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SoFi Review
Reviews 4,421
SoFi
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SoFi
SoFi
Excellent
Reviews 4,421
Sally Herigstad
Nov. 02, 2021
2 min read
Sally Herigstad
SoFi summary
SoFi is an online student loan refinancing company, with over 375,000 members who have refinanced over $30 billion in student loans. SoFi offers approval within minutes and funding of your current loans within 7 to 15 days. Student loan refinancing is recommended for borrowers who qualify for lower interest by refinancing than on their current loans.
Pros
  • Fast, online loan approval and processing
  • Loan deferment options for borrowers in graduate school
  • Available in 50 states plus the District of Columbia
  • No application or origination fees, no prepayment penalties
Cons
  • Borrowers don’t qualify for federal loan benefits
  • Bar loans are not eligible for refinancing

SoFi at a glance

4.4
Editorial score

Online experience

Has learning resources, access to rates, mobile app
5.0

Customer services and support

Award winning
5.0

Repayment flexibility

Offers multiple repayment plans- but no special repayment programs
4.0

Loan Types Covered

Covers most student loan types
4.0

Eligibility

Doesn't cover bad credit, low income borrowers
4.0

SoFi SoFi View Rates

Suitable For?

SoFi loans are suitable for borrowers with higher interest student loans and with fair to excellent credit scores. Some borrowers with federally held loans may choose not to refinance in order to remain eligible for benefits applicable to federally held loans.

Loan Features

SoFi offers student loan refinancing with the following features:

  • Variable-rate APRs from 4.99% (with autopay)
  • Loans with minimum size of $5,000 and up (higher in some states)

The Application Process

Click “Find My Rate” on the SoFi website, answer a few questions, and have SoFi tell you if you’re qualified before you fill out a complete application.

SoFi shows you the rates and terms you can choose from. You can choose between a lower monthly payment, or paying off your loan faster and saving on total student loan interest.

You’ll upload screenshots of your information, and sign your paperwork electronically.

Within about 7 to 15 days, funding is sent to your current student loan servicer to pay off your loans. Your first loan payment on your SoFi loan is not due until 30 to 45 days after your previous loan is paid off.

Loan Eligibility Requirements

To qualify for a loan from SoFi, you must meet certain requirements, including:

  • Be employed, have sufficient other income, or have an offer to start work within the next 90 days
  • Have graduated with an associates degree or higher from a Title IV school
  • Be a U.S. citizen, permanent resident, or visa holder
  • Be age 18 or older
  • Meet underwriting standards, including financial history and credit score

If you don’t meet the employment, credit score, or U.S. citizen or residency status requirements, you may still qualify if you have a cosigner who meets these requirements.

Repayment Terms

SoFi offers loans with repayment terms of 5, 7, 10, 15, or 20 years. When considering your loan term choose the monthly payment you can afford that still helps you pay off your loan as soon as possible.

How Safe Is It?

Sofi maintains administrative, technical and physical safeguards to protect your personal information that you provide on their website. You use an encrypted password to access your account and help keep your information safe. 

Your information is stored on servers and in facilities that only selected SoFi personnel and contractors can see, and they encrypt all data you submit through the website using Transport Layer Security (TLS) to prevent unauthorized access.

Help & Support

For questions about student loan financing or help making your application, call 1-(855)-456-7634. Phone support is available Monday through Thursday from 5:00 AM to 7:00 PM PT, and Friday through Sunday from 5:00 AM to 5:00 PM. Or you can chat with Money Support online.

After your loan is complete, you can call SoFi’s servicing agent MOHELA at 1-(877)-292-7470 with any questions about your loan.

Summary

If you’re looking to refinance your student loans, SoFi could be a good place to start. You can apply for refinancing online and see the rates you qualify for in minutes. Within about 1-2weeks, SoFi can pay off your old student loans. You have at least 30 days after your old loans are paid off before you are required your first payment on your SoFi loan.

