SoFi has been providing customers with unsecured personal loans since 2011 and has earned a spot on our list of the best personal loans. In this guide, you’ll find a complete overview of everything you need to know to decide if a SoFi loan is the right option for you.
Summary
SoFi: Best Online Lender for Personal Loans
If you need fast funds for personal use, SoFi offers benefits that other lenders don’t, such as 60-second rate checking, same-day deposits, and seven-day customer service. SoFi provides loans up to $100,000, and if you don’t qualify on your own, the lender allows you to add a co-borrower (though that could increase approval times by a week or two).
These benefits are part of why Money named SoFi the best online lender for personal loans.
Here’s a closer look at the pros and cons of getting a loan through SoFi.
SoFi personal loans pros and cons
- Fast financing, on the same business day
- Consider alternative credit data
- No penalties for being late
- High minimum loan amount
- Unable to remove co-borrower
The professionals explained
Below is an overview of the main benefits that SoFi personal loans have to offer.
Fast financing, on the same business day
SoFi’s streamlined application process allows you to apply and get approved for a personal loan online in minutes. You can do this via the website or mobile app. The company also uses easy credit to give you a pre-approved rate without impacting your score.
Once everything is finalized, SoFi can transfer the funds to your bank account the same day. This is a huge benefit for people who need quick access to funds. Plus, you can get up to $100,000, which is more than many lenders with same-day financing. Please note that this only applies to loans with individual borrowers, not those with co-applicants.
Consider alternative credit data
Many lenders only consider traditional credit data, namely your credit score, to determine whether they will lend to you.
On the other hand, SoFi has no strict minimum credit score requirements. Instead, it considers a variety of information about your personal finances to determine your creditworthiness, including cash flow, employment history and how financially responsible you have been.
However, to get the most attractive loan terms possible, it is advisable to have good to excellent credit, more specifically a FICO score of 670 or higher.
No penalties for being late
SoFi is one of the few personal lenders that doesn’t charge late fees if you’re late paying your monthly bill. (Of course, there are still consequences to not paying your loan on time, namely, it will hurt your credit.)
Cons explained
SoFi personal loans have many advantages, but you should know their disadvantages as well.
High minimum loan amount
Unless otherwise required by state law, the minimum amount you can borrow from SoFi is $5,000. This amount is much higher than other lenders, which may have loan options ranging from $500 to $1,000. Don’t borrow large loans if you don’t need them. Consider using another lender for smaller amounts.
Unable to remove co-borrower
Having the ability to add a co-borrower to help you qualify for a SoFi loan is a plus, but keep in mind that you can’t remove them once they’re on the loan (unless they pass away). You will both be responsible for the debt until it is paid in full.
SoFi Personal Loan Offers
SoFi personal loans can be used for several reasons, such as credit card debt consolidation, home improvement projects, medical expenses, and more. (Note that you can’t use personal loans for higher education – SoFi offers student loans for this – business purposes or real estate investments.) Regardless of what you use the loan for, there are some basics to keep in mind.
Eligibility Requirements
To meet the basic personal loan requirements, you need:
- Be at least 18 years old and be a U.S. citizen, permanent resident, or non-permanent resident with a qualifying visa
- Reside in one of the 29 states or Washington, DC, where SoFi’s consumer lending division operates
- Have a job, a job offer starting in 90 days, or sufficient income from other sources
Loan conditions
APR: In many cases, SoFi personal loans have lower fixed rates than other lenders and typical credit cards. Personal loan rates range from 8.99% to 29.49% APR, including all available discounts.
However, APRs can vary based on several factors, including your credit score, loan amount, and repayment terms. If your credit score is below 670, we recommend checking out our guide to the best bad credit loans or considering applying with a co-borrower.
Loan amounts: SoFi gives you the ability to borrow a minimum of $5,000 (depending on state limits) and a maximum of $100,000. You can choose the payment term you want, from two to seven years.
Commissions
SoFi does not charge prepayment penalties or late fees like many other lenders. That said, there are still consequences for late payments, such as accruing interest and a tainted credit report.
There are technically no origination fees required, as SoFi gives you the option to pay a one-time origination fee of up to 7% of the loan amount to lower your interest rate.
