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- Pros & Cons
Co-applicants are allowed
Relatively high minimum credit score requirement (650)
Applications for loans over $20,000 take longer to process
Approval may take two weeks longer with a co-borrower
- No fee: SoFi personal loans have no origination fees, prepayment penalties, or late fees.
- Co-applicants are allowed: Not all lenders allow co-applicants, but SoFi lets borrowers apply with a co-applicant—as long as they live at the same address.
- Relatively high credit score requirement: SoFi's minimum credit score requirement is 650, which is relatively high compared to competitors.
- Applications for loans over $20,000 take longer to process: Though loans are offered between $50,000 and $100,000, Sofi indicates that approval may take longer for loans over $20,000.
- Approval may take two weeks longer with a co-borrower: If you apply with a co-applicant, you may be waiting for one to two weeks longer for loan approval than if you applied alone.
Getting a loan through SoFi can be a great experience for the right borrower. With an all-online process and rate quotes available without a hard credit pull, SoFi offers a convenient, straightforward application process as well as competitive rates.
However, those applying with a co-borrower may need to wait up to two weeks for loan approval, and applicants borrowing over $20,000 can expect approval delays, too. SoFi also has a relatively high minimum credit score requirement, so those with poor or even fair credit scores may need to search for a loan elsewhere.
Social Finance, Inc, or SoFi, is a fintech company founded in 2011 by students at Stanford Business School. Headquartered in San Francisco, SoFi initially offered student loan refinancing but has since added other products and services, including mortgages, personal loans, and crypto trading. The company went public in 2021 and now has more than 2,500,000 members.
Types of Personal Loans Offered by SoFi
SoFi offers personal loans for several purposes, with some variation in terms depending on your intended use. Its personal loans can be used for credit card consolidation, home improvements, family planning, weddings, and more. However, they cannot be used as a student loan.
Whatever your purpose for borrowing, here's what to expect with a SoFi personal loan:
- Fixed rates
- Unsecured loans only
- Co-borrowing is allowed
- Co-signers are not allowed
In addition to its personal loans, SoFi also offers a number of loan products, including undergraduate and graduate student loans, parent-student loans, and mortgages.
Time to Receive Funds
In some instances, SoFi’s loan approval process can be lengthy. For example, if you apply with a co-applicant, you may need to wait up to two weeks for loan approval.
However, once you're approved and accept SoFi's terms, you'll likely receive your loan funds as soon as the next business day. However, it could take a few business days.
Loan funds are disbursed via ACH to the bank account that was verified during your application process.
SoFi Personal Loan Features
Multiple Loans Are Allowed
Eligible borrowers can take out more than one SoFi personal loan at a time. One of the eligibility requirements includes having made your last three payments on time. If you borrow a second loan of a different type from SoFi, you may qualify for a member discount of 0.125% interest.
For those who need help due to job loss, SoFi could modify your monthly loan payment, offer forbearance, and even assist you with job placement. Unemployment Protection is available in three-month increments for a total of 12 months overall. Note that interest will continue to accrue during that time, and you can choose to make interest-only payments.
Many lenders have restrictions on where they do business. Before applying for financing, be sure to check and see if the lender does business in your state.
Once you take out a loan or set up an account online, you become a SoFi member. Membership comes with many benefits, including financial planning, discounted estate planning, and free one-on-one career coaching. Eligibility for benefits varies depending on which products you're using, but certain borrower benefits may continue even after paying off your loan.
Apply for a SoFi Personal Loan
You can apply for a SoFi loan online. If you're not a U.S. citizen, permanent resident, or visa holder, you can apply by phone with a qualified co-borrower. Call 877-936-2269 to apply.
Here are the steps to follow:
- Get pre-qualified: To pre-qualify, you'll need to provide your email address and contact information, and select your loan preferences, including loan amount, the purpose of the loan, and whether or not you have a co-applicant. SoFi will conduct a soft pull on your Experian credit report at this stage.
