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Personal Loans Review

SoFi Personal Loans Review

SoFi can provide up to $100k of funding with no loan fees

By Jacob Wade

Updated November 16, 2022

The truth is verified by Maddy Simpson

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SoFi

The Investopedia Rating 4.9

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Our Take

SoFi offers personal loans with favorable terms, low fees, and the option to obtain pre-approval. But, certain applicants could have to wait for approval which can last up to 2 weeks, and credit requirements may be steep.

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Pros & Cons

Key Takeaways

Company Overview

specifications

Pros

No loan charges

Low rates

Loans up to $100,000

Unemployment protection available

Cons

Co-signers not available

The minimum loan amount is $5,000

High credit requirements

Why Trust Us

Lenders reviewed

Loan features considered

1,520

Data points are studied

112

Primary data sources employed

Investopedia has gathered key data points from several lenders to pinpoint the most crucial factors for the borrowers. We used this data to analyze each lender’s charges access, availability, repayment terms, and other aspects to give complete, objective reviews that help our readers have the best borrowing option to meet their requirements.

Read our Full Methodology

SoFi

overall score 4.9

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Table of Contents

Pros Explained

Pros and Cons Explained

Types of Loans

Time to Funding

Borrower Requirements

Features

Customer Service

Satisfaction of Customers

The process of applying for a SoFi Personal Loan

Alternative Personal Loan Lenders

Methodology

Pros Explained

No loan fees: SoFi does not charge any origination fees for loans that saves you many dollars compared to competitors that may be charging up to 10%. In addition, there is no prepayment, application or even late payment fees.

Rates that are low: SoFi offers rates as low as 7.99 percent for unsecured personal loans (after the autopay discount). This is close to as low as you can get for most online personal loans, so when you have good credit, you could save on interest costs when you consolidate your debts or make big purchases.

Loans up to $100,000: While most personal loan companies don’t offer anything more than $50,000 in loan amount, SoFi offers up to $100,000 for eligible borrowers.

Unemployment protection available: SoFi provides unemployment protection on personal loans which allows you to stop payments for up to three months should the job you’re working for is terminated. SoFi also offers career counseling to help you find work during this time.1

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 provide additional security to SoFi and will be responsible for the loan in the event of a default. You may apply with co-applicant, but it is similarto a co-applicant. A co-applicant is a person who apply with you and who is jointly responsible for the loan.

The minimum loan amount is $5,000: While some personal loan companies offer loans that are as low as $1000 (or less) SoFi demands an initial $5,000 loan size.

Credit requirements that are relatively high Although SoFi doesn’t disclose their minimum score for credit however, you (or the co-applicant) generally need good to excellent credit to be eligible for the SoFi personal loan.

SoFi is a good choice, particularly if in a hurry, but If your credit score isn’t in good condition, you might not be eligible. Explore the top lenders using our selection of the best personal loans.

Different types of Personal Loans offered by SoFi

SoFi offers personal loans for a variety of use cases such as:

Improvements to your home

Consolidating high-interest credit cards as well as other debts

Medical bills

Vacation expenses

Paying for a wedding

Paying for a new or used car

Loans can not be used to cover any post-secondary educational expenses or business costs. And though it goes without saying, SoFi personal loans cannot be used for criminal activities.

When you can receive funds

SoFi provides same-day financing on some applications, depositing money into the borrower’s account the same business day that the loan has been approved.

SoFi declares that “86 percent of all common SoFi Personal Loan requests, not including direct pay personal loan as well as Personal Loan refinance, from January 1, 2021 through the 1st of December, 2021 that were completed prior to 7 p.m. ET on a business day were funded the same day.”2

Borrower Requirements

To qualify to receive an SoFi personal loan you must satisfy the following criteria for eligibility:3

You must be at least the age of the majority in your state and capable of signing a legally binding contract.

You are either or United States citizen, eligible permanent resident, or non-permanent resident non-permanent resident (including DACA recipients and asylum seekers). Documentation may be required.

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

You must be employed, earn enough income via other sources or hold an offer of employment to begin within the next 90 days.

Qualify based on financial history as well as credit score and other factors

SoFi Personal Loan Features

Use your loan to pay for (almost) everything: Outside of post-secondary education and business expenses you can utilize your loan for almost any expense.

Direct Pay: SoFi pays off any credit cards you are eligible to use directly, if you choose.4 This could take up to three business days after the loan is signed.

Insurance against unemployed: SoFi will pause your payments for up to 3 months at one time should you lose your job. A total of 12 months of unemployment coverage is available over the life of the loan.

Member benefits: SoFi offers many member benefits, including rates discounts and referral bonuses. Particularly, SoFi offers a 0.125% rate reduction on personal loans to customers who have a SoFi Money account.5

Career coaches as well as financial advisors: All SoFi customers have access to 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 email to get your career and financial questions addressed by a professional.

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

Co-Signers and Co-Applicant

SoFi does not support co-signers at this time However, you are able to add a co-applicant to your personal loan. A co-applicant is jointly liable for the loan, and must live with the principal applicant unlike co-signers.

Are you dissatisfied that SoFi doesn’t permit co-signers? Take a look at our suggestions for the top personal loans that allow co-signers.

Can you refinance a personal loan Through SoFi?

Yes, you are able to refinance the SoFi personal loan with SoFi. The terms and rates might differ depending on the date the application is made, and it might not save you money compared to your initial loan.

There are a few things to take into consideration if trying to refinance your SoFi personal loan:

All SoFi loans must be in good standing.

You cannot refinance a personal loan using a co-borrower

It is required that you have paid at the very least three consecutive timely payments

You must still qualify in accordance with SoFi personal loan qualifications

Refinance a SoFi personal loan directly from your account. Be sure to read the terms and conditions and the details of your loan prior to refinancing.

Customer Service

SoFi provides support via email, phone or live chat in working hours. SoFi’s customer support hours for personal loans are from Monday to Thursday, 5 a.m. until 7 p.m. PST, and Friday to Sunday, 5 a.m. to 5 p.m. PST.

Email: customerservice@sofi.com

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

Customer Satisfaction

SoFi has been ranked as one of the top ten personal loan provider in the most recent J.D. Power Consumer Lending Satisfaction study which placed them in eighth place.7 The reviews on Trustpilot give SoFi 4.4 from five stars, and have more than 4000 reviews written. Reviews state the outstanding customer service as well as the speedy loan application process as the reasons for the top rating.8

The process of applying for a SoFi Personal Loan

You can make an application for a SoFi personal loan online by following these four steps.

1. Pre-Qualification

SoFi offers an online application to pre-qualify that lets you check your rates and loan terms without hurting your credit score. You’ll need to submit the following information:

Full name

Current address

Income information

Date of birth

2. Lending Selection

SoFi will show you the loan options you qualify for, which include rates of interest and loan terms. The terms of loans range from 24 months to 84 months. Interest rates will vary depending on the loan duration and amount you select to borrow. Select the loan to begin your complete application.

3. Submit Application

If you’ve decided to take out the loan then you’ll need to fill out your online application. It is possible that you will be required to submit various financial and identifying documentation such as:

Tax forms

Bank statements

Stubs for pay

Driver’s license

KAS

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