SoFi, which stands for Social Finance, is a direct lender offering a personalized approach to personal loans. Borrowers can access loans of up to $100,000 with flexible terms spanning two to seven years. SoFi personal loans provide competitive interest rates without origination or prepayment fees and unique benefits like unemployment protection, making it a reliable and customer-centric choice for those seeking a personal loan.
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SoFi Personal Loans Disclaimer
Fixed rates from 8.99% APR to 25.81% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 6/2/23 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.
Autopay: 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. Autopay is not required to receive a loan from SoFi.
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Web Ratings are important to consider when deciding on financial products or services. These ratings provide insights into the customer experience and serve as a helpful metric for assessing the quality of specific lenders, loan marketplaces, banks, or credit card issuers.
At DirectLendersList, our internal team takes the initiative to prepare web ratings for various financial products and services. These ratings are compiled using multiple channels to gather data from across the web, including customer feedback, ratings from reputable customer review sites, industry reputation, and other relevant data sources. Utilizing these diverse sources of information aims to provide users with a comprehensive and well-rounded assessment of the financial product or service.
The collected data is then utilized to calculate an average web rating, typically on a scale of 1 to 5, reflecting the overall customer satisfaction and experience associated with the specific offering. It is important to emphasize that these ratings are independently prepared by the DirectLendersList internal team and have not been influenced or approved by advertisers. This ensures the ratings remain objective and unbiased, providing users with reliable information to aid their decision-making process.
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SoFi, short for Social Finance, is a modern financial technology company based in San Francisco, California. It has transformed how people manage their finances since it was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. SoFi is renowned for its innovative approach to personal finance. It offers a wide range of financial products and services to help individuals achieve their financial goals and live their best financial lives.
Comprehensive Financial Services: SoFi provides a diverse portfolio of financial products, including student loan refinancing, personal loans, mortgage loans, credit cards, banking services, investment services, insurance, and more.
Modern Banking: SoFi offers a cash management account called SoFi Money, which combines the features of a checking and savings account, featuring competitive interest rates and fee-free ATM access.
Investment Opportunities: Users can access commission-free stock and ETF trading, robo-advisory services, and cryptocurrency trading through SoFi’s investment platform.
Financial Planning: SoFi offers financial planning services, connecting users with certified financial planners to create customized financial plans and strategies.
Community and Education: SoFi fosters a sense of community among its members, providing resources such as educational content, networking opportunities, and career counseling to enhance financial literacy and career development.
Online Accessibility: SoFi operates digitally, enabling users to manage their accounts, access financial tools, and apply for loans or investment products online or through its mobile app.
Innovative Underwriting: Unlike traditional lenders, SoFi considers factors beyond credit scores, such as career history, income, financial history, and education, when evaluating loan applicants.
Streamlined Application Process: SoFi simplifies the application process, often requiring minimal paperwork, making it convenient for users to access financial services.
in funded loans
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SoFi is a highly respected lender that specializes in personal loans. They offer competitive loan terms and generous borrowing limits to individuals with good to excellent credit. This makes SoFi a great choice for those who need substantial financing, as borrowers can qualify for personal loans of up to $100,000 at competitive fixed interest rates. APR rates range from 8.99% APR to 25.81%, depending on creditworthiness and the terms of the loan chosen.
SoFi loans are highly versatile, allowing borrowers to use the funds for various purposes, such as debt consolidation, medical expenses, or home renovations. These loans come with flexible repayment terms, ranging from 2 to 7 years, making them highly convenient. Many borrowers choose SoFi to consolidate their high-interest credit card debt due to the company’s transparent and fee-free lending approach. With no hidden charges or origination fees, SoFi ensures borrowers can manage their loans without worrying about extra costs.
Pros:
No Late or Origination Fees: SoFi provides some flexibility to borrowers by not charging late or origination fees.
Generous Loan Amounts: Borrowers can access personal loans of up to $100,000, accommodating a wide range of financing needs.
Co-Borrower Option: SoFi accepts co-borrowers, which can improve the chances of loan approval and potentially lead to better terms.
Membership Benefits: Borrowers become SoFi members and can access unique benefits and resources.
Rate Discounts: SoFi offers discounts that can reduce borrowing costs.
Hardship Program: SoFi provides a hardship program to assist borrowers facing financial difficulties.