Physical Address

234 1st Street

San Francisco, CA 94105 

SoFi SoFi View Rates

Disclaimers

Fixed rates range from 4.49% APR to 8.99% APR with a 0.25% autopay discount. Variable rates from 4.99% APR to 8.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR 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. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Sally Herigstad
Written by
Sally Herigstad
Sally has been writing about personal finance since 1998 and is the author of “Help! I Can’t Pay My Bills” (St. Martin’s Griffin). She is a licensed real estate broker in Washington state and a retired certified public accountant. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about SoFi
SoFi
Excellent
Reviews 4,421
on
Excellent
79%
Great
6%
Average
3%
Poor
2%
Bad
10%
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sharon johnson
16 hours ago
Fast and easy process.
Fast and easy process.
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petra allen
16 hours ago
So-FI
So-FI, is a very professional organization; who appears to care about quality service. They got my loan don in a timely manor, and funded the loan within a short period.
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james h
17 hours ago
Quick and easy!!
Quick and easy!!
E
erica rowley
18 hours ago
Personal Loan
It was very easy to do and the options were clear and great. I would highly recommend SoFi.
E
erik
18 hours ago
Fast and easy process
Fast and easy process compared to my local bank. Would gladly recommend SoFi to friends and family.
D
daniel shearer
20 hours ago
Awesome Experience
Very straightforward and honest. Fast, yet very thorough. Best experience ever applying for a loan.
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shane studer
20 hours ago
Super easy process
Super easy process! I needed some help paying down some debt and you guys came through unlike a lot of other companies. Thank you!
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jennifer
21 hours ago
Great first personal loan experience.
This is my first ever personal loan. Sofi's application process was a breeze to get through. My only complaint would be the week wait period was excruciating. It was also over the weekend, which I'm sure had something to do with the wait time. I wish they would have sent little daily updates to let me know the progress. It would have put me more at ease. I started worrying they had changed their minds and decided not to fund my loan. But, all in all, I would definitely recommend their services to a friend.
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jason
a day ago
The speed and friendly people on the…
The speed and friendly people on the phone
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a.gor
a day ago
SOFI is better!
The personal loan process was quick and funds were deposited the same day. There were NO fees like the other companies. SOFI is my new go-to whenever I need a personal loan.
K
kevin
a day ago
I've had a very good experience with…SoFi
I've had a very good experience with SoFi, The process was simple, the company is on the ball they completed all my transactions quickly.
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giovanni vacanti
a day ago
All in one day.applied approved and…
All in one day.applied approved and funded.simple process.
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ma luisa ordona
a day ago
its excellent
its excellent. the application process was so fast. in 24 hrs the application was approved
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christopher mccarthy
a day ago
Sofi gives you choices
It was very easy to use and get approvals.
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sm
a day ago
Easy process!
The online application process was very easy!
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charles
a day ago
Wasted 2 weeks of my time collecting…
Wasted 2 weeks of my time collecting personal information for a loan they never intended to give me. Filed a complaint with the BBB and FTC. Avoid SoFi for anything financial.
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tracey parker
a day ago
SoFi! Quick and Easy
Quick and easy, no hassle
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ken vermurlen
a day ago
The application process was straight…
The application process was straight forward and easy and loan process was quick, it’s been just two days and now just waiting to see my loan amount in the bank
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gregory page
a day ago
The experience was quick and easy
The experience was quick and easy, with basic documents request, immediate responses from Sofi, and a quick decision to lend.
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deneen sheridan
a day ago
Sofi Loan process
The online loan process was very easy and fast, the loan was funded quickly.
J
jason spiegelman
a day ago
Easy application process
Easy application process. Customer service was there if needed and not pushy at all. Communication was great throughout the process.
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bob from tex
a day ago
How fast and easy it was.
How fast and easy it was.
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tanya
2 days ago
Quick and Thorough Application Process
My application process was quick and seamless. The representatives that I spoke to were all friendly and efficient.
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kyc
2 days ago
Very Poor Feedback
