23 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

Features
  • Fixed 6.99-22.23% APR for personal loans
  • Federal and private student loan consolidations
  • Personal loans up to $100k
  • Loan repayments up to 20 years

Review of SoFi

    Summary

  • Loans from $5,000 – $100,000

  • 7.99-22.73%% APR

  • NO fees and same-day funding

  • Repayments from 5-20 years

  • Interest-rate discount with automatic payments

  • Offers co-sign loan options.

What is SoFi?

SoFi is a finance company that offers personal loans, mortgages, mortgage refinancing, and more. SoFi loans are available up to $100,000 with loan rates starting at 7.99% APR.

SoFi – or Social Finance, Inc. – started in 2011 by offering student loan refinancing for Stanford alumni. SoFi is a new kind of finance company, helping members to reach their career goals, buy a home, save money on student loans, or invest in their future.

SoFi At a Glance

Affordability– Consistent APRs for borrowers with good credit
– No hidden fees
– Autopayments attract rate discounts
Transparency– Soft credit check with prequalification
– Payments are reported to three credit bureaus
– Website discloses rates and terms
– Comprehensive FAQ section
Loan Flexibility– Loans can be funded within three business days
– Offers loans with direct creditor payments
– Loans not available in Vermont
Customer Experience– Support available seven days a week
– Mobile app to manage loans
– Members get exclusive perks and financial education


SoFi loans are ideal for people who have excellent credit (a FICO score of 690 or higher) and who are looking for a loan of at least $5,000.

SoFi personal loans are not available to residents of MS.

SoFi has an A+ rating with the Better Business Bureau

Products Offered

SoFi offers the following:

  • Personal loans
  • Student loans
  • Mortgages
  • Auto loan refinancing
  • Credit cards
  • Investing
  • Small business funding
  • SoFi Relay
Chosen 14,677 times
  • Fixed 6.99-22.23% APR for personal loans
  • Federal and private student loan consolidations
  • Personal loans up to $100k
  • Loan repayments up to 20 years

SoFi Mortgage

A SoFi mortgage offers competitive mortgage rates and down payments from 3%. You can check your rate without hurting your credit.

SoFi mortgages are available in a 30-year, 20-year, 15-year, and 10-year fixed-rate with plenty of options to choose from.

SoFi members can get a $500 saving on their mortgage loans or refi processing fees**. Here’s how a SoFi mortgage works:

Step 1: Pre-qualify in just a few minutes.

Step 2: Choose your home loan based on your financial goals.

Step 3: Receive the funds.

SoFi Insurance

With SoFi insurance you can get auto insurance, life insurance, homeowners insurance, and renters insurance.

SoFi insurance offers you fast and reliable insurance as SoFi has partnered with some of the best insurance companies in the U.S.

SoFi Crypto

When you choose SoFi crypto you can get up to $100 in Bitcoin and save even more with SoFi Invest. You can get started with SoFi crypto with just $10 and manage everything in the SoFi app.

SoFi crypto has 30 coins available, including Bitcoin, Ethereum, Dogecoin, Cardano, and more. Trade crypto 24/7 with multiple ways to invest.

SoFi Credit Card

The SoFi credit card is a rewards card with no annual fee. The SoFi Credit Card offers 3% cash back for a year when setting up a direct deposit with SoFi.

From there, you’ll earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi.

> Get your SoFi credit card here.

How SoFi Works

SoFi’s personal loans offer a lot of features and this is why SoFi is one of the top lenders. They offer zero fees, a wide variety of loan amounts, and flexible repayment terms.

But SoFi stands out from the rest in more than one way. SoFi lending members have access to free career and financial advising, networking events, referral bonuses, and even complimentary estate planning, among others.

SoFi’s APRs are consistent with lenders offering credit to borrowers with a great credit history. They also offer rate discounts for autopayments and all SoFi personal loan rates and terms are disclosed on their website.

To pre-qualify with SoFi lending only requires a soft credit check and they report on-time payments to three credit bureaus. SoFi loans are funded within 2-3 business days and are available in all states except Mississippi.

Note that residents in Michigan can only have one SoFi personal loan at a time.

Loan Requirements

Here are the loan requirements when applying for a SoFi loan:

  • Be at least 118 years old
  • Be a U.S. citizen, permanent resident, or visa holder
  • Live in an eligible state
  • Have a credit score of at least 680
  • Must be employed, have sufficient income, or an offer of employment

Rates & Fees

SoFi doesn’t charge origination fees, late fees, or prepayment fees. Among online lenders, true zero-fee loans are rare. APRs vary between 7.99-22.73%.

Example: A $30,000 SoFi loan with a five-year repayment period and an 11.8% APR would result in monthly payments of $664. You will pay a total of $9,840 in interest.

Members may qualify for lower APRs with AutoPay and Direct Deposit into SoFi Money. Payments that are late or not made in full may lead to a default under your Loan Agreement with SoFi.credi

For stocks and ETFs, SoFi Invest charges no commission for stock and ETF trading.

