Best Value Award 2017
  • Interest Rates: 4.91-14.49%
  • Loan Amounts: $5,000-100,000
  • Min Credit Score: 700
  • Pros
  • "Best Value 2017" Award Winner
  • Transparent business practices
  • $100,000 max loan
  • No origination fee
  • No hidden fees
  • No prepayment fees
  • Cons
  • Strict approval criteria

SoFi Personal Loans Review

Last Updated:
MoneySavingPro Best Value Award 2017

SoFi, or Social Finance, is an online lender that offers a variety of loans and debt solutions to individuals and organizations. Aside from personal loans they also offer student loans, refinancing loans, mortgages and a variety of benefits to its borrowers. The popularity of their loans isn't just because of the quality of the product but in their superior customer service.

Their goal is to help create possible social impacts and individuals be lending to professionals and organizations. Because of this, they offer excellent loan products… to those who qualify.

SoFi gravitates toward "professionals," which means they look for people they think will thrive and be able to pay off one of their loans. According to their FAQ page, they are looking for individuals who, "are employed with a responsible financial history and have a strong monthly cash flow."

If you are interested in a SoFi personal loan, this review looks at all of the details you should know about this company before applying. This includes specifics like interest rates, term lengths, eligibility requirements and helpful extras.

Personal Loan Details

A personal loan from SoFi can get you between $5,000 and $100,000 if you qualify. They have three available term lengths of 3, 5 or 7 years. These midrange loans are ideal because they strike the balance between costs accrued in interest and monthly payments. Monthly payments will be higher than loans with longer terms but you will pay less in interest and you'll be out of debt more quickly if you can keep up with payments. However, it's important that you do the math to make sure you can afford the loan before you accept it.

Monthly payments will be higher than loans with longer terms but you will pay less in interest and you'll be out of debt more quickly if you can keep up with payments. However, it's important that you do the math to make sure you can afford the loan before you accept it.

With fixed rates starting at 5.50% and variable APR between 4.04% and 9.99% (including their auto-pay discount), SoFi has fairly competitive rates for a non-bank lender. Online lenders often offer rates slightly higher interest rates. This is partly due to their midrange term limit. Because you have longer to pay off the loan, SoFi offers lower rates. This means you may end up paying the same in interest with SoFi as you would with a shorter term loan with higher interest.

However, the difference comes with the fees or lack thereof.

They don't charge any prepayment penalties or closing costs. That means if you can repay your loan completely before your term is up, you'll be able to save on interest without incurring a penalty. This allows you to take full advantage of SoFi's lower rates.

Unlike some lenders, SoFi is very transparent and requires no payments up front. They do not charge hidden costs like origination fees. Transparency like this is essential when taking out a loan and planning your repayment budget.

The Application Process

The application process is comprehensive but it is fairly straight forward. It is a five step process that takes about 15 minutes. First you go through a three minute pre-approval process that automatically tells you if you qualify, so you know if you should bother completing the full application.

Next, you can look at the different loan options and select the plan that you want. Then, you need to upload documents via screenshots or scanned files to verify your identity, current loans, and employment. Then, you must read and electronically sign the loan agreement. Finally, you are encouraged to set up an auto-pay feature, which will knock .25% off of your interest rate.

Qualification Requirements

In terms of basic qualifications, SoFi has fairly basic standards that you must meet to be considered for a loan. Basic qualifications include:

  • You need to be a US citizen or permanent resident.
  • You need to be 18 years old (or the age of majority in your state).
  • You must be currently employed.
  • You have to live in one of the 47 states (plus Washington D.C.) that SoFi services.

However, SoFi has a number of other qualifications, based on your financial history, that are a little more uncompromising. They perform that they call a cash flow analysis which is an in depth look at your income and expenses, which gives them an accurate picture of your ability to pay. They will also look at your education and employment.

SoFi is not considered to be a FICO-driven lender, which means they look at more than just your credit score to decide if your loan is approved. However, you score doe pay a big role in their decision. Your ability to pay is only appealing to them as a lender if you have a history of making payments.

This is why they will also analyze your credit history. By looking at your credit score, they can determine if you have a strong history of paying your dues. SoFi, in particular, looks for excellent credit scores above 700. While other online lenders may accept lower scores and offer higher interest rates, you will most likely be rejected by SoFi with a score less than 700.

