SoFi Personal Loans Review: For Good Credit Borrowers
- Max. Loan Amount
- $100,000
- APR
- 8.99% to 29.99% fixed APR
- Min. credit score
- 680
Our verdict
SoFi offers competitively priced loans for good to excellent credit borrowers, plus a range of member benefits and perks.
If you have a good to excellent credit score of over 680, online lender SoFi is worthy of consideration. It offers quick funding on personal and debt consolidation loans up to $100,000, starting at 8.99% APR for qualifying borrowers. It's one of the few lenders that never charges fees on its personal loans — not even late fees.
As an FDIC-insured chartered bank, SoFi offers a full suite of financial products and services, plus perks like future discounts on loans and more. Coapplicants are also accepted but with a longer processing time.
Best for: Borrowers with good to excellent credit who want extra perks.
Pros
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No prepayment penalties or late fees
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Have Sofi pay your creditors and get a 0.25% discount
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60-second prequalification with soft credit check
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Same-day funding with some applications
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Borrow up to $100,000
Cons
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Coapplicant loans can take longer to process
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Minimum loan amount is higher than some competitors
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Some complaints of higher-than-expected rates
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Origination fee required to buy down interest rate
Who SoFi is best for
SoFi is best for good to excellent credit borrowers (680 plus) who want a personal loan between $5,000 and $100,000. The average SoFi personal loan was around $30,000 in 2022. But you might not qualify if you’re fresh out of school or have a credit score under 680.
It also offers a suite of member benefits and other financial products and services, including student loans and credit cards. This range of products makes it good for people who want the convenience of an online lender with the offerings of a traditional bank. In fact, SoFi was one of the first fintech lenders to receive regulatory approval to become a national bank in January 2022.
Is SoFi legit?
SoFi’s lending model is a departure from traditional lending, but it’s otherwise legit. Here’s some more background:
- SoFi is registered as a national bank, meaning that it has to meet strict regulatory standards.
- SoFi is authorized to offer an array of online financial services, including:
- SoFi acquired community bank Golden Pacific Bank in June 2021, which could fast-track its bank charter application.
However, SoFi has had some trouble in the past. In 2019, it entered a settlement with the Federal Trade Commission (FTC), which accused SoFi of inflating the potential savings while misrepresenting the monthly cost of its student loan refinancing product. SoFi agreed to only make savings claims backed by concrete evidence.
What makes SoFi shine
Most lenders offer loans and stop at that — but not SoFi. This lender stands out for its massive selection of financial products and loans, as well as member discounts and professional advice.
- Debt consolidation. By choosing SoFi’s Direct Pay option with your personal loan, SoFi pays your creditors directly and gives you 0.25% off your rate – a benefit that saves you time and money.
- Banking and financial products. In addition to its personal loans, SoFi offers student loans and refinancing, mortgages, investment products, insurance and high APY checking and savings accounts.
- Financial planning. SoFi offers free help with your resume, LinkedIn profile, personal branding and job goals. You can also get financial advice from SoFi’s advisors to help you budget, save and invest for the future.
- Member benefits. Benefits include SoFi’s rewards program, referral program, future loan discounts and more.
- Unemployment protection program. SoFi will help safeguard borrowers’ financial health by offering this 12-month forbearance program if a person faces unemployment or experiences a natural disaster.
- Discounted rates with autopay. You will get a 0.25% rate reduction if you use autopay.
On top of that, it’s fast: SoFi funds the majority of loans the same day the borrower applies.
Where SoFi falls short
SoFi may not be the best choice if your credit score is below 680 or you’re newly self-employed. To qualify as a self-employed person, SoFi requires at least two years’ worth of tax returns and income information.
And despite the fact it’s an online lender, SoFi may not be a quick option if you’re looking for a fast turnaround. While SoFi advertises potential same-day funding after signing, some borrowers have complained about waits of up to 30 days. If you don’t think SoFi is right for you, there are other top personal loans to consider, including personal loans that are very similar to SoFi.