No one at So Fi including the manager was able to explain their underwriting process to me. All I wanted was to see what numbers they used to deny my loan application. The people I spoke to were completely clueless and had NO banking knowledge I have been applying for loans for over 40 years and my FICO score is at the Max. I will not use them again and will use the traditional bricks and mortar banks
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rena gerckens
3 days ago
House repairs
Was very easy to get a quick loan needed for a hot water heater.
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angie m
3 days ago
Easiest loan application
This was the easiest loan process I have every had. I was approved and got a very good rate. I am so happy this helped me tremendously. I will be using again.
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terrence berman
4 days ago
Easy to navigate
Easy to navigate , very helpful support staff, and the whole process felt personally tailored to me and I felt important.
M
mark dyess
4 days ago
Funded today
Funded today. Communications back and forth and documents requested have been very amicable and smooth. Highly recommend So Fi.
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delilah martinez
4 days ago
The entire process was super easy
The entire process was super easy! I qualified for more than what Credit Karma had projected. The APR is very reasonable and I would recommend this process to anyone! :)
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lynn o.
4 days ago
The approval process was quick and…
The approval process was quick and painless.
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aaron herndon
4 days ago
I was able to be approved and have the…
I was able to be approved and have the money in my bank within 4 hours! The whole process was a breeze and I was able to do it all from my phone.
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fred williams
4 days ago
Easy and quick
Easy and quick. You made it really simple for the customer and that more then anything is what I like.
R
rich
4 days ago
Simply put
Simply put, I love Sofi and thanks for helping me with consolidating everything with a rate I could deal with.
R
reviewer
4 days ago
Bank-Verification Hypocrites
Sort of hypocritical, huh? Won’t accept another bank’s ACH form (to verify an external bank account) because the voided check on that form doesn’t have the account information on it, but SoFi’s own ACH forms also have a fake voided check without account info on the check image itself …
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jessie roberts
4 days ago
Jessie's Experience
My experience was very smooth and simple when Sofi process was fast and straight to the points in questions and the represent or customer service was there with a helping hand and ensuring that the loan went smooth. I wasn't sure I was going with another loan company after Lending Club but Sofi was more swift and faster
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eric simon
5 days ago
Fast Approval and Disbursal
Fast Approval and Disbursal, no fees, and my final rate was actually two points lower than expected. Perfect experience all around.
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thomas terrell
5 days ago
Getting a loan from SoFi was very easy…
Getting a loan from SoFi was very easy and stress free. I was able to complete the whole loan process on my I Phone. I completed my application on a Monday and I had my loan funds in my bank by that Friday.
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jeffrey morris
5 days ago
What made my experience great was how…
What made my experience great was how easy, fast, and convenient the entire process was. I didn’t expect the cash so fast that was a pleasant surprise as well.
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kathy adams
5 days ago
Seamless teamwork
Seamless teamwork
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gillian lay
5 days ago
Outrageous
My bank account has been frozen. I don’t owe anyone money, and I live a pretty boring life financially. I called three times yesterday and each time the customer service person said “Yes! Your account is frozen. Sorry, we don’t know why! And we don’t know how long it’ll last.” What?! I can’t use my debit card for who knows how long? And they “don’t do escalation” so you can’t talk to a supervisor or manager. I’ve never heard of anything like this with a bank. No answers and no access to my money? I can’t decide whether some SoFi account manager has stolen my money, or if they think I’m some nefarious person. Either way I’m leaving SoFi banking the second they let me have MY money. This is outrageous in this day and age.
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rachel rynne
5 days ago
Super fast
Super fast! User friendly and convenient
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the big cheese
5 days ago
Feel good my debt is consolidated In one spot now
The loan process was seemless and with in a day the money was deposited in my account.
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maritza walker
5 days ago
Very easy and fast process
Very easy and fast process. Between my husband and I we have used Sofi several times and the experience is always a smooth one.
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david wright
5 days ago
Great Experience obtaining a loan.
I was looking for a way to pay off some credit cards. I looked at Credit Karma and SoFi's percentage rate caught my eye. The application process was really easy to fill out. Everything from start to finish was completed in one day. My monthly payment is lower than one of the payments I was making every month. The best part is I will pay off my loan in two years. Thank you SoFi.
