Review of SoFi


  • Loans from $5,000 – $100,000

  • Offers co-sign loan options.

  • 5.74-20.28% APR

  • Interest-rate discount with automatic payments

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 5.74% 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.

Products Offered

SoFi offers the following:

  • Personal loans
  • Student loans
  • Mortgages
  • Auto loan refinancing
  • Credit cards
  • Investing
  • Small business funding
  • SoFi Relay
Chosen 13,885 times
  • Fixed 5.74% to 20.28% APR (with AutoPay)
  • Federal and private student loan consolidations
  • No charge for the first $10,000 invested
  • A social finance company

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.

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 5.74% – 20.28%.

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.

*Read the disclaimer below.

Payment Terms

SoFi offers repayment terms between two and seven 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 Club3.02,730View Company
MoneyKey3.927,722View Company
Prosper3.61,961View Company
SoFi4.513,885View 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 13,885 times
  • Fixed 5.74% to 20.28% APR (with AutoPay)
  • Federal and private student loan consolidations
  • No charge for the first $10,000 invested
  • A social finance company

Our SoFi Review


  • 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.


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.


Fixed rates from 5.74% APR to 20.28% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 1/18/22 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. The 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.

Was this article helpful?

  • Be the first one to give feedback

    How can we improve this article?

    Reviews of SoFi

    SoFi is rated 54 out of 281 companies in total rating and got an average review score of 4.5 based on 13 reviews. Their weakness is Flexibility & Terms and their strength is Support & Service.
    Customer reviews
    Filter reviews Close Icon
    All reviews
    Loan reviews
    Credit card reviews
    Sort by Close Icon
    Best rated
    Worst rated
    Most helpful
    Kelsey 7 reviews | March 28, 2022
    General Review
    Works great specially if you have good credit standing.
    Post reply
    Shanny 1 review | December 28, 2019
    General Review
    i've heard they have great customer service
    Post reply
    Kenny 1 review | December 26, 2019
    Personal Loan Review
    Their quick processing of loans,was awesome
    Well I think the company could work more on loan flexibility as some of the requirement are too stringent for me.
    Post reply
    Isabella Perkins 1 review | December 21, 2019
    Personal Loan Review
    cheapest loans and overall amazing company
    Post reply
    Mino Sami 1 review | December 19, 2019
    Personal Loan Review
    Best for Young Professionals.
    Bigger wide range of services and category of clients.
    Post reply
    Lauren Hardin 1 review | December 17, 2019
    Personal Loan Review
    I loved SoFi’s wonderful customer service, low interest rates, innovative products, and ease of use. Thanks to SoFi, I was able to save big!
    Post reply
    Danielle 1 review | July 21, 2019
    General Review
    Super fast, great rate, and the website is intuitive and user-friendly. So far, so good!
    Post reply
    Hayley 2 reviews | July 21, 2019
    General Review
    Easy process and very user friendly website. I was approved for the loan I needed in less than 15 minutes. If I ever need a loan like this again I would definitely use Sofi
    Post reply
    Jennifer Buxton 1 review | July 20, 2019
    Personal Loan Review
    On top of having a very easy process, Sofi offered the most competitive interest rates for the loan.
    Post reply
    Rusty Shackelford 1 review | July 20, 2019
    General Review
    SoFi has a very user friendly interface on their website. I was easily able to find out what I qualify for and get additional information about their loan products.
    Post reply
    Load more reviews

    Rate & review SoFi

    Not convinced?

    Visit their official website and learn more about SoFi

    We use cookies to give you the most relevant experience. By using our site, you accept all cookies and our privacy policy. To find out more about what cookies we use you can go to privacy overview