Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses or reviews expressed in this article are those of the author alone and have not been approved or endorsed by any partner.
Types of Personal Loans Offered by SoFi
SoFi (which is short for “Social Finance”) was originally founded to help borrowers refinance their student loans. They now offer a much broader range of financial products including mortgages, personal loans, and cryptocurrency trading. There are virtually no limitations placed on SoFi personal loan usage, as long as funds aren’t applied toward any illegal purchases or activities. Some of the most common uses include debt consolidation, large purchases, special events, home improvements, and medical expenses.
|Common loan uses||Prohibited uses|
Tuition and Other Educational Expenses
Student Loan Refinancing
Auto Purchase or Lease Buyout
Boat/RV/Motorcycle Purchase or Refinance
IVF Treatments or Adoption Expenses
Credit Cards/Debt Consolidation
Events Like a Wedding or Funeral
|No illegal purchases or activities|
SoFi Personal Loans Features
With SoFi personal loans, you can borrow anywhere from $5,000 to $100,000. These funds can be used for practically any purchase or activity, provided it’s permitted by law. Borrowers are given between two to seven years to repay their loans. Repayment typically begins 30 days after the loan is disbursed, though SoFi may adjust the due date if it falls on or between the 26th and 4th of the following month.
|Loan terms||2 to 7 years (24 to 84 months)|
|Repayment period||First payment due 30 days after disbursement|
|Loan amount||$5,000 to $100,000|
|Loan Use Limitations (i.e. only home improvements or only debt consolidation)||No Illegal Purchases or Activities|
SoFi Personal Loans Interest Rates and Fees
Interest rates for SoFi loans typically range between 6.99% and 21.78%, which includes a 0.25% autopay discount. Unlike most online lenders, SoFi doesn’t charge any origination fees, which can help borrowers save money. SoFi also doesn’t penalize borrowers for prepaying their loans or making late payments. Of course, it’s not recommended that you delay or skip multiple payments in a row, as this could negatively impact your credit rating.
|Late Payment Fees||None|
|Interest Rates||6.99% to 21.78% (including autopay discount)|
SoFi Personal Loans Qualification Requirements
SoFi personal loans are available to U.S. citizens, permanent residents, and non-permanent resident aliens in all states except Mississippi. Potential borrowers must have a reasonably high credit score—at least 680—with a solid credit history in order to qualify for a SoFi personal loan. SoFi also takes a borrower’s debt-to-income ratio into consideration for personal loans and requires proof of sufficient income, but they do not disclose specific requirements. SoFi does allow joint applications, but co-signers are prohibited.
|Minimum Credit Score||Not disclosed on company site (680 according to third-party sources)|
|Income Requirements||Not Disclosed|
|Co-signer/Joint Application Requirements||Joint Applications Allowed, Co-Signer Not Allowed|
SoFi Personal Loans Application Process
Applying for a loan through Sofi is easy; you’ll be guided step-by-step through the process, being asked a series of questions along the way.
To get started, select the type of financial product you’re interested in or click on the “Get Started” button in the upper right corner of the page.
If you select a specific product, you’ll be taken to a page that provides a bit more information about the type of loan you’re interested in. From here, just click the “View your rate” button.
On the following page, you’ll need to enter how much money you’d like the borrow and the purpose of the loan.
Next, you’ll be asked a series of personal questions
- What monthly payment amount would fit within your budget
- Your date of birth
- Your citizenship status
- Your home address
- Your living arrangement - whether you rent, own a home, or live with friends or family
- Your annual income before taxes Indicate if you’re applying with a co-borrower
Next, SoFi again reminds you that checking prequalified rates will not harm your credit score. From here, you can click “Check My Rate” to proceed. Within seconds, you’ll be presented with an offer including details on APR, repayment terms, monthly payment, etc.
You can then accept the offer and complete an application, which includes a hard credit pull. If you’re approved for a loan, you should expect to receive your funds within five business days, though they may arrive as soon as the next business day.
SoFi Customer Support
SoFi offers customer service via telephone at 1-855-456-7634. Their standard hours of operation are Monday through Thursday from 5;00AM to 7:00PM and Friday through Sunday from 5:00AM to 5:00PM (Pacific Time).
There is no published email dedicated to customer service, but SoFi does have a chat option. Unfortunately, it’s only available once you’ve created an account and it’s difficult to find on the website. The chat function is much easier to locate from Sofi’s mobile app, though you’ll connect with a chatbot first and must request an agent to get help.
Difficulty reaching customer service seems to be one of the chief complaints among reviewers. One reviewer said,
“The benefits are appealing, but most often the chat is unavailable and when you call customer service by phone, it’s a constant busy signal.”