SoFi loan details
| Minimum credit score/credit range | 680 |
| APR | 8.99% to 29.99% fixed APR |
| Loan amounts | $5,000 to $100,000 |
| Terms | 2 to 7 years |
| Approval turnaround | As soon as the same day |
| Availability | All states |
| Fees | Not required |
| Other fees | None |
SoFi contact info
| Phone number | 1-855-456-7634 |
| Customer service hours | Monday–Thursday 5 a.m. to 7 p.m. PT, Friday–Sunday 5 a.m. to 5 p.m. PT |
| Application processing hours | Monday–Thursday 5 a.m. to 7 p.m. PT Friday–Sunday 5 a.m. to 5 p.m. PT |
| mobilesupport@sofi.org | |
| X (formerlyTwitter) | @SoFiSupport |
| https://www.facebook.com/SoFi/ |
How to qualify for a SoFi personal loan
These are the minimum requirements to qualify for a SoFi personal loan:
- Credit score of 680 or higher
- Currently employed, self-employed or pending employment in the next 90 days
- US citizen, permanent resident or in the US on an eligible visa
- Age of majority in your state
As SoFi CEO Anthony Noto tells Finder, “SoFi continues to focus on lending to prime and super-prime borrowers. In addition to credit score and credit history, we continue to weigh factors such as monthly income versus expenses, assets, employment status and professional experience.”
However, a SoFi rep shared that if your score is around 650, you may still qualify for a loan with SoFi’s third-party partners, Cross River & Pagaya. These loans go through SoFi but are underwritten by its partners.
How to apply
Apply for a loan online or by using the SoFi app, available in the App Store and Google Play. Here are the general steps to apply for a SoFi loan:
- Prequalify for a personal loan online.
- Complete the application, submit documents and do a hard credit check.
- Review the loan amount repayment terms and interest rates.
- Sign your closing documents and wait for funding.
- Repay the loan according to the agreement.
How SoFi compares to other lenders
What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
SoFi reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.47 out of 5 stars, based on 349 customer reviews |
| Trustpilot Score | 4.5 out of 5 stars, based on 8,754 customer reviews. |
| Customer reviews verified as of | 21 September 2024 |
Customers give SoFi mixed reviews on sites like the Better Business Bureau (BBB) and Trustpilot. While the majority of reviews on Trustpilot are overwhelmingly positive, SoFi has garnered some complaints, too.
Positive reviews comment on the fast and simple application process and professional quality of communication and customer service. Others mention fast funding times of less than 24 hours.
Negative reviews mention application rejections, unexpectedly high rates and glitches that customer support couldn’t resolve. Others report that the company’s technology felt outdated.
SoFi ranked fourth in the 2020 J.D. Power US Consumer Lending Customer Satisfaction Survey. But it didn’t make the cut in 2021 and came in 8th place in 2022.
Another user had a similar experience, saying they were “instantly approved” for a $40,000 loan but with a much higher 14% interest rate, describing it as “terrible,” though they still appreciated SoFi’s flexibility, as they were offered loan terms of up to 72 months. Some users recommend SoFi for debt consolidation, with one Reddit user stating, “If you have a lot of cc debt, it’s worth consolidating.” Overall, despite variability in rates, SoFi is seen as an “excellent product,” especially compared to traditional banks that offer higher rates.What do people on Reddit say?
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Frequently asked questions
Is SoFi a real bank?
Yes, SoFi is a real, nationally chartered bank. It received regulatory approval to operate as a national bank in January 2022.
Is SoFi FDIC insured?
Yes, SoFi deposits are insured by the FDIC up to $250,000 per individual and up to $500,000 per joint account.
Is it hard to get approved for a SoFi personal loan?
Whether you get approved for a SoFi personal loan depends on your financial profile, including your credit score, debt-to-income ratio and income. You have the best chances for approval if you have good to excellent credit.
What credit score is needed for a SoFi loan?
SoFi typically requires a minimum credit score of 680 to qualify for a personal loan. Borrowers with higher credit scores are more likely to receive better interest rates and loan terms.
How long does SoFi take to approve a loan?
SoFi’s approval process is relatively quick. It’s possible to get same-day approval and to receive funds within a few days. In some cases, borrowers receive their loan funds within a week.
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