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Personal Loans Review

SoFi Personal Loans Review

SoFi can provide up to $100k in funding without 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 provides personal loans with favorable terms, low charges, and the possibility to obtain pre-approval. However, some applicants may experience a lengthy approval process which can last up to 2 weeks. The credit requirements can be quite high.

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Pros & Cons

Important Takeaways

Company Overview

Specifications

Pros

There aren’t any loan fees

Low rates

Up to $100,000 in loans

Unemployment protection available

Cons

Co-signers are not available

The minimum loan amount is $5,000

Credit requirements that are relatively high

Why Trust Us

Lenders reviewed

Loan features considered

1,520

Data points that are analyzed

112

Primary data sources employed

Investopedia collected key data points from several lenders to determine the most significant factors that affect the borrowers. We used this information to evaluate each lender’s charges access, accessibility, repayment terms, and other features to provide impartial, thorough reviews to help our customers make the right borrowing decision to meet their requirements.

Read our Full Methodology

SoFi

overall score 4.9

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Table of Contents

Pros Explained

Cons Explained

Different types of loans

Time to Funding

Borrower Requirements

Features

Customer Service

Satisfaction of the Customer

The process of applying for a SoFi Personal Loan

Alternative Personal Loan Lenders

Methodology

Pros Explained

There are no loan fees: SoFi does not charge any origination fees on loans which can save a lot of money in comparison to other lenders who charge up to 10 percent. Plus, there are 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 close to as low as it gets for the majority of personal online loans which is why when you have good credit, you can save on interest charges when consolidating your debt or making an important purchase.

Up to $100,000 in loans: While many personal loan firms don’t provide greater than $50k, SoFi can offer up to $100,000 to those who are eligible.

Unemployment protection is offered: SoFi provides unemployment protection for personal loans, allowing you to stop payments for upto three months in the event that you lose your job. SoFi also offers career counseling to help you find work in this time.1

Cons & Cons Explained

Co-signers are not allowed SoFi is not able to accept co-signers to aid you in qualifying for a personal loan. Co-signers give additional assurance to SoFi and are liable for the loan in the event of a default. You may apply with co-applicants, however, which is similar; a co-applicant is a person who apply with you and who is jointly accountable to the loan.

Minimum loan size is $5,000. Some personal loan providers offer loans of as little as $1,000 (or less), SoFi requires an initial $5,000 loan size.

Relatively high credit requirements Although SoFi does not provide the minimum requirements for credit scores however, you (or your co-applicant) will generally require good to excellent credit to be able to get the SoFi individual loan.

SoFi is a good option, particularly 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 picks for the best personal loans.

The types of personal loans offered by SoFi

SoFi provides personal loans for various use cases, including:

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 vehicle

The loans can not be used to cover any post-secondary education expenses or business costs. And though it goes without the record, SoFi personal loans cannot be used in connection with illegal activities.

Time to Receive Funds

SoFi offers same-day funding on some applications, depositing money into the borrower’s account the same day they are approved for the loan approval is granted.

SoFi states that “86% of typical SoFi Personal Loan applications, not including Direct Pay Personal Loans and Personal Loan refinance, from 1 January 2021 until January 1, 2021, that were completed 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 in 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’re either a United States citizen, eligible permanent resident, or a non-permanent resident non-permanent resident (including DACA recipients and asylum applicants). Documentation is required.

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

You must be employed, have enough income from other sources, or have an offer of employment that is scheduled to start within the next 90 days.

Qualify based on financial history including credit score, other aspects

SoFi Personal Loan Features

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

Direct Pay: SoFi will pay off your eligible credit cards directly, if you choose.4 This can be up to three days from the time your loan is approved.

Unemployment protection: SoFi will pause your payments for up to 3 months at one time should you lose your job. The total amount is 12 months ‘ coverage 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. In particular, SoFi offers a 0.125 percent rate reduction on personal loans for customers who have the SoFi Money account.5

Access to career coaches as well as Financial advisors. All customers of SoFi can access career coaches and financial advisors at no additional cost, You can set up an appointment for a one-on-one call or even chat over emails to have your questions about career and finances addressed by a professional.

SoFi’s unemployment insurance program may be beneficial, but you must be aware that interest will continue to accrue through your period of forbearance. This will increase your monthly payments and extend the loan repayment timeframe.

Co-Signers and Co-Applicant

SoFi does not support co-signers as of yet However, you are able to add a co-applicant to any personal loan. Co-applicants are jointly responsible for the loan, and must live in the exact same location as the principal applicant, unlike a co-signer.

Disappointed that SoFi doesn’t allow co-signers? Check out our recommendations for the top personal loans that allow co-signers.

Can You Refinance a Personal Loan Through SoFi?

You can refinance a SoFi personal loan through SoFi. The rates and terms of the loan may vary at the time of application. It could not save you money when compared to the original loan.

There are some things to consider if you are trying to refinance your personal loan:

All SoFi loans must be in good standing

You cannot refinance a personal loan using co-borrowers

You must have made at least three consecutive on-time and timely payments

You must still qualify according to SoFi personal loan requirements

You can refinance a SoFi personal loan directly from your account. Make sure you read the terms and conditions of the loan before refinancing.

Customer Service

SoFi provides customer support via email, phone, or live chat during the business hours. SoFi’s customer support times for personal loans are Monday through Thursday from 5 a.m. until 7 p.m. PST, and Friday through Sunday from 5 a.m. until 5 p.m. PT.

Email: customerservice@sofi.com

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

Customer Satisfaction

SoFi has been ranked as one of the top-ten personal loan lender in the latest J.D. Power Consumer Lending Satisfaction study, coming in 8th place.7 And reviewers on Trustpilot give SoFi 4.4 from five stars, with more than 4000 reviews written. Reviewers praise the excellent customer service and speedy loan application procedure as the main reasons for the high rating.8

How to apply for a personal SoFi Loan

You can request the SoFi personal loan online by adhering to these four steps.

1. Pre-Qualification

SoFi provides the option of a pre-qualification application online that lets you review rates and loan conditions without affecting the credit rating. You will need to provide the following information:

Full name

Current address

Information about income

Birth date

2. Loan Selection

SoFi will provide you with loan options you can qualify for, including rates of interest and loan durations. The terms of loans range from 24 months up to 84 months. Interest rates will vary depending on the loan length and the amount you decide to be able to borrow. Choose the loan to begin your complete application.

3. Submit Application

If you’ve decided to take out the loan, you will need to complete your online application. You could have to submit a variety of financial and identifying documentation such as:

Tax forms

Bank statements

Stubs of pay

Driver’s license