Cons:
Minimum Loan Amount: Loans of less than $5,000 are not available, which might not suit those seeking smaller amounts.
No Physical Branches: SoFi operates solely online, so there are no physical branch locations for in-person assistance.
Cosigner Not Allowed: The absence of a co-signer option may make it difficult for individuals who need additional support to qualify.
High Credit Requirement: SoFi typically requires good-to-excellent credit for loan approval, making it less accessible for those with lower credit scores.
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Lender Type | Direct Lender |
BBB Rating | A+, but it is not BBB-accredited |
APR | 8.99% – 25.81%* (including all discounts) |
Credit Score | 680+ |
Loan Amount | $5,000 to $100,000 |
Loan Term | 24 – 84 months |
Origination Fees | None |
Time to Receive Funds | 1 to 2 business days after approval* |
To be eligible for a SoFi Personal Loan, you must:
• You must reach the legal age of majority in your state and be able to enter into binding contractual agreements.
• Be a U.S. citizen, eligible permanent resident, or non-permanent resident alien with the required supporting documents.
• You must reside in a state where SoFi is authorized to provide lending services.
• You must have current employment, stable income from various sources, or a confirmed job offer commencing within 90 days.
• Meet the credit and financial criteria, including a positive credit history, qualifying credit score, and favorable income-to-expense ratio.
SoFi Personal Loans offer a versatile solution for various financial needs. You can use a SoFi personal loan for a range of purposes, including:
Debt Consolidation: Combining high-interest debts, such as credit card balances or other loans, into one more manageable loan.
Home Improvement: Financing home renovations, repairs, or upgrades, such as landscaping, roof installation, remodeling, and constructing decks or patios.
Medical Expenses: Covering medical bills, dental procedures, or unexpected healthcare costs.
Relocation Expenses: Covering relocation expenses, including moving services and associated costs.
Travel Costs: Financing a dream vacation, travel adventure, or other travel-related expenses.
Wedding Expenses: Financing wedding-related costs, from the ceremony to the reception and everything in between.
Family Planning: SoFi’s loans can help cover the costs of family planning, including in vitro fertilization, adoption, surrogacy, and pregnancy-related expenses.
Real Estate: You cannot use the funds to purchase real estate, such as a home or investment property.
Business Purposes: The loan is not meant for business expenses or investments in a business venture.
Investments: SoFi personal loans should not be used for purchasing securities, stocks, or other investment assets.
Post-Secondary Education: SoFi personal loans are not designed for financing education, including post-secondary education expenses.
Short-Term Bridge Financing: These loans are not intended for short-term bridge financing or other temporary financial solutions.
Illegal and Unethical Use: You are not allowed to use the loan funds for illegal or unethical activities.
DirectLendersList is not a review site; instead, it provides a comprehensive overview of financial products and services and incorporates the Web Rating feature to assist users in making informed decisions.
Web Ratings are important to consider when deciding on financial products or services. These ratings provide insights into the customer experience and serve as a helpful metric for assessing the quality of specific lenders, loan marketplaces, banks, or credit card issuers.
At DirectLendersList, our internal team takes the initiative to prepare web ratings for various financial products and services. These ratings are compiled using multiple channels to gather data from across the web, including customer feedback, ratings from reputable customer review sites, industry reputation, and other relevant data sources. Utilizing these diverse sources of information aims to provide users with a comprehensive and well-rounded assessment of the financial product or service.
The collected data is then utilized to calculate an average web rating, typically on a scale of 1 to 5, reflecting the overall customer satisfaction and experience associated with the specific offering. It is important to emphasize that these ratings are independently prepared by the DirectLendersList internal team and have not been influenced or approved by advertisers. This ensures the ratings remain objective and unbiased, providing users with reliable information to aid their decision-making process.
To apply for a SoFi Personal Loan, follow these steps:
Autopay Discount:
• SoFi offers an autopay discount of 0.25%, allowing you to lower your interest rate by enrolling in automatic monthly deductions from a savings or checking account. This can make your loan more affordable and convenient to manage.
Direct Deposit Discount:
• You can enjoy an extra 0.25% reduction in interest rate if you set up direct deposit with a SoFi Checking and Savings account or an eligible cash management account. To qualify, you must have an open Direct Deposit Account within 30 days of receiving the loan and maintain monthly payroll direct deposits of at least $1,000.
