Features

SoFi's personal loan product is just one offering from this broader marketplace lender that specializes in offering low-interest loans to people with high incomes and excellent credit. SoFi used to only offer loans to graduates who wanted to refinance their student loans but has more recently branched out into personal installment loans and mortgages. Although the San Francisco-based company is still a relatively new player in the business, it is already a leader in online lending. As of November 2015, SoFi has funded over $5 Billion in loans.

How Does SoFi Work?

SoFi only offers loans to people with high incomes and excellent credit. To illustrate, the average credit score of SoFi's customers is 780 and their average income is $150,000. This allows SoFi to offer very low interest loans on unsecured personal loans.

To apply borrowers must create an account. Once the information is verified, the marketplace's platform provides applicants with a selection of available loans. Borrowers then select which loan meets their needs, sign electronically the loan agreement, and receive their funds within a few days. As well as personal loans, SoFi also provides student loans and mortgage loans. 

What Are SoFi's Interest Rates?

Interest rates range from:

- 5.95% to 14.24% APR for fixed rates with autopay. 

- Variable rates have starting rates ranging from 4.91% to 10.71% APR and are capped at 14.95% APR.

These rates include a 0.25% discount for people who enroll in autopay. If you opt out of autopay, add 0.25%.

How Much Money Can I Borrow from SoFi?

SoFi offers loan amounts of $5,000 to $100,000 with loan terms of 3 to 7 years.

Which States Does SoFi Operate In?

SoFi operates in all states except Idaho, Louisiana, Mississippi, Nevada, and Tennessee.

What Is SoFi's Application Process Like?

The application process is simple but getting approved isn't. To start the ball rolling applicants must create an account and provide basic personal information and income details. SoFi then performs a soft credit pull, which doesn't hurt your credit, so as to provide a firm interest rate offer. If the loan is accepted a full credit check is required, which may ding your credit a little.

Apart from excellent credit and high income, SoFi also requires borrowers to have graduated from a university accredited by the U.S. Department of Education for student loans.

How Is SoFi Better Than Other Lenders?

SoFi offers large installment loans at extremely low interest rates to prime and super-prime borrowers. The process is simple and fast, and there are no origination fees, closing costs or prepayment penalties. Loan terms extend up to 7 years, which gives lenders the flexibility to finance large purchases. SoFi's personal loans also include unemployment protection. So if you lose your job SoFi will pause your monthly loan payments and help you find another job.

  • Credit bureau reporting
    Equifax Experian TransUnion
  • Interest APR
    4.91% - 14.95%
  • Joint loans available
  • Loan Amount
    $5000 - $100000
  • No late fees
  • Max Loan Term (Months)
    84
  • Lend to military?
  • Institution Type
    Other Peer to Peer Lending
  • Approval Speed (Hours)
    48
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0 votes

SoFi's Personal Loan was Easy...Fast...and Amazing! The entire process was completed in Less than a Week. The company keeps you informed every step of the way.


0 votes

Fast, efficient, intuitive web interaction, unbeatable rates: how can anyone not be convinced that this is the way to go?


0 votes

I don't know how some of you guys are getting through the process in 5 days and a week. You must either be borrowing bare minimum 5k or just flat out lying. I know quite a few people that have applied and been approved but are still waiting for funds for over 20 days (myself included). Word of advice, don't commit to make any payments until the money arrives in your bank account. It can take an eternity!


0 votes

A simple phone call to Sofi to find out about their program from a radio phone number resulted in a tur down letter from the credit bureaus. I never gave Sofi permission to inquire . I gave them an email address to send more info to review, Beware they will run your credit .


1 votes

Great!! I got a $20k loan and they did it super fast!


1 votes

The very best company to do business with. The whole loan process start to finish took one week. They keep you informed every step of the way. No stress all done on computer. I would recommend SOFI to anyone with good credit and looking for a stress free process for obtaining a loan. exceptional service


1 votes

The process to apply for the loan was very easy. The approval and funding was very quick. Start to finish the whole process took 5 business days... Really appreciate the ease and efficiency of their services.


1 votes

They were great to deal with and funded my loan in a couple days.


1 votes

The simplest online loan process I could have ever imagined. Efficient and timely delivery of funds and very easy to manage. Would definitely recommend to others. Giving it 4.5 - 5 stars!


1 votes

good people to work with but you will wait a long time to be approved , and even longer to receive your loan funds.


