SoFi Personal Loans Review

SoFi offers up to $100k in funding with no loan fees

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  • Pros & Cons
  • Key Takeaways
  • Company Overview
  • specifications
Pros & Cons
Pros
  • No loan fees

  • Low rates

  • Loans up to $100,000

  • Unemployment protection available

Cons
  • Co-signers not available

  • Minimum loan amount is $5,000

  • Relatively high credit requirements

Key Takeaways
  • Pre-approval is available to check rates without a hard credit pull.
  • SoFi personal loans can be used for nearly anything, including home improvement, debt consolidation, or other expenses.
  • SoFi offers additional perks to members, including rate discounts, access to career coaching, and financial advisors.
  • SoFi allows you to refinance existing personal loans (many competitors do not).
Company Overview

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, investing, and crypto trading. The company went public in 2021 and now has more than four million members.

specifications
APR Range
8.99% - 23.43%
Loan Amount
$5,000 - $100,000
Loan Terms
24 months - 84 months
Recommended Minimum Credit Score
N/A
Average Origination Fee
0.00%
Late Fee
$0.00
Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Pros Explained

  • No loan fees: SoFi does not charge any origination fees on loans, which saves a lot of money compared to competitors that may charge up to 10%. Plus, there are no application, prepayment, or even late payment fees.
  • Low rates: SoFi offers rates as low as 8.99% on unsecured personal loans (after the autopay discount). This is close to as low as it gets for most online personal loans, so if you have good credit you can save on interest when consolidating your debt or making a large purchase.
  • Loans up to $100,000: While many personal loan companies don’t offer more than $50,000, SoFi offers up to $100,000 to qualified borrowers.
  • Unemployment protection available: SoFi provides unemployment protection on personal loans, allowing you to stop payments for up to three months if you lose your job. SoFi even offers career counselors to help you find a job during this time.

Cons Explained

  • Co-signers not available: SoFi does not allow co-signers to help you qualify for a personal loan. Co-signers give additional assurance to SoFi, and become responsible for the loan if you default. You can apply with a co-applicants, however, which is similar; a co-applicant is someone who applies with you and is jointly responsible for the loan.
  • Minimum loan amount is $5,000: While some personal loan providers offer loans as low as $1,000 (or less), SoFi requires a $5,000 minimum loan size.
  • Relatively high credit requirements: Although SoFi doesn’t disclose its minimum credit score requirements, you (or your co-applicant) will typically need good to excellent credit to qualify for a SoFi personal loan. 

SoFi can be a great pick, especially if you’re in a hurry, but if your credit isn’t in good shape you may not qualify. Browse the top lenders with our picks for the best personal loans.

Types of Personal Loans Offered by SoFi

SoFi offers unsecured personal loans for various use cases, including:

Loans cannot be used to pay for any post-secondary educational expenses or business expenses. And though it goes without saying, SoFi personal loans cannot be used in connection with illegal activities.

Time to Receive Funds

SoFi offers same-day funding on some applications, depositing funds into the borrower’s bank account on the same business day that the loan is approved.

SoFi states that “86% of typical SoFi Personal Loan applications, excluding Direct Pay Personal Loans and Personal Loan refinance, from January 1, 2021 to December 1, 2021 that were signed before 7 p.m. ET on a business day were funded the same day.”

Borrower Requirements

To qualify for a SoFi personal loan, you must meet the following eligibility criteria:

  • You are at least the age of majority in your state and able to enter into a binding contract.
  • You are either a United States citizen, eligible permanent resident, or non-permanent resident alien (including DACA recipients and asylum seekers). Documentation may be required.
  • You reside in one of the 50 U.S. states or Washington, D.C. 
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
  • Qualify based on financial history, credit score, and other factors

SoFi Personal Loan Features

  • Use your loan for (almost) anything: Outside of post-secondary education and business expenses, you can use your loan for almost any expense.
  • Direct Pay: SoFi will pay off your eligible credit cards directly, if you so choose. This can take up to three business days after your loan is signed.
  • Unemployment protection: SoFi will pause your payments for up to three months at a time if you become unemployed. A total of 12 months of unemployment protection is available over the life of a loan.
  • Member benefits: SoFi offers many member benefits, including referral bonuses and rate discounts. In particular, SoFi offers a 0.125% rate reduction on personal loans to customers who also have a SoFi Money account.
  • Access to career coaches and financial advisors: All SoFi customers have access to career coaches and financial advisors at no additional cost, You can set up a 1:1 call, or simply converse over email to get your financial and career questions answered by a professional.

