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SoFi Review
Reviews 10,125
SoFi® offers a fresh and innovative approach to lending that differentiates its services from traditional brick and mortar lenders. The company was founded by four graduate students at the Stanford Graduate School of Business in 2011. The group wanted to make a commitment to offering a service that could help graduates pay back their student loans while bypassing traditional lending institutions. From there, the concept expanded to accommodate a wider variety of borrowing needs. In the time since, SoFi has worked hard to make good on its commitment, extending over $7 billion in loans to date. SoFi offers a variety of technology driven financial lending and money management solutions including wealth management, loans, and even life insurance. Additionally, SoFi works with customers to help them achieve stability, plan for their future, and reach their personal finance goals.
SoFi takes a fresh approach to lending and is ideal if you are looking for:
SoFi does more than simply offer personal loans; it presents borrowers with several options, including student loan refinancing, mortgages, and personal loans and parent loans. Additionally, SoFi is committed to helping loan seekers develop skills to instill a sense of more responsible financial decision-making. The company offers wealth management solutions, private placements, and even provides market commentary and investment resources to help you understand the process and make better investing choices. SoFi also makes a serious effort to educate customers, providing a wide variety of resources designed to bolster your understanding of personal loans, personal finances, and different types of loan options.
Applying for a loan with SoFi is simple, and though approval can take slightly longer than with some competitors, this is related to the company’s pledge to ensure responsible lending and transparency. SoFi’s loan amounts range from $5,000 to $100,000, although the higher amounts are reserved for applicants who have credit scores over 680. SoFi's approval process is not long, but it can be expedited if you prequalify. To apply, you are required to fill out an online application, after which the company will do a soft credit pull—with no impact on your credit—and if you are approved, you will move on to a more rigorous qualification process. The online segment can be completed in a few minutes, although the full process can take slightly longer depending on your specific qualifications and credit score.
When you apply, you should have the following documentation to hand:
Once you have completed the application, you will learn if you have been approved. If so, SoFi will contact you to establish the terms of your loan. After that, your loan will be transferred into your account.
Due to its more involved qualification process, SoFi’s loan application takes a little longer than other personal loan providers in the industry. However, this comes with some benefits and advantages that make SoFi such a great choice relative to peers.
SoFi Requirements:
Additionally, eligibility depends on other factors, including your financial history, expenses, income, and career experience. One thing we were very pleased with was the company’s willingness to work with customers who have newly established credit, as it has no requirements for years of credit history. Moreover, the company does not have any restrictions on maximum debt-to-income ratios
To apply, you simply need to create an account with SoFi. The initial application process takes about 10 minutes, and once you’ve been approved, the qualification process will take a little longer, depending on your personal information.
SoFi offers fixed-rate loans ranging from APR: 8.99% - 35.49% (with all discounts).
SoFi’s rates can change somewhat depending on how you choose to pay your loans. If you opt for automatic payments, the company can offer better interest rates. Additionally, there are zero fees on any of their personal loans.
SoFi loans are primarily aimed at young professionals and recent graduates. The company’s goal of helping people deal with student loans while instilling a sense of responsible decision-making makes it a top choice if you are a recent graduate and looking to establish your credit history, refinance your student loans, or simply learn to handle your finances better. SoFi’s products are generally designed for customers who have better credit scores. Part of the reason why it can offer such competitive interest rates is its focus on customers with more proven financial track records. Furthermore, you can still apply for a loan from SoFi even if you were not recently a college student.
SoFi Mortgage
SoFi Mortgage offers three types of mortgages: 30-year fixed, 15-year fixed, and 7/1 ARM. You can pay as little as 10% down and still potentially qualify for a loan. SoFi Mortgage requires that you have great credit, typically favors high-income properties, and is currently only licensed in 29 states. Some highlights include:
SoFi Student Loan Refinance
SoFi also offers student loan refinance plans with just as competitive terms and rate options as its other services. SoFi’s creditworthiness selection process is forward-looking and takes into account a potential borrower’s education history. For that reason, SoFi believes in its customers throughout the whole loan term. Some highlights include:
SoFi places a premium on its customers’ personal information security, and works hard to avoid any data breaches. The company’s site features robust 256-bit Secure Sockets Layer technology that encrypts transferred data and includes military-grade protection. When it comes to entering personal information, SoFi asks for pertinent data only when necessary. While you are required to enter some personal information when first applying, including details such as name and address, as well as employment and education history, you only need to provide more specifics once you have been initially approved for your loan.
As part of its customer service, SoFi features a standard FAQ section to help answer common questions and queries while also providing an excellent suite of resources that are designed to help people better understand loans and personal finances. Moreover, it offers community events and assistance programs for entrepreneurs to network. You can reach SoFi via email or call its customer support on weekdays during normal business hours.
 | .20200313084911.svg "LendingClub") | |
| APR | APR: 8.99% - 35.49% (with all discounts) | 7.90% - 35.99% |
| Minimum credit score | 680 | 600 |
| Loan amounts | $5,000 - $100,000 | $1,000 - $40,000 |
| Loan term | 24 - 84 months | 36 - 60 months |
| Suitable for | Borrowers with Excellent credit | Small loans |
SoFi has impressive loan terms and a high maximum loan amount, but if you have a lower credit score LendingClub is a solid option as it accepts borrowers with credit scores starting at 600. When comparing SoFi and LendingClub, there's not much in it when it comes to minimum APR, but SoFi pulls ahead with a very low maximum APR, offering very attractive loan terms overall.
Marcus is another lender with some similar features to SoFi. It offers competitive APRs and flexible loan terms. SoFi and Marcus don't charge any fees, not even late fees. Read more about how Marcus and SoFi compare.
With SoFi, you need a relatively high credit score of 680, but there’s good news, too. The company takes a holistic view of your credit score, and examines things like your financial history, expenses, income, and career experience. In addition, the company doesn’t have any restrictions on the debt-to-income ratio, and when it checks your credit, it will do a soft credit pull, which will not affect your credit score.
There are some restrictions on SoFi loans. According to the company, you can borrow from $5,000 to $100,000 for personal, family, or household purposes, but the loans cannot be used for real estate, investment, buying securities, higher education, short-term bridge financing, or business purposes.
After you’ve finished the online application - and assuming you are approved for a loan - SoFi will contact you to put an electronic signature on a loan agreement. After signing, you should receive the funds within a few days.
SoFi does not charge origination, closing, or prepayment fees, and, as of December 2020, it does not charge late fees on personal loans.
SoFi’s has worked hard to set itself apart in a crowded industry by providing a transparent offering with a customer-first approach. Despite some small downsides, such as high minimum amounts and a slightly longer approval process, the company’s low interest rates and dedication to customer education make it a good choice when it comes to getting a personal loan. Furthermore, SoFi's efforts to teach better personal finance skills and professional development resources help in furthering your financial ambitions. All in all, SoFi is a good alternative for young professionals who are looking to build their credit through responsible borrowing, as well as aspiring homeowners or those seeking to refinance loans with unfavorable terms. SoFi presents a good choice for borrowers with strong credit scores thanks to its dedication to financial education, overall lending transparency, and strong customer-facing solutions.
234 1st Street
San Francisco, CA 94105
USA
Fixed rates from 8.99% APR to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.
SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 04/24/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at www.sofi.com/eligibility-criteria/#eligibility-personal. 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 above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and 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 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, 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.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements
to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