SoFi has acceptable crypto trading fees, as it charges a 1.25% markup. In comparison it’s higher than Robinhood’s 0%.

*Read the disclaimer below.

Payment Terms

SoFi offers repayment terms between two and 20 years and loans between $5,000 and $100,000. If you are looking for a large loan amount and you have an excellent credit history, SoFi may be the ideal lender.

Here’s How SoFi Compares

Company Overall RatingTimes Chosen
Lending Club3.02,751View Company
MoneyKey4.028,569View Company
Prosper3.61,976View Company
SoFi4.714,677View Company

Member Perks

SoFi members enjoy a whole lot of benefits.  As shown in SoFi reviews, members enjoy a 0.125% rate discount on an additional SoFi loan.

  • Career advisory; shows tips for finding the right career path. You also get to know how to spruce up your resume.
  • Community events; members get to meet and interact.  From dinners to happy hours, the opportunities to network are endless.
  • Unemployment protection; SoFi understands that unseen occurrences do happen. In case of loss of a job, your payments are temporarily paused until you get back on your feet.

How to Apply for a SoFi Loan

Step 1

Get Pre-Qualified

You can apply for a SoFi loan online or through its iOS or Android mobile app. Pre-qualification takes only a few minutes and won’t harm your credit score.

Step 2

Submit Your Information

To speed up the loan application process, make sure you have the required information available – including your Social Security number, proof of address, proof of income, employer contact details, address and phone number, and details on your monthly debt. 

Step 3

Review Your Rates

Once the soft credit inquiry is complete you’ll get an idea of the SoFi personal loan rates you qualify for. If you decide to go ahead with the loan, a hard inquiry on your credit history will be done and once approved, SoFi will send over a loan agreement.

Step 4

Accept the Offer

Once you sign the agreement and accept the offer, you should receive your funds within a few days.

Chosen 14,677 times
  • Fixed 6.99-22.23% APR for personal loans
  • Federal and private student loan consolidations
  • Personal loans up to $100k
  • Loan repayments up to 20 years

Does Using SoFi Hurt Your Credit Score?

Yes, a SoFi personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off.

Initially, a SoFi personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.

Our SoFi Review

    Cons

  • People with less-than-fair credit may have a tough time qualifying

  • $5,000 minimum loan amount (may be higher in some states)

SoFi personal loans are aimed at borrowers who have a good financial history and a strong cash flow. It is the ideal lender for borrowers looking for a larger loan as many lenders cap personal loans at around $40,000 or less.

SoFi offers competitive interest rates, especially if you have strong credit. You’ll also be eligible for a 0.25% rate discount when you set up AutoPay. Although that’s a great benefit, other lenders offer similar features.

Customer Service

SoFi offers solid customer support with live chat, phone support, and email support. You can also reach customer support via Twitter. They have offices in three locations – San Fransisco, Healdsburg, and New York City.

You can read SoFi reviews from customers below.

FAQs

Is SoFi a reliable lender?

Yes. SoFi started in 2011 and has refinanced more than $18 billion in loans. They have three office locations throughout the U.S. and has overwhelmingly positive reviews.

What types of loans does SoFI offer?

SoFi offers personal loans, student loans, mortgages, credit cards, investing, and more.

How much can I borrow with SoFi?

SoFi offers personal loans of up to $100,000 depending on your state.

What does SoFi do?

SoFi offers a range of lending products, including SoFi loans, SoFi morgages, and SoFi student loans.

Disclaimer:

Fixed rates from 7.99% APR to 22.73% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/1/22 and are subject to change without notice. Not all rates and amounts are available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates are reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from savings, checking, or other accounts. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings, checking, or SoFi Money account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To qualify for an additional 0.25% APR direct deposit discount you must: (1) set up autopay with SoFi Money within 20 days of the funding of your loan, AND (2) setup payroll direct deposits of at least $1,000/mo to SoFi Money within 35 days of the funding of your loan. If you do not set up autopay with SoFi Money within 20 days of the funding of your loan, AND set up payroll direct deposits to SoFi Money within 35 days of the funding of your loan you will not be qualified for this additional 0.25% direct deposit discount. Once qualified, you will receive this additional 0.25% direct deposit discount during periods in which you have direct deposits of at least $1,000/mo turned on with your SoFi Money account.  This additional direct deposit discount will be lost during periods in which you have turned off direct deposits for your SoFi Money account. You are not required to enroll in autopay or direct deposits to receive a loan from SoFi. The Direct Deposit Rate Reduction excludes members from receiving the $100 SoFi Money® direct deposit promotional program. **SoFi customers (“members”) may be eligible for a Member Rate and/or a $500 Loan Processing Fee Discount ($1,495 Non-Member) on certain loan types if they meet the eligibility criteria and any other applicable terms and conditions. SoFi reserves the right to discontinue or modify the Member Rate and/or Loan Processing Fee Discounts at any time and without notice. Such changes or modifications will only apply to applications begun after the effective date of the change. SoFi Money® is a cash management account, which is a brokerage product, offered by SoFi Securities LLC. Member FINRA / SIPC. Neither SoFi nor its affiliates are a bank. SoFi Money Debit Card issued by The Bancorp Bank.