SoFi’s unemployment protection program can be useful, but be aware that interest will continue to accrue during your forbearance period, which will increase your monthly payments and extend the loan payoff timeline.

Co-Signers and Co-Applicants

SoFi does not support co-signers at this time, but you can add a co-applicant to your personal loan. A co-applicant is jointly liable for the loan, and must live at the same address as the primary applicant, unlike a co-signer.

Disappointed that SoFi doesn’t allow co-signers? See our picks for the best personal loans with co-signers.

Can You Refinance a Personal Loan With SoFi?

Yes, you can refinance a SoFi personal loan with SoFi. Your rates and terms may vary at the time of application, and it may not end up saving you money compared to your original loan. 

There are a few things to consider if you are looking to refinance your SoFi personal loan: 

  • All SoFi loans must be in good standing
  • You can’t refinance a personal loan with a co-borrower
  • You must have made at least three consecutive on-time payments
  • You must still qualify based on SoFi personal loan qualifications

You can refinance a SoFi personal loan directly within your account. Always review the terms and details of your loan before refinancing.

Customer Service

SoFi offers support by email, phone, or live chat during business hours. SoFi customer service hours for personal loans are Monday to Thursday, 5 a.m. to 7 p.m. PT, and Friday to Sunday, 5 a.m. to 5 p.m. PT.

  • Email: customerservice@sofi.com
  • Phone: (855) 456-SOFI (7634)

Customer Satisfaction

SoFi is ranked as a top-ten personal loan lender in the latest J.D. Power Consumer Lending Satisfaction Study, coming in eighth place. And reviewers on Trustpilot give SoFi 4.4 out of 5 stars, with over 4,000 reviews posted. Reviews state the outstanding customer service and quick loan application process as reasons for the high rating.

Applying for a SoFi Personal Loan

You can apply for a SoFi personal loan online by following these four steps.

1. Pre-Qualification

SoFi offers an online application for pre-qualification, which allows you to check your rates and loan terms without hurting your credit score. You will need to provide the following information:

  • Full name
  • Current address
  • Income information
  • Date of birth

2. Loan Selection

SoFi will list the loan options you qualify for, including interest rates and loan term lengths. Loan terms vary from 24 months up to 84 months, and interest rates may vary by loan term and the amount you select to borrow. Choose a loan to start your full application.

3. Submit Application

Once you have selected a loan, you will need to complete your online application. You may be required to submit various financial and identifying documentation, including:

  • Tax forms
  • Bank statements
  • Pay stubs
  • Driver's license
  • Other documents

4. Sign Documents

To complete your loan application, you will need to sign the loan agreement. After signing, your loan may be funded as soon as the same day. Loans are typically disbursed via ACH directly to your bank account, except for Direct Pay loans, which are sent directly to creditors.

Alternative Personal Loan Lenders

  SoFi LightStream  Happy Money
APR Range 8.99%–23.43% 6.99%–22.49%  10.50%–29.99%
Loan Amount  $5,000–$100,000  $5,000–$100,000  $5,000–$40,000 
Loan Terms  2–7 years  2–12 years  2–5 years 
Recommended Minimum Credit Score  Not Disclosed  660  640 
Origination Fee  None  None  0%–5% 
Time to Receive Loan  Same day  Same day  2 business days 
Final Verdict

SoFi offers a wide variety of personal loan options for borrowers, with absolutely no loan fees, competitive rates, and excellent member perks. Borrowers may benefit from lower rates on additional loans, as well as access to career coaches and financial professionals to help answer any questions.

SoFi is ideal for borrowers with decent credit scores, as it offers relatively low rates for highly-qualified applicants compared to other lenders. The minimum loan amount is fairly high, but if you have good credit and need at least $5,000 in funding, SoFi is one of the best options available for personal loans.

Shopping around will ensure that you don’t pay any more for a personal loan than you have to. If SoFi isn’t the lender for you, continue the search with our choices for the best personal loans.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. SoFi. "Personal Loans." 

  2. SoFi. "Personal Loans."

  3. SoFi. "Eligibility Criteria."

  4. SoFi. "Learn more about Personal Loan Direct Pay."

  5. SoFi. "Membership Benefits."

  6. SoFi. "Contact Us."

  7. J.D. Power. "2022 U.S. Consumer Lending Satisfaction Study."

  8. Trustpilot. "SoFi.com."