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Personal Loans Reviews

SoFi Personal Loans Review

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

Jacob Wade Jacob Wade

Updated 16 November 2022

Checked for accuracy by Maddy Simpson

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SoFi

Investopedia’s Rating 4.9

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Our Take

SoFi offers personal loans with competitive terms, no charges, and the possibility to be pre-approved. But, certain applicants could have to wait for approval that can take up to two weeks. The credit requirements could be high.

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Pros & Cons

The most important takeaways

Company Overview

specifications

Pros

There are no loan fees

Low rates

Credit up to $100,000

Unemployment protection available

Cons

Co-signers not available

The minimum loan amount is $5,000.

Relatively high credit requirements

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Lenders reviewed

Loan features considered

1,520

Data points analyzed

112

Primary data sources used

Investopedia identified important data points from a variety of lenders to pinpoint the most important factors to the borrowers. We then used the data to analyze each lender’s fees and accessibility, repayment terms, and other characteristics to offer impartial, thorough reviews to help our customers have the best borrowing option for their specific needs.

Learn more about our Methodology

SoFi

Overall rating 4.9

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Table of Contents

Pros Explained

Pros and Cons Explained

The types of loans

Time to Funding

Requirements for Borrowers

Features

Customer Service

Satisfaction of the Customer

Applying for a SoFi Personal Loan

Alternative Personal Loan Lenders

Methodology

Pros Explained

There are no loan charges: SoFi does not charge any origination fees on loans that saves you lots of money when as compared to rivals who charge up to 10 percent. Plus, there are no application, prepayment, or late payment charges.

Rates that are low: SoFi offers rates as low as 7.99% on unsecured personal loans (after the autopay discount). This is close to as low as you can get for the majority of personal loans, so when you have good credit, you can save on interest costs when taking out a consolidation loan or making big purchases.

The loan can be up to $100,000. While most personal loan firms don’t provide anything more than $50,000 in loan amount, SoFi provides up to $100,000 to eligible borrowers.

Unemployment protection is available: SoFi provides unemployment protection for personal loans, allowing customers to stop paying for up to three months should there is a loss of employment. SoFi also offers career counseling to assist you in finding work in this time.1

Cons & Cons Explained

Co-signers are not allowed SoFi doesn’t allow co-signers to help you get approved for a personal loan. Co-signers offer additional assurance to SoFi, and become responsible for the loan should you fail to repay. You can apply with a co-applicants, however, which is similar; a co-applicant is applying with you and is jointly responsible to the loan.

The minimum loan sum is $5,000. While some personal loan companies offer loans that are as low as $1000 (or less) SoFi has a $5,000 minimum loan size.

Credit requirements that are relatively high While SoFi does not provide its minimum credit score requirements (or minimum credit score), you (or the co-applicant) generally need good or excellent credit score to qualify for a SoFi private loan.

SoFi is a good pick, especially if you’re trying to get a loan in a hurry, however, If your credit score isn’t in good condition, you might not 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 that include:

Home improvements

Consolidating high-interest credit cards as well as other debts

Medical bills

Vacation expenses

Paying for a wedding

Paying for a new or used car

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

Time to Receive Funds

SoFi provides same-day financing for certain applications. They can deposit cash into the borrower’s account the next business day after they are approved for the loan has been approved.

SoFi claims that «86% of typically SoFi Personal Loan applications, not including Direct Pay Personal Loans and Personal Loan refinance, from 1 January 2021 until the 1st of December, 2021 that were completed prior to 7 p.m. ET on a working day were financed the same day.»2

Borrower Requirements

To qualify to receive a 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 are either or United States citizen, eligible permanent resident or non-permanent resident foreign national (including DACA recipients and asylum applicants). Documentation may be required.

You live in either of the fifty U.S. states or Washington, D.C.

You must be employed, have an income that is sufficient from other sources, or hold an offer to begin within the next 90 days.

Qualify based on financial history as well as credit score and other factors

The SoFi Personal Loan features

Utilize your loan to pay for (almost) everything: Outside of post-secondary costs for education and business, you can use your loan for almost any expense.

Direct Pay: SoFi will pay off the credit cards that are eligible in full, if you choose.4 It could take up to three days from the time your loan is signed.

Protection against unemployment: SoFi will pause your payments for up to three months at a time if you are unemployed. The total amount is 12 months of unemployment insurance is offered over the duration of a loan.

Members benefit: SoFi offers many member benefits, including rates discounts and referral bonuses. In particular, SoFi offers a 0.125 per cent reduction in the rate of personal loans to customers who also have a SoFi Money account.5

The ability to access career advisors and Financial advisors. All customers of SoFi can access career coaches and financial advisors at no additional cost, you can schedule an appointment for a one-on-one call or even chat over emails to have your career and financial questions answered by a professional.

SoFi’s unemployment protection program can be useful, but be aware that interest may continue to accrue through your period of forbearance. This can increase the monthly payment and prolong the loan time to pay off.

Co-Signers and Co-Applicant

SoFi does not support co-signers at this time However, you are able to include a co-applicant in any personal loan. Co-applicants are jointly responsible for the loan and must be residing in the exact same location as the principal applicant, unlike co-signers.

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

Can Refinance a Personal Loan Through SoFi?

Yes, you can refinance an SoFi personal loan through SoFi. The terms and rates could differ at the time of application, and it could not save you money compared to your initial loan.

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

All SoFi loans have to be in good standing

You cannot refinance the personal loan with co-borrowers

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

You must still qualify in accordance with SoFi personal loan eligibility

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

Customer Service

SoFi provides customer support via email, phone, or live chat during working hours. SoFi’s customer service times for personal loans are from Monday to Thursday and 5 a.m. to 7 p.m. (PT) and from Friday to Sunday from 5 a.m. until 5 p.m. (Pacific Time).

Email: customerservice@sofi.com

Phone: (855) 456-SOFI (7634)6

Customer Satisfaction

SoFi is ranked as a top ten private loan provider in the latest J.D. Power Consumer Lending Satisfaction study, coming in 8th place.7 The reviews on Trustpilot rate SoFi 4.4 out of 5 stars, with over 4000 reviews submitted. The reviews mention the exceptional customer service as well as the speedy loan application procedure as the main reasons for the high rating.8

How to apply for a personal SoFi Loan

You can make an application for an SoFi personal loan online adhering to these four steps.

1. Pre-Qualification

SoFi offers the option of a pre-qualification application online, which allows you to examine rates and loan terms without impacting your score on credit. You’ll need to submit the following information:

Full name

Current address

Information about income

Birth date

2. Lending Selection

SoFi will provide you with loan options you qualify for, including rates of interest and loan durations. Loan terms vary from 24 months to 84 months, and interest rates can vary based on the loan term and the amount you choose to be able to borrow. Choose a loan to begin your complete application.

3. Submit Application

If you’ve decided to take out the loan then you’ll need to submit your application online. It is possible that you will have to submit a variety of documents that are financial and identify you, including:

Tax forms

Bank statements

Pay stubs

Driver’s license