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Reviews of SoFi

SoFi is rated 60 out of 300 companies in total rating and got an average review score of 4.7 based on 23 reviews. Their weakness is Flexibility & Terms and their strength is Support & Service.
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reviews | October 3, 2022
General Review
Upsides
very good
Downsides
very bad
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AH
Alexis Húaicxin Húa 1 review | September 27, 2022
General Review
Upsides
I almost lost about $225k of my inheritance funds to a self acclaimed broker I met through Telegram and promised me a 35% return on every of my investment including bonuses. I quickly invested because I was seeking financial freedom not knowing I was only trying to enrich someone else. I was denied withdrawals after I already invested demanding for more fees before I could take out my profit and my capital then I knew I’ve been cheated immediately I came online to find an expert who deals with fund retrieval then I found Hackwest{at}writeme[.]cOm who was able to get back my funds completely without asking for upfront payment, then I got to know legitimate recovery team still exist cause I’ve read reviews of the fake ones. Avoid being burnt again and get connected to the West now! The best fund recovery firm.
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AS
Austin Scott Miller 1 review | September 1, 2022
Credit Card Review
Upsides
I see several emails here about credit repair, I am not sure if all these emails can actually pull the job. Regardless I got my credit fixed 2weeks ago by JEFFCLOUDCREDITSOLUTION dot GMAIL dot COM. This is the only email contact I am sure of 100% that can easily get rid of negative items on your credit report.. Good luck guys
Downsides
I see several emails here about credit repair, I am not sure if all these emails can actually pull the job. Regardless I got my credit fixed 2weeks ago by JEFFCLOUDCREDITSOLUTION at GMAIL dot COM. This is the only email contact I am sure of 100% that can easily get rid of negative items on your credit report.. Good luck guys
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A
arjunsivag 1 review | September 1, 2022
General Review
Upsides
reliable
Downsides
nothing
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M
Mikki 1 review | September 1, 2022
General Review
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JC
Jessica Cox 1 review | September 1, 2022
General Review
Upsides
I appreciate the follow up and the offers i receive in the mail! They are a very credible company.
Downsides
no negative things to say
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PR
Phillip Rutan 1 review | September 1, 2022
General Review
Upsides
Great and all my questions was answered!i wanted to no how this worked and it seems eazy but headstrong
Downsides
-
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eric_chavez 1 review | August 25, 2022
General Review
Upsides
Being able to handle people’s problems efficiently and effectively is a thing worth gratitude in every ramification. What XAP CREDIT SOLUTION did for me and my family is immeasurable, I had a very poor FICO of 510, I had a repo, student loans, evictions and a couple of late payments. After my niece convinced me I contacted XAP and they boosted my FICO to 790 and removed all evictions, late payments and repo. I know how unbelievable this may sound but they actually gave me a reason to be happy again. If you would like to engage with their services Email XAPCREDITSOLUTION @ GMAIL .COM. They are the best and surest means of getting your credit fixed. Tell them Eric told you so.
Downsides
Nothing I can think of
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eric_chavez 1 review | August 25, 2022
Credit Card Review
Upsides
Being able to handle people’s problems efficiently and effectively is a thing worth gratitude in every ramification. What XAP CREDIT SOLUTION did for me and my family is immeasurable, I had a very poor FICO of 510, I had a repo, student loans, evictions and a couple of late payments. After my niece convinced me I contacted XAP and they boosted my FICO to 790 and removed all evictions, late payments and repo. I know how unbelievable this may sound but they actually gave me a reason to be happy again. If you would like to engage with their services Email XAPCREDITSOLUTION @ GMAIL .COM. They are the best and surest means of getting your credit fixed. Tell them Eric told you so.
Downsides
sometimes slow
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RP
Russell Padgett 1 review | July 22, 2022
General Review
Upsides
Most times I wonder if DEXFRAME CREDIT REPAIR have the slightest knowledge of how through their outstanding credit repair services, I turned my mind off committing suicide. I could not think less of suicide after my ex-wife secured a divorce and its aftermath was a terrible experience of financial crisis which made it difficult to pay off my loans and multiple credit cards bills. My credit score was ruined. DEXFRAME and his team were the GAME CHANGER; they restored my credit excellently, raised my credit score to 785, my debts were paid off, all derogatory marks and negative items were deleted. No better way to appreciate DexFrame than making this review available to Americans. Contact: DEXFRAMECREDITREPAIR@GMAIL.COM
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No downsides
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