Others have reported rude or unhelpful interactions with customer service agents. All the reviews aren’t bad, however. Several praise the customer service team, like this borrower who commented,
“I am a very happy SoFi customer. I have had a couple of occasions to call customer service. Both times my issues were handled quickly and with the utmost of professionalism and courtesy. I HIGHLY recommend SoFi for your financing needs.”
Customers seeking answers to their questions can also turn to SoFi’s website; they provide a Help Center that includes a comprehensive list of frequently asked questions. There’s also a section on the website called SoFi Learn where visitors can educate themselves on a variety of finance-related topics such as budgeting, goals, insurance, investing, etc.
SoFi Online Reviews
SoFi consistently receives high ratings on NerdWallet, Investopedia, BankRate, and other similar sites. The company also has an A+ rating with the Better Business Bureau though it has not been accredited by that organization. SoFi loan reviews on Trustpilot seem to be mixed, however.
While the majority of Sofi reviews on Trustpilot are positive with 78% of customers rating them at 5 stars, another 10% of reviewers only give them 1 star. The positive reviews often mention how easy it is to apply and get approved for Sofi loans, like this customer who said,
“SoFi is amazing! Got my personal loan through them in 2 days and the member benefits are awesome. I'm definitely getting my money right and am part of the SoFi fam.”
Another customer had similar praise, commenting,
“This company is so easy to work with. This is my second loan through SoFi. Easy app, easy approval, easy and quick funding. I love their website and app. It allows me to easily pay extra toward my note every month with my auto draft. Simple, easy, efficient!!!”
Many reviewers also like that SoFi offers a wide variety of financial products in addition to low-interest personal loans. Another common feature mentioned by customers was Sofi’s user-friendly and feature-rich mobile app.
On the negative side, reviewers complained about unsolicited marketing materials with offers that weren’t honored. Other common complaints include trouble getting issues resolved, difficulty providing necessary documentation, and delays in processing and/or disbursement.
|The positive reviews are related to||The negative reviews are related to|
|Easy and efficient application process||Sending unsolicited marketing materials|
|Quick loan approval||Not honoring promotions|
|Low interest rates||Problems providing documentation|
|Fast disbursement||Money not received quickly|
|Excellent mobile app||Difficulty getting issues resolved|
|Variety of financial products offered||Delays in processing and/or disbursement|
|Loan forbearance in case of unemployment||Application denied|
SoFi Perks and Bonuses
- SoFi offers loan forbearance up to 12 months in case of unemployment
- SoFi loans can be refinanced
- Payment due date can easily be changed online, but only once per year
- Customers can earn reward points through SoFi and redeem them for cash or cryptocurrency
- SoFi offers additional services like career coaching, financial advising, and estate planning either free of charge or at a reduced rate
- There are a variety of financial tools available through Sofi’s website and app
- SoFi has an informative website and mobile app
- The company provides answers to customer questions through their Help Center
- Loan terms and conditions are clearly provided up front
- SoFi dedicates an entire page on their website to explain loan requirements and eligibility
- SoFi personal loan requirements such as minimum credit score, income, and debt-to-income ratio not disclosed on site
- SoFi does send unsolicited marketing materials to potential customers
- SoFi’s website is fully optimized for mobile usage
- The entire application process can be completed on the website or mobile app
- Loan payments can easily be made either online or through the appLoan payments can easily be made either online or through the app
- Automatic payment is available with a .25% discount offered as incentive
- Borrowers have access to a wide range of loan and financial management tools
- SoFi offers borrowers a chat function for customer service, but it’s difficult to reach through the website
SoFi Personal Loans Compared to Other Lenders
|Loan Terms||24 to 84 months||24 to 240 months||36 to 60 months||24 to 240 months|
|Loan amount||$5,000 to $100,000||$5,000 to $100,000||$1,000 to $50,000||$5,000 to $100,000|
|Interest Rates||5.74% to 21.78% with Autopay||2.99% to 19.99% with Autopay||4.37% to 35.99%||2.99% to 19.99% with Autopay|
|Min Credit Score||Not disclosed on company site (680 according to third-party sources)||Not disclosed (Good or Excellent)||580||Not disclosed (Good or Excellent)|
|Co-signer Requirement||No co-signers allowed (joint applications allowed)||No co-signers allowed (joint applications allowed)||Co-signers not permitted||No co-signers allowed (joint applications allowed)|
SoFi personal loans are a great option for customers with good or excellent credit. Loans can be taken out in amounts ranging from $5,000 to $100,000 with highly competitive interest rates offered. The application process is quick, easy, and available online or through the mobile app.
SoFi personal loans are best suited for borrowers with credit scores of 680 or higher. While SoFi does take other factors into consideration, customers with poor or fair credit ratings are unlikely to be approved. SoFi does allow joint applications, which could improve your chances of approval and increase your maximum loan amount.