1 votes

This was a great experience for me. The customer service people were very helpful when I needed them, I was kept informed as to progress of obtaining a loan and everthing went pretty smoothly. I would definitely recommend this to others.


1 votes

Easy and quick approval! Sofi is a great comapny to work with!


1 votes

Beware. Takes 30 days or more to fund. Company is terrible at managing expectation.


1 votes

Potential customers should be informed upfront that it can take up to 30 days for a personal loan to be funded. My loan was approved on May 23 but it hasn't been funded yet.


1 votes

i am still waiting for my money Show me the money show me the money


1 votes

I had little issues with getting this loan approved, the only down side is it took 7 weeks for them to finalize my loan and it wasn't because I didn't give them what they needed or missing docs, I had given them everything needed right away. It is a long process but once finalized there was no issues with receiving the funds.


0 votes

I was supposed to sign my loan docs last night but couldn't get verified because my answers to their verification of identity questions were not right. They were right, according to the credit report but not what the final determination was. Im so devastated and I don't know what to do. If I get to that point again and do the same thing, I'll jump off a bridge!


1 votes

Smooth process. Customer service reps on the phone are good to work with. took about 30 days from application until money in my account. 2 weeks for approval notice, and 2 weeks for funding.


1 votes

Was looking for some way to consolidate 3 higher interest credit cards. Checked out a few of the other personal loan sites but none compared to the rate I was offered by SoFi. Process took a little longer than I thought but the end result was so worth it! I am definitely going to recommend SoFi to my daughter for her student loans.


1 votes

You can't beat these guys if your looking for a personal loan. Much better rates than my personal bank (Which I love). Super easy application/approval process. Easy site to navigate. Also a discount for setting up automatic payments. I highly recommend Sofi!


0 votes

I tried this loan place and it didn't help me at all..it sucks


1 votes

I've been trying to get my finances in order so I can retire in a few years and didn't have much hope until I was introduced to SoFi through an Internet article. I read the history of how SoFi was founded and what incredibly low interest rates are available, so I applied for a personal loan to pay off credit card balances. The process was easy and my loan was approved in a short period of time. SoFi's Customer Service representatives are courteous and professional which made ... the entire process go smoothly. I have since refinance my high-interest student loans with SoFi and will save thousands in interest. Now I will be able to realize my dream and retire in 3 or 4 years, thanks to SoFi. More Less


1 votes

Quick, easy application process! Courteous customer service agents make the whole process 'painless'.


1 votes

Sofi is an amazing company that sets the standard for customers to achieve personal financial freedom.

I was searching for a personal loan to consolidate 2 higher interest credit cards. Like you, I too was in the process of performing due diligence to find the right product for my particular situation just one week ago. From the very short list of providers I was considering, none held a candle to what Sofi offered. I know there are a lot of reviews that say the criteria to qualify for their loan products ... is very strict but if you have a stable income and good credit history, I wholeheartedly encourage you to apply. Review their website to find the right product for you; gather the few documents (can be uploaded in seconds) needed to submit with your online application and click submit. That's it!

The time needed from application to approval varies for each individual. My process from clicking submit to e-signing my loan documents too 4 days! I also have a student loan I will be refinancing through Sofi very soon.

If you are not sure if you will be approved, consider this...why not apply for the industry leader first (absolute best interest rates, incredible customer service and very simple process from go to finish)? You can always apply for the "others" and pay much, much more.

Here are the links for the personal www.sofi.com/refer/347/113731 and student www.sofi.com/refer/5/113731 loans.

Ask away if you have any questions. I am not an employee of the company. Just one of the newest members to the Sofi family!
More Less


0 votes

SoFi has great customer service, great rates, and incredibly easy to use interface. Other peer to peer lenders can't really compete with them on price or on supplementary services.


1 votes

Excellent rating for SoFi. I Applied on a Tuesday and I was approved the same day. I received a great rate and the money was in my bank 2 days later. The easiest transaction I have ever completed in my life.


1 votes

Great experience. Sofi is the best loan you can ever get. Good rate and prompt turn around time. Their customers service is great as well. Im giving them 5


1 votes

Shopped around with other lenders such as Lending Club, Prosper, and even my own credit union for a personal loan. I was concerned that my credit score was not going to be high enough as I had read that you need a 725 or higher on one review and was getting different numbers from different sources for my own rating (between 670 and 710). I have good employment history though (same employer 10yrs+), and was looking to just clear some credit card debt and get a lower interest ... rate. SoFi beat everyone for the rate, although the total loan amount was a little less than I was hoping for. That said I couldn't really be much happier with the experience and will certainly recommend them to anyone. More Less


0 votes

I applied for a loan in the amount of $5000 and never heard anything back from them after the initial email they sent stating I would here from them with an answer with in 72 hours. It has been almost a month and I have called several times, emailed them and used their Chat service and spoke to many different people. No answer, no resolution, and I've just been passed from person to person. Very frustrating application process and the worst customer service I've ever experienced.


