SoFi Personal Loans Reviews (July 2020) | Personal Loans

Highlights
Community Rating	Mostly recommended
APR (Fixed APR)	5.99% - 16.19%
Loan Amount	$5,000 - $100,000
Loan Term (Months)	24 - 84 months
Number of Reviews	80

SoFi Personal Loans Review

SoFi Personal Loans is offered by SoFi, a marketplace lending platform founded in 2011 and based in San Francisco, CA. SoFi Personal Loans is available in 49 states (and Washington, DC).

Key takeaways

Fast access to cash. In some cases you can get your money within 1 business day.
Good credit required. You will need a credit score of at least 680 to qualify for SoFi Personal Loans.
Large loan amounts. You can apply for loan amounts of up to $100,000 with SoFi Personal Loans.
No origination fee. SoFi Personal Loans does not charge a loan origination fee.
No late fees. Missing a payment can seriously damage your credit, but SoFi Personal Loans will not charge additional fees if you miss the due date on a payment.
Super long loan terms. SoFi Personal Loans offers loan terms of up to 84 months. Most personal loans have a maximum term of 60 months.

SoFi Personal Loans Pros and Cons:

Pros	Cons
Low APRs available to qualified borrowers. $0 prepayment fee. $0 origination fee. Fast funding.	Only considers applicants with good credit. No co-sign option.

What rates and terms does SoFi Personal Loans offer?

SoFi Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does SoFi Personal Loans offer?

SoFi Personal Loans offers a fixed APR personal loan product that ranges from 5.99% APR up to 16.19% APR. Rate is quoted with autopay discount*.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via SoFi Personal Loans?

Loan amounts start at $5,000 and go up to $100,000.

What can a personal loan from SoFi Personal Loans be used for?

Personal loans from SoFi Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.

What is the maximum loan term you can get with SoFi Personal Loans?

SoFi Personal Loans offers personal loans with terms ranging from 24 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

SoFi Personal Loans Rates & Terms
Loan Amount	$5000 - $100000
Loan Term	24 - 84 months
APR	5.99% - 16.19% Rate is quoted with autopay discount*

What fees does SoFi Personal Loans charge?

Does SoFi Personal Loans charge an origination fee?

SoFi Personal Loans does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does SoFi Personal Loans charge a late fee?

No, SoFi Personal Loans will not charge you a late fee..

Does SoFi Personal Loans charge prepayment fees?

No, SoFi Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

SoFi Personal Loans Fees
Origination Fee	0%
Prepayment Fee?	No
Late Payment Fee	N/A

What do you need to qualify for SoFi Personal Loans?

Applicants with a credit score of at least 680 and up to 850 are eligible for SoFi Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

SoFi Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. SoFi Personal Loans only considers borrowers who are employed. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via SoFi Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by SoFi Personal Loans. Permanent resident / green card holders are also eligible to apply. Not all companies will work with visa holders. SoFi does offer its services to temporary resident visa holders such as F1 or H1B holders.

To qualify, applicants may need to provide the following documentation:

Applicants must have an active and valid personal checking account
Recent pay stubs
Proof of income
Driver's license
Proof of citizenship or residence permit

SoFi Personal Loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Co-borrowers Individual Applications
Credit Score	680 - 850

What is the estimated funding time for a personal loan via SoFi Personal Loans?

SoFi Personal Loans will typically approve (or deny) a loan application within 1 hour and fund personal loans within 7 business days of approval.

Does SoFi Personal Loans report your account activity to credit bureaus?

SoFi Personal Loans reports your account activity to the following credit reporting agencies:

Equifax
Experian
Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

SOFI PERSONAL LOANS Disclosure: *Personal Loan Disclaimer Fixed rates from 5.99% APR to 16.19% APR (with AutoPay). SoFi rate ranges are current as of July 10, 2020 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, 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.

SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Contact

Headquarters
234 1st Street
San Francisco, CA 94105
(855) 456-7634
Visit Site

Hours of Operation

Sunday 4:00am - 5:00pm
Monday 4:00am - 9:00pm
Tuesday 4:00am - 9:00pm
Wednesday 4:00am - 9:00pm
Thursday 4:00am - 9:00pm
Friday 4:00am - 5:00pm
Saturday 4:00am - 5:00pm

Other Services by SoFi

Banking

Investment

Mortgage

Refinance

Message From SoFi

*Personal Loan Disclaimer Fixed rates from 5.99% APR to 16.19% APR (with AutoPay). SoFi rate ranges are current as of June 26, 2020 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, 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.

Availability

Available in 49 states and Washington, D.C.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Washington, DC
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

Feature Breakdown

No Origination Fee
No Prepayment Fee
Origination Fee ($)	$0
Origination Fee (%)	0%
No Late Fees

SoFi Personal Loans Community Reviews

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Checking Account Required
Cosigner Optional
Employment Statuses Considered	Employed Full-Time Employed Part-Time Other Retired Self-Employed
Immigration Status Considered	U.S. Citizen U.S. Permanent Resident U.S. Temporary Resident Visa Holders
Joint Loan Applications Accepted	Co-borrower Individual Applications
Military Status	Active Duty Military Military Dependent Non-Military Veterans
Minimum Age	18
Supported Income Types	1099 Misc. Income Direct Deposit (W2, SSA, SSDI) Payroll Check or Prepaid Card
Verification Documents Required	Proof of Income Recent Pay Stubs Driver License (or other photo ID) Proof of citizenship/residence (Green Card)
Credit Score Range	680 - 850 850 300 680

Approval Speed	1 hour
Credit Bureau Reporting	Equifax Experian TransUnion
Funding Time Range	1 - 7 days
Payment Options	Automatic Payments Check by mail Credit/Debit Card
Pre-Approved Soft Credit Inquiry

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