SoFi Personal Loans Review – Loans Like You’ve Never Seen Before

Back in 2011, SoFi started out as a community lender for Stanford graduates with student loans. In just a few years SoFi became the number one provider of student loan refinancing in the United States. It then applied the same principles that had made its student loan refinancing so successful to personal loans. The result is SoFi Personal Loans: one of the best consumer loan products available to prime and super-prime borrowers. As of November 2015, SoFi has funded over $5 billion in loans.

SoFi Personal Loans Review

This article will provide an in-depth review of SoFi’s personal loans, rates, eligibility criteria and a particularly thorough look at SoFi’s application process.

Who Are SoFi Personal Loans Designed For?

SoFi’s personal loans are designed for people with excellent credit, a solid employment history, and high incomes. These highly-qualified borrowers are a safe bet for SoFi’s investors, which is why they receive rock-bottom rates and preferential terms.

SoFi offers personal loans of up to $100,000 and some of the lowest interest rates available. If you need a personal loan or would like to consolidate existing debt, you should try to qualify for a SoFi personal loan first. Borrowers with excellent credit who are already paying more than 10% on their credit card balance owe it to themselves to at least try to refinance with a SoFi personal loan. The savings can be huge.

What Are The Advantages Of A SoFi Personal Loan?

  • Ultra-low interest rates provide huge savings.
  • No origination fees.
  • No prepayment penalties.
  • SoFi pauses the payments of borrowers who lose their job and helps them find a new one.
  • Simple application process.
  • Variable interest rates capped at 14.95%.
  • Loan amounts range from $5,000 to $100,000.
  • Terms range from 3 to 7 years.

What Are The Interest Rates And Terms For SoFi’s Personal Loans?

As of October 2016, SoFi’s personal loan rates range from

  • 5.49% to 14.24% APR for fixed-rate loans and
  • 4.99% to 11.09% APR for variable-rate loans.
Also, read >  SoFi Student Loans Review - Loans For Super-Prime Borrowers

These rates include SoFi’s 0.25% discount for borrowers who enroll in autopay. See our SoFi Review on personal loans for current rates.

These are prime rates and terms for unsecured personal loans. To put them in perspective, Lending Club, the largest peer-to-peer online lender, charges a 1 – 5% origination fee, only lends up to $40,000 and its interest rates (as of May 2016) range from 5.99% to 35.96%.

What Is SoFi’s Lending Criteria For Personal Loans?

As with its student loans, SoFi has stringent eligibility criteria. To qualify, borrowers must have:

  • A substantial and steady income.
  • An excellent credit history.
  • A solid employment history.
  • Be at least the age of majority in their state.
  • Be a US citizen or a permanent resident.

As of September 2015, SoFi personal loans are available in all states except Mississippi, Nevada, and Tennessee.

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What Is SoFi’s Personal Loans Application Process Like?

SoFi’s personal loan application process is fast and easy to complete. The following screenshots provide a detailed guide of what you should expect when you complete SoFi’s personal loan application.

Step 1 — Provide Personal, School, Employment and Loan Information

Applicants must include their name, address, date of birth, citizenship status, the school they attended, the degrees they completed, their place of employment income and work experience. Borrowers must also specify what they are planning to use the money for.

SoFi Personal Loans Review


Step 1b — Provide Your Total Annual Income And The Purpose Of The Loan

Review SoFi Personal Loans application stage 1 b


Step 2 — Choose the Loan Amount and Type of Loan

At this stage, borrowers decide how much they want to borrow and whether they prefer a fixed rate loan, where the monthly payments never change, or a variable rate loan, which has lower interest rate that could increase in the future.

Review SoFi Personal Loans app stage 2 a


Step 3 —  Upload Documents to Verify Your Information

The third stage requires applicants to upload documents so it can verify the identity, income, address and loan information. This is particularly important if you’re using the money to consolidate credit card debt or other loans. SoFi accepts photos or scans of the documents.

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SoFi Personal Loans app stage 3 a


Step 3b — Upload Your Address and Citizenship Verification Documents

SoFi Personal Loans Review


Step 4 — Setup Disbursement and Autopay

Applicants must provide the routing number and account number of the account in which the money is to be deposited. Borrowers who want to benefit from the 0.25% interest discount must also provide the details of the bank account from which automatic debit payments will be collected.

SoFi Personal Loans app stage 4 a


Step 5 — Sign the Acceptance Package

Once SoFi approves an application, the borrower receives a loan agreement package. Borrowers must then sign it electronically for the loan to be processed.

SoFi Personal Loans app stage 4 b


How Are SoFi’s Personal Loans Better?

SoFi simply has better rates and terms than nearly every other lender. The catch is that most applicants don’t meet SoFi’s stringent eligibility criteria. Although qualifying is hard, there is nothing to lose because SoFi doesn’t do a hard credit pull until you accept a loan. Taking a peek at the interest rate you qualify for only requires a soft credit pull. It only takes five minutes.

Consider it a free way to see how good your credit is.

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Required Disclaimer
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

Personal Loans

Fixed rates from 5.70% APR to 14.24% APR (with AutoPay). Variable rates from 4.79% APR to 10.89% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2016 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.79% APR assumes current 1-month LIBOR rate of 0.79% plus 4.25% margin minus 0.25% autopay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.