- Review your loan terms: Next, you’ll review your loan terms. If you'd like to continue with the application process, you can choose a product and submit an official application.
- Submit an application: At this stage, you’ll need to provide additional personal information and your bank account information for verification.
- Sign your final documents: Once your final documents are signed, SoFi will begin the process of disbursing your funds, which can take one or more business days.
Can You Refinance a Personal Loan with SoFi?
Yes, you can refinance a personal loan with SoFi; however, co-borrowers are not eligible to refinance. You’ll need to meet the following requirements to qualify for a refinance on your SoFi personal loan:
- Any existing SoFi loans must be in good standing.
- Your last three consecutive payments were made on time.
- You meet the eligibility criteria for SoFi personal loans.
SoFi also offers student loan refinancing, including refinancing for medical resident student loans, but this option is only available for graduates from TITLE IV schools.
If you'd like a free consultation before applying for a SoFi loan, you can call 855-456-7634. For personal loan support, you can log into your SoFi account to use chat, or speak with a live agent by calling (855) 456-SOFI (7634). Live agents are available Monday-Thursday from 5 a.m. to 7 p.m. PT and Friday–Sunday from 5 a.m. to 5 p.m. PT.
Customer ratings for SoFi are mixed. SoFi receives a 2.8 out of 5-star rating on Trustpilot and 3.7 out of 5 stars on Consumer Affairs, with some customers citing long wait times for a loan decision.
While SoFi received Best Personal Loan awards from Forbes Advisor and Motley Fool in 2021 and 2020, respectively, the lender has a rough track record of conduct and trustworthiness.
In 2018, SoFi settled with the FTC after making "prominent false statements'' related to customers' savings on loan refinancing. The company also settled with the SEC in 2021 for breaching its fiduciary duty and causing unexpected tax bills for investment account holders. SoFi is currently involved in lawsuits over failure to address sexual harassment and denying loans to DACA recipients.
Borrowers can log into their SoFi account dashboard to manage payments, set up a one-time, extra payment, pay off a loan, or change a payment due date. Loan payments can also be made by check. Live customer support is available by phone, seven days a week as well.
How SoFi Compares to Other Personal Loan Companies
SoFi offers a convenient online application process, but loan approval can take up to two weeks in certain cases. Here’s how SoFi compares to LendingClub, another popular online lender:
SoFi vs. LendingClub
SoFi and LendingClub are online lenders offering convenient features like rate quotes with no hard credit pull and no prepayment penalties. Here's a look at how they compare:
- LendingClub offers much lower dollar amounts than SoFi, with loans starting as low as $1,000.
- LendingClub charges an origination fee of 3% to 6% of your total loan amount, while SoFi charges no origination fees.
- SoFi's APR range for personal loans is lower than LendingClub’s APR range, and SoFi offers more flexibility regarding repayment terms.
|SoFi Personal Loans||LendingClub Personal Loans|
|APR Range||6.99% - 22.23% (includes .25% autopay discount)||7.04% – 35.89%|
|Loan Amounts||$5,000 - $100,000||$1,000 - $40,000|
|Loan Terms||2 - 7 years||3 or 5 years|
|Average Origination Fee||$0||3% - 6%|
Loan terms are vastly different between these two companies. Borrowers looking for a smaller loan amount may prefer LendingClub. But the lender's origination fees and high APRs will likely result in a steep cost for borrowing. Note that LendingClub loans are not available in Iowa.
Read our full LendingClub review.
With its fast rate quotes and straightforward online application process, SoFi aims to make borrowing convenient. If you're applying for a loan that’s less than $20,000 with no co-applicant, you could receive your funds within as little as one business day of approval. Additionally, SoFi’s rates and fees are low and SoFi members get access to a long list of perks.
However, borrowers who are seeking larger loan amounts may be frustrated by SoFi’s slow loan approval process. Those with below-average credit scores may also want to consider other lenders.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.
Our full personal loans methodology, including our data collection process and weighted data points, is available for review.