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marvin cohen
5 days ago
check all phases of application to make sure all good
i chatted with muriel r who discovered one document wasnt right and helped me correct. i t alked to several other agents before her and was told everything was fine. when funds kept getting delayed is when i contacted muriel r who saved the day. sofi is great and fair some agents not so much
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bill johnson
5 days ago
Easy to use and straightforward…
Easy to use and straightforward process.No hassle experience.
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gw
5 days ago
This company is awesome!
This company is awesome!! Everyone I spoke on the phone with was so helpful, professional and extremely kind. I have never seen such great customer service !! Applying for my loan was easy and was fast. I really appreciate it, you just don’t know what pressure you took off me. Thank you 🙏
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ann
5 days ago
APR Bait-n-Switch
I just noticed my APR on my personal loan is WAY higher than originally promised! In fact, it's higher than any of my credit cards!!! What kind of bait-n-switch game is this??? I could have gone Lightstream & got a loan for the same amount & had an APR of less than 8 points than my current SoFi loan. Utter crap!
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charles bollinger
5 days ago
I had a great experience
I had a great experience. SoFi personnel were very helpful working with me. I received my funds very fast with no hassle.
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paula barnes
5 days ago
Great Company
The application process was super easy and funds were deposited in a timely manner.
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gennie lynn
6 days ago
Easy and people were very helpful.
Easy and people were very helpful.
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vincent stahl
6 days ago
Awesome Bank
I switched to SoFi and have no complaints! The features of the account are awesome, especially the high APY. The app is also simple and easy to use. I love my SoFi Checking and Savings account.
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patricia bell
6 days ago
Super fast process and funding
The entire process was super easy. The website/app was very user-friendly. I filled out the application on Tuesday evening , was approved that same evening, I signed E-forms and got funding notification 24 hours later . Woke up this morning and money in my account. The best part I was able to do it all on my iPhone during non-working hours for me.
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james moret
6 days ago
This process could not have been easier…
This process could not have been easier or more pleasant. Imagine that! Applying for and receiving a loan in a day with no stress or anxiety. Unheard of. Most appreciated.
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ivy
6 days ago
Easy and Great
It was easy process and great customer service.
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christopher
6 days ago
enjoyable experience
experience went so smooth and quick. agent was pleasant to speak with and your correspondence was quick and easy to understand
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sg
6 days ago
Predatory lending
Predatory lending, not transparent in how multiple payments within a month process, Sofi staff made me feel that I could make my standard monthly payment and could make another payment towards my principle in that same month.
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victor jimenez
6 days ago
Smooth loan process
The loan process was very simple and easy to apply online.
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jc
6 days ago
Great experience
Applied at 4pm and had the funds in my account by 8pm. A+ on customer experience.
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javi solis
6 days ago
Right on time!
Right on time service! Help when I needed it!
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rachael s.
6 days ago
Easy and fast process to get a personal…
Easy and fast process to get a personal loan. Would definitely recommend and would do it again!
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larry benton
6 days ago
How to go from 5 stars to 3 stars in just over 4 years
Documents I uploaded were never found and had to be uploaded2-3 times. Communications were never answered. Sometimes doc review took 2-3 days, am semi-retired with a w2 position, social security, and drive 3 days a week for Uber. Last year I made over $75,000 but no screen allowed multiple sources of income… no processor seemed to know what to do. Did I mention FICO of 723? I have been in the lending industry for over 20 years… cannot believe SoFi has fallen so far! I did this loan 4.5 years ago and it was a 5 star experience; Maybe less spent on marketing and more on your process!! I bought a $30,000 car last year with my FICO and NO income documentation… SoFi how did you get so bad so fast?
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joanne hughes
6 days ago
Every time my husband and have used…
Everytime my husband and I have used sofi it has been smooth and easy. Customer service is always nice and eager to help ! Will definitely use sofi for the future needs.
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carol
6 days ago
Fast and Easy while paying attention to details and personalizing the experience.
The process was easy and fast. Multiple options were presented and we were able to get the terms we needed for our loan purposes.