However, the reason your score is what it is also matters. If you have less than 700 because of rapid debt growth or a history of defaults and missed payments, then your loan will be rejected. If your score is that low because of a lack of debt, you still have a chance to get approved.

Because of their tenacity to weed out anyone who is not financially prepared for their loans, SoFi is more selective with who they lend money than other lenders in the industry, requiring employment and an excellent credit score to qualify.

Interesting Extras

SoFi also has an impressive Unemployment Protection plan that acts as a safety net if you lose your job through no fault of your own. If you qualify, they will not only pause payments on your loan, they will also help you find a new job.

Customer reviews and company reputation are two great ways to determine whether or not you might want a SoFi personal loan. On the Better Business Bureau, SoFi is not an Accredited Business with an A+ score. Trustpilot, a website that ranks companies purely from customer reviews, rates SoFi a 9.7/10. Keep in mind that the experiences of one customer are not representative of the company as a whole, but it is important to spot potential issues you may have with the company early nonetheless.


SoFi is a great option with transparent business pract es, and some interesting benefits. However, they are selective with their application process but if you have a degree, excellent credit and decent cash flow, this is a great place to begin a personal loan search.

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SoFi Reviews

Average Customer Rating

15 User Reviews

User Rating Distribution

5 Stars 5
4 Stars 5
3 Stars 1
2 Stars 3
1 Star 1
Recommended Lowest interest rates No cons

Thanks to Sofi I've consolidated my student loans and have a massive weight lifted from my shoulders as well as savings hundreds of dollars!

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Recommended Great interest rates Slow application

The application took longer then I was expecting to, a lot of reviews said it was instant, but I was not approved for a week. However the interest rate I was offered was excellent and having applied for a loan to consolidate my student debt it has really helped my finances.

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Not Recommended Nothing Slow process and useless

I would have given this a 1 star if it wasn't for the reasonable interest rates, apart from that I wouldn't even bother. The whole process took 2 months! When I called customer services they didn't sound like they had a clue what was going on and they kept asking me for different documents overtime I called.

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Recommended Hassle free application None

Thanks to Sofi I can sleep at night and have a weight lifted. All my debts are now in one payment and if I am ever worried about anything the customer reps are always helpful.

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Recommended Good interest rates None

A read a few negative reviews when looking up Sofi, but decided to apply as their offers were the best at the time. I've had no problems and would not hesitate in recommending them. Consolidated my student loans with a great low interest rate.

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Not Recommended Low interest rates Customer service

If I had experienced the customer service before my loan had been approved I would not have signed up, but everyone was really helpful when I was applying for my loan, but once I had received the funds the customer service went completely down the drain. Absolutely useless with any questions I had.

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Not Recommended Good interest rates Terrible customer service

Do not use Sofi to consolidate your loans. They pull you in with their low interest rates, but the customer service is awful! They are the most unhelpful customer service I have ever come across and could not answer any of my questions throughout the process.

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Recommended Helpful staff No cons

Customer service was amazing and the whole process from the start was straight forward and very quick. I know have peace of mind and my feel like my finances are back on track thanks to the loan from Sofi.

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Recommended Customer Service None

A have read some bad reviews about the customer service level from Sofi, but I've had no problems, maybe I've had some knowledgeable staff? But they are always really efficient and the application process was made really easy.

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Not Recommended None Consolidated loan did not get paid off

Avoid avoid avoid! The process took 3 months to go through and when it did my loan which I was consolidating took forever to get paid off so for 2 months I was paying for 2 loans! Staff were really unhelpful.

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Recommended Low interest rates None

Easy process and low interest rates, what more can you ask for!

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Recommended Easy application and low interest rates Require a lot of documentation

Sofi ask for a lot of documents and it took a few days before they received everything, but once they had the process was smooth and the rate they have given me is lower then I expected.

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Recommended Easy application None

Thanks Sofi! Easy online application and money was sent straight to my bank account.

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Recommended Low interest rates Process slower then some companies

I would recommend Sofi to anyone who is looking to consolidate their debts and especially get rid of the high interest repayments. The process took about a week to complete, which is a little slower then some companies, but it is definitely worth it.

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Recommended Easy process Bad customer service

A great company to consolidate your debt with as the interest rates as some of the lowest and they make the process easy, but don't expect any customer service. It is very hard work with the customer service reps and most of the time it takes more then one person to answer any questions.

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