Features

SoFi's personal loan product is just one offering from this broader marketplace lender that specializes in offering loans with low rates to people with good credit scores and high incomes. 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 January 2017, SoFi has issued more than $15 Billion in loans to over 225,000 borrowers.

How Do SoFi Loans 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 low rates 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 the loan agreement electronically, 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 Rates and Fees?

Rates range from:

  • Fixed: 
    • 5.49% - 14.24% APR (with AutoPay)
    • 5.74% - 14.49% APR (without AutoPay)
  • Variable:
    • 4.99% - 11.14% APR (with AutoPay)
    • 5.24% - 11.39% APR (without AutoPay)

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

The average rate for a 5-year loan is 9.24% APR.

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 Mississippi and Nevada.

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 rate offer. If the loan is accepted a full credit check is required, which may ding your credit a little.

SoFi requires borrowers to have a good or excellent credit score. There isn't a minimum annual income, but the average salary for a SoFi borrower is $100k. 

How Is SoFi Better Than Other Lenders?

SoFi offers large installment loans at extremely low 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.

 
  • Loan Amount
    $5000 - $100000
  • Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
  • APR
    4.99% - 14.49%
  • Max Loan Term (Months)
    84
  • Credit Score Range
    660 - 850
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
    • Driver license (or other photo ID)
    • Proof of citizenship/residence
  • Approval Speed (Hours)
    1
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
  • Late Fee After (number of days)
    15
  • Late Fee Amount
    $4
  • No Origination Fee
  • No Prepayment Fee
  • Institution Type
    • Marketplace Lender
    • Other
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. (www.nmlsconsumeraccess.org). 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.
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Reviews

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0 votes

SoFi provides exceptional service, reasonable terms and streamlines the application process; unlike any other bank instituition I have dealt with in the past.~One of a kind!

0 votes

Getting a personal loan to pay off my credit cards was quick and easy. SoFi gave me a good rate and did not charge any up front fees! I would definitely recommend them to a friend.

0 votes

The entire process from loan application to review to closure was very efficient and streamlined.


0 votes

As someone who is self-employed, traditional banks gave me a hard time just to be approved for a loan despite of my having an excellent credit score and stable income, so I opted for SoFi after reading great review on them. While traditional banks would have taken at least 3 weeks until getting an approval, SoFi's process was so simple and not only that I was approved within a few days and got funded just within a few days. The entire process merely took one week. Plus there was ... no origination fee. I am quite grateful that a financial institution like SoFi exists. Highly recommended! More Less


0 votes

I have had student loan refi with SoFi for several years, their wealth product for about 1 year and I just got a personal loan with them. All three experiences have been great.

With my initial product, the student loan,I feel like they delivered on the promise to be less evil than the federal holders of my loans. Before SoFi my loans got tossed around from servicer to servicer and the process and options always felt very opaque. One of the simple things that's easy to do with SoFi/Mohela (the servicer) ... is add an additional amount I want to pay on the loan each month. This isn't a difficult feature, but one none of the three servicers I had through the federal program would provide. If I wanted to make an additional payment I had to log in monthly and create an ad-hoc request, and if I didn't specify that this amount was on top of the monthly amount then they wouldn't withdraw the scheduled payment. This is super simple with SoFi and I'm well ahead of schedule of finishing my loan payoff. I also chose variable rate with them partially because I have faith that they're not trying to maximize their profits on your loans, but provide clear and transparent financing options. My rate does change frequently, but always within a very small margin and it's clear that it's tied to the market.

I signed up for their Wealth product as part of their beta rollout and provided them feedback on how to make the signup process simpler. I kind of did it on a whim without intending to put a lot of money in, but since I never discontinued it I've been putting money away for about a year. I'm seeing much better returns on my small portfolio than I do in Betterment where the majority of my funds and stocks are and I may move all my non-investments over to SoFi.

Most recently I requested a personal loan to payoff unanticipated taxes from my first year of being self-employed. I was stressed about the taxes and even more stressed about trying to get a significant loan while being self-employed. My work is all contract based and I worried that there wouldn't be enough "guarantee" to back the loan. However, SoFi handled it all very quickly...they didn't ask for a ton of extra paperwork, they reviewed it very quickly, they got back to me with some feedback based on my submission and then we were able to proceed with the loan. They gave a very clear explanation on how they ran the numbers on my variable income and offered to discuss it if I felt like they hadn't taken everything into consideration. Despite a 'Good' credit score, I feel like traditional lenders would have made me jump through a lot more hoops to get an unsecured loan because of my self-employment status but I feel like SoFi looks at the full picture, my lending history, my investment history and my credit score and is able to make a better assessment of my reliability than traditional lenders who only check off boxed on their worksheet.

I recently attended one of their "community dinner" events and it was great too! After several years experience with the brand I really feel like they live their marketing slogans and I would definitely recommend them to any of my friends or family (and not just for the great referral bonus they offer!)
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0 votes

Even if I were not an eleventh generation God-fearing United States citizen, Army veteran, with a degree in pharmacy, who has never missed a day of scheduled work, for over 46 years, the SoFi partners would still treat me with respect and sincerely provide a fair and carefully planned evaluation.

0 votes

SoFi was fast, easy and gimmick free! The rates they offered were fair and the customer service was very good. They were true to what was listed in the mailing I received and I am very happy to have chosen them for my loan


0 votes

I read all of the comments positive and negative. Based on the rating I proceeded especially with the no commitment to see what it would cost and how much I qualified for. This service is seriously the best experience I've ever had. I was told exactly where my loan decision was. I didn't have to fill out pages and pages of information. It was fast learning the decision and it was fast getting the loan. Great great service!! Clear terms. And they asked me my education level. When doing a ... loan, I have never been asked that! I can't recommend them highly enough. More Less

0 votes

SOFI made everything easy! The process was simple and the turnaround time was amazing. I would definitely recommend SOFI to anyone I know.


0 votes

The process was quick and painless. Easiest loan process ever and I've had several over the past 25 years. I have a good credit score and was disappointed with the rate but it was still way better than my credit union. I contacted customer service after my loan approval for a couple question via phone and chat and they were fast and efficient.


0 votes

Tried applying for loan and was immediately denied even though I had credit score close to 800 and make over 6 figures in annual salary. When I reached out to SoFi to find out why I was denied, they claimed my credit report had a delinquent payment. Come to find out after researching my credit Report with Experian, I had an erroneous error on my credit report from two years ago (literally the only issue on my credit report and it wasn't real). Even with the error, ... how does someone with a near perfect credit score get denied? Unbelievable. Taking my business to LIGHTSTREAM and so should you as I can't wait 30 days for my credit report to be corrected! More Less

0 votes

Quick & easy process. Excellent rates & quick approval. Took the stress out of getting a personal loan. Highly recommend.


0 votes

They were very upfront and professional. Everything was done smoothly. No issues. Just follow the procedures carefully.


0 votes

I am not sure how simpler an application process can get than what SoFi does. Great rates and very fast process.


0 votes

I don't know how you can make borrowing any easier and quicker. A snap to apply, totally painless and very helpful with great rates. SoFi is my new hero, kudos!!

0 votes

The process was incredibly easy and fast. I couldn't be happier with the overall experience. I definitely recommend SoFi to anyone looking for lending options.

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?


1 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!


1 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

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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