Discounts on loans
SoFi has two ways to eliminate a combined 0.5% APR from your personal loan.
- Automatic payment: By choosing to automatically withdraw your monthly loan payments from your checking account, you can receive a 0.25% discount.
- Direct Deposit: Those with SoFi bank accounts can receive an additional 0.25% APR discount if they have at least $1,000 directly deposited into their account each month.
How to apply for a SoFi personal loan
The first step is to prequalify and find out your rate. Prequalification can take up to 60 seconds and is performed with a soft credit pull. Once you choose to proceed with the loan and choose the loan term – between two and seven years – SoFi runs a credit check. Once signatures on all documents are finalized, funds can be transferred to your account within one business day.
SoFi personal loans financial stability
When you’re considering a personal loan, you need a lender with a solid financial standing. SoFi is a reputable lender that has been in business for over a decade and is backed by major investors such as SoftBank and Silver Lake. This investment provides SoFi with a solid financial foundation and allows the bank to offer competitive rates and features.
Accessibility to SoFi personal loans
SoFi makes it easy for anyone to apply for a loan online. Customer service representatives are not available 24/7, but are accessible every day of the week. Below is more information about SoFi’s customer service and experience.
Availability
SoFi customer support for personal loans is available Monday through Thursday from 5:00 am to 7:00 pm Pacific Time and Friday through Sunday from 5:00 am to 5:00 pm. Having customer service representatives available on weekends is a useful feature that many providers don’t offer. You can also chat with the virtual assistant at any time. This assistant should be able to give you answers to the most common questions.
(This program does not apply to personal loan applications. You can apply for a loan online at any time and get your rate in minutes.)
Contact information
You can contact SoFi’s Personal Loan Support team by phone at 855-456-7634 or use the 24/7 online chat once you set up your account. With online chat you will first speak to the virtual assistant, who can connect you with a representative if necessary.
SoFi has no physical branches, but you can use this address if you need to contact the company by mail:
SoFi Lending Corp. or an affiliate Personal Loans
PO Box 654158
Dallas, Texas 75265-4158
In addition to these contact options, you can also tweet at the company by tagging @SoFiSupport.
User experience
On TrustPilot, SoFi has over 8,000 user reviews and a rating of 4.6 out of five. On the Better Business Bureau website, SoFi has an overall grade of A+, with a customer review rating of 1.61 out of five. The company is not BBB accredited.
SoFi Personal Loan Customer Satisfaction
Online reviews rate SoFi four out of five stars on many sites and an A+ with the Better Business Bureau. One of the main positive comments about SoFi personal loans is the quick and easy application and approval process.
SoFi also ranked third out of 18 lenders in J.D. Power’s 2023 U.S. Consumer Lending Satisfaction Study, which rated personal lenders on customer satisfaction with loan application processes, loan management, purchases and loan conditions.
SoFi Personal Loan FAQs
Are SoFi Personal Loans Legit?
Yes, SoFi personal loans are legit. This company has been around since 2011 and offers customers fast approval personal loans and other financial products.
Is SoFi good for personal loans?
YES. SoFi offers competitive rates on personal loans. You can borrow up to $100,000. Additionally, the application and approval process is much faster than that of many other lenders, making it a great option for people who want to get funds quickly.
Can you have 2 SoFi personal loans?
YES. The only thing you need to do to qualify for a second personal loan is to make three consecutive on-time payments on your first loan. Then you can request the second one.
How we rated SoFi personal loans
To provide a comprehensive review of SoFi personal loans, our methodology considers the following factors:
- Interest rates and fees
- The ease of the application process
- Special offers
- Benefits for customers
- Customer reviews
- User experience of the website and any associated apps
Money SoFi Personal Loans Review Summary
SoFi is a great option if you’re looking for quick financing and have an excellent credit history. You can borrow up to $100,000 and receive the funds the same day you get approved. Users of review sites mention this quick process as the main advantage.
To get these benefits, however, you need a good credit score, generally 670 or higher. If you have a score in this range and are looking for a personal loan, you should find out the rate you would get from SoFi. The application is free and will not affect your credit history.
Finally, if you don’t have a great score, don’t worry. You have the option to apply with a co-borrower.