No Origination Fees:
• SoFi is known for its fee-free approach. That means borrowers won’t encounter origination fees, which are typically charged by some lenders at the outset of the loan.
No Prepayment Penalties:
• SoFi loans do not come with prepayment penalties, allowing borrowers to pay off their loans early without additional costs and potentially saving on interest.
No Late Fees:
• SoFi takes a borrower-friendly stance by not charging late fees. While it is always advisable to make timely payments, if you need a little extra time to make a payment, you won’t face late fee penalties.
Unemployment Protection Program:
• SoFi offers an exclusive Unemployment Protection Program for personal loan borrowers who lose their jobs through no fault of their own and have a good-standing loan account.
• If approved for the program, SoFi will temporarily pause your monthly loan payments for up to 12 months to provide financial relief while you are unemployed.
• In addition to payment relief, SoFi’s professional career team will assist you in your job search efforts and help you find new employment opportunities.
Unique Member Benefits:
• Becoming a SoFi member can give you access to various financial tools and resources. SoFi hosts member-exclusive events, career counseling services, and financial planning guidance to help members achieve their financial goals.
SoFi Personal Loans offer competitive rates, flexible terms, and a range of benefits to enhance borrowing. Perks and discounts can save money, reduce costs, and provide financial protection in challenging times.
Customer Support:
SoFi offers a comprehensive customer support system to assist members with their financial needs and inquiries.
Virtual Assistant: SoFi’s intelligent virtual assistant is available 24/7 to assist members in quickly identifying and resolving issues. Whether you have inquiries about your account, require assistance with a transaction, or need information on SoFi’s services, the virtual assistant is a valuable resource to tap into.
Agent Assistance: SoFi connects you with live agents during working hours if you need personalized support or have complex inquiries. Agents are available on chat support and calls, providing real-time assistance and guidance to address your concerns.
Service Hours: SoFi provides support services throughout the week. The hours of operation for the support services are as follows:
• Monday to Thursday: 5 am to 7 pm PT
• Friday to Sunday: 5 am to 5 pm PT
Reputation:
SoFi has earned a strong reputation for customer satisfaction and trust in the financial services industry, as evidenced by various ratings and reviews.
TrustPilot Rating: SoFi has an impressive TrustPilot rating of 4.7 stars, based on the feedback of almost 7,115 reviews as of October 14th, 2023. Many satisfied customers appreciate the quick and simple application and funding processes for various loan products. However, some negative reviews focus on problems related to bank accounts, loan payments, and other products and services, which suggests areas for potential improvement.
BBB Rating: SoFi has earned an A+ rating from the Better Business Bureau despite not having BBB accreditation. This demonstrates the company’s commitment to excellent customer service and ethical practices.
The state’s serviced may change without prior notice; visit the lender’s website for up-to-date information.
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Most frequent questions and answers about SoFi Personal Loans
Yes. SoFi is a direct lender, meaning they provide loans and financial services directly to their customers. When you apply for a loan through SoFi, you work directly with the company without any involvement of a third party or intermediary. SoFi underwrites and funds the loans it offers and manages the entire loan process, from application to approval and disbursement of funds. This direct lending model allows SoFi more control over the loan terms and customer experience.
SoFi prefers borrowers with a good to excellent credit score for their loans. Although their website does not specify a particular credit score requirement, having a credit score of 680 or above can increase your chances of obtaining approval for SoFi personal loans. Remember that credit score is just one of many factors SoFi considers during underwriting. They also evaluate your income, employment history, and other financial factors before making final lending decisions.
SoFi provides personal loans that can be as low as $5,000 and as high as $100,000. However, the minimum loan amounts may be higher in certain states. For example, in Arizona, Massachusetts, and New Hampshire, the minimum loan amount is $10,001; in Kentucky, it’s $15,001.
The specific amount of money you can borrow through SoFi depends on various factors, including your creditworthiness, financial situation, and the purpose of the loan. Once you apply for a SoFi personal loan and are prequalified, you can choose the loan amount and terms that best suit your needs within their specified range. The final loan amount you’re approved for may vary based on SoFi’s underwriting criteria.
SoFi personal loans are unsecured, meaning you won’t need collateral like a home or car. Approval is based on your creditworthiness and financial situation.
