal loan options for borrowers, that come with no loan charges, competitive rates, and excellent member perks. Customers can benefit from reduced rates on any additional loans, as well as access to career coaches and financial professionals to help solve any issues.
SoFi is the best option for borrowers with decent credit scores, as it offers relatively low rates for qualified applicants in comparison to other lenders. Minimum loan amount is quite expensive, however, If you’ve got good credit and need at least $5,000 in funding, SoFi is one of the best options available to personal loans.
A little research will ensure you’re not paying more for personal loan than you have to. If SoFi isn’t a good choice for you, then continue your hunt with our recommendations for the best personal loans.
Methodology
Investopedia is dedicated to providing its users with objective, comprehensive reviews of personal loan lenders. To assess lenders we have gathered many data elements across forty lenders. This includes interest rates, fees, loan amounts, and the terms of repayment, to make sure that our reviews aid consumers make educated choices for their borrowing requirements.
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