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debbie downing
6 days ago
Illegally froze my grandson’s account…
Illegally froze my grandson’s account for over a month now! Made a mobile deposit that somehow must have duplicated and they backed it out. Why do they have the power to freeze his money over that? Their error! And Charlene Richardson was obviously calling the wrong number, as we verified his number. One email over a month ago. He’s left several messages between classes for her. Finally gets a call to say that’s why they are holding his money and she wants a copy of the front and back of his SS card! That’s illegal as hell!!! DO NOT TRUST THIS COMPANY!!!
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brent
6 days ago
I direct deposited and transferred over…
I direct deposited and transferred over $20,000 to SoFi on a new account with the promise of a sign up bonus they refused to pay out. DO NOT BANK HERE!! Their customer service is horrible and located you know where…
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lindsay brown
6 days ago
SoFi is the best!
SoFi is my favorite online banking/loan company to work with. Super easy process, easy to navigate website and insanely fast turnaround. It's really going to save me from paying crazy interest payments on credit cards for the next 25 years!!
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rosa
7 days ago
It was not a hard process to provide…
It was not a hard process to provide information requested to them and when I called, each person I spoke with was so helpful and pleasant!
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rose
7 days ago
It was just so easy!
It was just so easy, filled out the app and received approval in 1 day. Loan funded overnight. I always use SOFI for personal loans.
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harry lynn tackett
7 days ago
SoFi Loan Process - EXCELLENT!
User friendly process via email. The speed and accuracy of the loan application are encouraging and removes much of the stress of securing a loan.
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mark
7 days ago
Best loan experience EVER!
Best loan experience EVER!! Fast, fair and customer friendly service - I highly recommend this company to EVERYONE!
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steven
7 days ago
Sofi is a scam
Shut down my money account for no reason, and wouldn’t tell me why; still won’t tell me why almost a year later. Yet they kept my invest account and I can’t do anything because “oops there was an error” Not the best bank at all, keep looking if you’re considering these guys
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fernando chaves
7 days ago
Life is easier with SoFi
Easy to apply. No hidden agenda. The process was factual and all disclosures were clear and user friendly.
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sday
7 days ago
This process was too easy
This process was too easy, it almost concerns me how easy it was. Very convenient to use, dangerous for folks who might not know how to manage money/debt.
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maggie
7 days ago
The process was quick and easy
The process was quick and easy. SoFi keeps you informed of each step.
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cindy gasho
7 days ago
It says my money funded but there on…
It says my money funded but there on money in my account
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zeus zeus
7 days ago
Super Easy Process.
First of all the process was super simple, fast and self explanatory. The wait for the approval was a very short wait.
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dale kristof
7 days ago
relatively easy
relatively easy no one hassled me only issue was usiong only email to notify me you needed things
chris elias
7 days ago
Fast and easy
Fast and easy
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isaac b. pernett
7 days ago
Great service
Great service
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bruce harris
7 days ago
One of the Best decisions I've ever made!
The process was seamless and SoFi kept in touch throughout the process.
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eric williams
8 days ago
Great serviceGreat service. I just think the apr are to high
Great service. I just think the apr are to high
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greg kosmatka
8 days ago
I have been a prior customer before and…
I have been a prior customer before and I found it very simple to get a personal loan. I will say that the rate is a little higher than I prefer but it helps me to consolidate larger interest credit cards.
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veronica herrera
8 days ago
Loved how fast and easy the process…
Loved how fast and easy the process was, I did have questions from the time I got approved to the time I got it funded. I googled it and the answered were accurate. I'm happy with my rate and the process.
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kreg gunter
8 days ago
Quick and easy app process
Great experience...Fast Funding! Easy app process!
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daniel
8 days ago
The SoFi loan process was so simple and fast.
The SoFi loan process was so simple and easy to understand. I have had a lot of loans in my life, but I never had an application approved this fast. I received my funds within 24 hours at a low interest rate. I highly recommend SoFi whenever you need a loan.
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jb
8 days ago