You won’t be charged any origination fees when you obtain a personal loan from SoFi. This signifies that you won’t have to bear any upfront expenses or costs related to the loan’s origination. This approach makes SoFi personal loans more cost-effective and transparent, as you’ll only be accountable for paying back the loan amount and the associated interest.
Yes, SoFi offers a mobile app that enables users to access their accounts and manage various financial services while on the go. The SoFi mobile app is available for both iOS and Android devices. You can use the app to review your account balance, make payments, track your investments, apply for loans, manage your loan account, and keep track of your financial goals. It is a convenient way to stay connected to your SoFi account and access its financial products and services.
SoFi Checking and Savings:
SoFi offers an online checking and savings account that comes with a host of benefits like no account, overdraft, or minimum balance fees. Members can earn up to 4.50% APY on their savings balances and enjoy the convenience of early direct deposit. Additionally, the account provides up to 15% cashback on purchases made at local establishments using the SoFi debit card.
SoFi Credit Card:
SoFi Credit Card offers unlimited 2% cash back rewards on every purchase and has no annual fee. It’s designed to simplify your credit card needs with straightforward rewards.
SoFi Insights:
SoFi Insights provides a financial dashboard that allows you to track your money like a champion. It helps you connect and view your accounts in one place, create budgets, review spending habits, and provides a free credit score monitoring feature.
SoFi Invest:
SoFi Invest is an all-in-one investing platform that’s easy to use. It offers options like trading stocks and ETFs, investing in IPOs at IPO prices, automated investing, and even trading cryptocurrencies. You can get up to $1,000 in stock when you fund a new account.
More ways to invest — all in one place: Under SoFi Invest, there are several options
• Active Investing: Trade stocks and ETFs with zero commissions. You can also participate in upcoming IPOs and buy fractional shares for as little as $5.
• Crypto: Trade a variety of cryptocurrencies safely and securely. Get up to $100 in Bitcoin for your first trade.
• Automated Investing: If you’re unsure where to start, you can set your risk tolerance and goals, and SoFi will create and manage a diversified portfolio for you with no management fee.
• Retirement Accounts: Save for retirement with different types of IRAs (Traditional, Roth, and SEP IRAs) and access a broad range of investment options, member services, and planning tools.
Student Loan Refinancing:
SoFi is a top-tier provider of student loan refinancing. They offer competitive rates for both fixed and variable-rate loans, which can help borrowers save thousands of dollars by refinancing their federal and private student loans. SoFi does not charge any application fees, origination fees, or prepayment penalties. Moreover, they offer a range of refinancing options such as Medical Resident Refinancing, Parent Plus Refinancing, Medical Professional Refinancing, and Law & MBA Refinancing, making it easier for borrowers to choose an option that suits their specific needs.
Mortgages:
SoFi provides home mortgage loans and mortgage refinancing solutions with highly competitive rates. They offer both fixed-rate and adjustable-rate mortgages, thus making homeownership more accessible. They provide a range of options for buying or refinancing a home, including Mortgage Loans, Mortgage Refinancing, Cash-Out Refinance, Jumbo Loans, Home Equity, FHA Loans, and VA Loans.
Private Student Loans:
SoFi offers a wide range of Private Student Loans that cater to various educational needs. They provide flexible and fee-free student loans to assist students and parents in covering college expenses. SoFi has options for undergraduate, graduate, law school, MBA, and health professions. With easy prequalification, no hidden fees, opportunities to earn rewards, a six-month grace period, customizable repayment options, and rate discounts, SoFi ensures that financing your education is smooth and tailored to your needs.
SoFi Protect:
SoFi Protect offers a variety of insurance options, including cybersecurity coverage through Blink℠ by Chubb®, providing up to $10,000 in protection against threats like identity theft and cyber extortion. SoFi also provides auto, life, homeowners, and renters insurance to safeguard your vehicle, financial well-being, loved ones’ financial future, home, personal belongings, and liability coverage. It’s a one-stop solution to cover what matters most to you.
SoFi at Work:
This service allows employers to offer SoFi financial products and services as part of their benefits package.
Small Business Financing:
SoFi provides small-business loans, making it easier for entrepreneurs and small business owners to acquire the capital they need to expand their businesses. You can access various financial products and services through the Lantern marketplace powered by SoFi. Whether you require working capital, equipment financing, or any other financial support, SoFi is a valuable resource to explore for your small business financing needs.
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