1 votes

I applied for a personal loan to consolidate credit card debt and the process couldn't have been easier. I submitted the required documents on Christmas Eve and received an approval email within 2 hours. I electronically signed the loan agreement and the funds were in my account on December 28th. I'm betting if not for the Christmas holiday, they would have been deposited even sooner. Great experience and the rates are better than anywhere else!


0 votes

I started off with over $32,000 in student loan debt with an 8.5 (fixed rate) interest rate and roughly an upper 600s credit score. Sofi refinanced my loan to be 6.5% (fixed rate) for ten years saving me around $15,000. I refinanced the same loan with them again to get a lower rate and now I am at 5.99% (fixed rate) for 7 years which shaves off another $3,000. My credit scores weren't any better when I applied for the second refinance but Sofi looks at various factors in order ... to give you the best rates possible. I am just an average government worker making just over $40,000 a year. So please don't think you have to be a doctor or a lawyer making 6 figures a year to get approved. Applying with Sofi was the best decision I ever made in 2015. Plus, the customer service is awesome. Use this referral link to save even more money on refinancing your student loan with a $100 bonus! http://www.sofi.com/refer/5/42674 Interested in a personal loan instead? Use this referral link to get a $100 bonus! https://www.sofi.com/refer/148/42674 More Less


1 votes

he sofi rates are competitive. The online process is easy and you can get pre-qualified without impacting your score. I got approved in a day or so. Unlike other refinancing options this one also offers a freeze on commitments in the event you lose your income. This is reassuring. Its worth looking into, to reduce interest charges and possibly help to improve your score along the way. This is particularly encouraging as credit card rates are going to be on the upswing going forward.. Get more details here: http://www.sofi.com/refer/148/...


1 votes

Sofi just funded my 9k personal loan. Took 4 weeks.I would still give them a 5 star rating because their customer service is excellent.Best part is that my credit score is only 662. Barely 2 years credit history and my APR is fixed at 10.24%.Been a US Bank customer for 6 years and they declined me on the spot and I only asked for 6k.My income is 50k and I have 7k in credit card bedt..Anybody reading this review don't hesitate to apply.They did a soft pull on ... Experian to prequalify and then a hard pull when it app is under review.4 weeks wait really worth it. Sofi ROCKS. More Less


0 votes

Just got a 50K personal loan to consolidate my credit cards. I have so-so credit, 688 FICO, mostly due to credit balances being too high but high income. I was turned down by my credit union and an approval from Prosper personal loan came back at 30% interest. Yikes! SoFi was a reasonable 9.49% over 7 years. The process was so easy and only took 10 days to complete. I would definitely recommend giving SoFi a try!


0 votes

Great company ! I applied online and got approved in less than 24hrs waiting for my account to be funded. AWesome !!! . i will always recommend this company .


0 votes

Took weeks to get approved. Bumped up rate right before issuing docs. Good rate but a bit shady. Much better than prosper who are crooks,


1 votes

Fair and convenient. The company delivered on their promises and made the process hassle free. From application to funding was a little over four weeks.

0 votes

Sofi's personal loan is quick and easy. Truly quick and easy. In less than a week I went from applying to being funded. They usually answer the phone very quickly, Customer service is good. Rates are great.

Be careful though! Watch that APR! Right before I signed the contract, they raised by 1% the APR they had been quoting me for the entire process, and they did not even attempt to notify me of the change. I noticed too late, I had already compromised. For this reason I give them 4/5.


1 votes

I applied, approved and accepted my refinancing, but I wish I hadn't. You are better off talking to a wall than using their customer service chat or calling to speak to a representative. And the rates are outrageous! Least helpful company I've ever had the misfortune of tying myself to.


1 votes

I had heard about sofi and that I could consolidate my student loans. I wish I would've read the reviews before I tried this company, because the whole process was a nightmare. I ended up giving up after a few tries trying to get in touch with customer service. I don't even know how they stay in business.if you're looking for a loan in a hurry don't bother shopping here.

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