Quick and Easy
Great experience. Easy and helped me put a few things under one payment. I'll definitely recommend
M
miller
8 days ago
Simple
Simple, quick, convenient. Excellent service. I`ll recommend SoFi to friends and family.
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ruth
8 days ago
It was easy to navigate and apply.
It was easy to navigate and apply.
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charles
8 days ago
Such ease and professionalism
Such ease and professionalism from start to finish. Applied on a Friday. Approved same day. Funded on Monday. No up front fees like 6% others wanted to charge. Thanks for making my family's life easier.
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john
8 days ago
Smooth as butter thru the whole process
Smooth as butter thru the whole process
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melissa mathews
8 days ago
Loan Application
Super fast and easy
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john r. ramsey
8 days ago
What’s does funded mean ?
Not wrong but it says my loan was funded but I have not received my deposit yet. I assume it will be tomorrow but I would think funded to mean when I get my money ???
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jewels fashion
8 days ago
it was very quick and EZ
it was very quick and EZ
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jim
8 days ago
Fast and Easy
Very easy process. Flexible options and fast approval.
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sam kc
8 days ago
Wish I could give this 0/5.
Wish I could give this 0/5. I signed with this bank due to high amount of recommendations, now Im signing up for trustpilot just to let other people know to not make the same mistake I did by signing up for this garbage. Please stay away. I've had 0 issues with any other banks, however, this bank is flooded with features that do not work. You wont receive your sign up bonus, unless you contact support everyday. Signed up for the high APY they provided? good luck getting it without contacting support again. 2x reward points? You guessed it, contact support for this too. sofi invest bonus? contact supp- just kidding, for this one you'll never get the bonus even if you contact support. Also did I mention they took 3 months just to ship out the credit card? I 100% believe they do this just so you'll miss out on the 3 months of 1 year period where you get 3% cash back. Please please please stay away for this, there are way better options.
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timothy carnes
8 days ago
The process was easy as 123
They made the process As easy As possible. You give them your information And before you know it you have a reply. It doesn't take long at all to receive your money And if you're like me and let your credit cards get the best of you can turn it into one Low monthly payment. And now most of my credit cards have a rubber band around it and are in my drawer And most of them will be cut up To keep myself out of trouble And will able to make any payments I have.
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ll
9 days ago
Questionable customer service (see other reviews)
It took them over two business days to deny my application was because they "couldn't verify (my) identity." In this day and age, how can you not be able to verify someone's identity?! The ONLY reason I found out they denied my loan is because I logged in to check the status. They didn't call or email me. They didn't call my employer. I have a credit score of 770, so I doubt that's the issue. I'm not calling them to request a review because they've already proven my business means very little to them.
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tracee b.
9 days ago
Easy and transparent process for consolidation loan - HIGHLY recommend
SoFi made the process of getting a loan to consolidate my credit card debt at a MUCH lower interest rate incredibly easy. I also appreciated the CLEAR notices along the way when the credit inquiries would and would not affect my credit rating (soft vs hard pulls). Everything was explained clearly at each step, and the documentation was written in clear and concise language.
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jf
9 days ago
Two main issues with SoFi that are…
Two main issues with SoFi that are causing me to remove all funds and accounts (I have 4 accounts with them). For starters, I have previously transferred significant amounts of funds into this account from a Chase account. Understandably, the first transfer takes a little bit to post. I was assured that was simply because it was the initial transfer, and that subsequent transfers would happen almost immediately. Not true. Attempting to make some investment moves but cannot because in 2023, SoFi is not equipped to receive funds and make them available in a reasonable amount of time. Trillions fly around the world in mere seconds, but SoFi cannot fulfill a small transfer from a much more reputable banking institution. Second, from an investment perspective, they will only allow you to buy and trade stocks they select. I was denied the ability to purchase a stock because they said it was too small and too volatile. SoFi decides for me where I can invest my money. Mind you, this is not a margin purchase. These are my personal funds that they will not allow me to invest. Stay away from SoFi. They are not a legitimate company. Nice website, catchy ads...no substance and not set up to operate like other better-established firms. My mistake for giving them a chance. Am removing all accounts and funds as we speak.