SoFi Personal Loans Review

SoFi Personal Loans Review

Personal loans are a great way to get some extra cash when you need it. They can be used for a variety of purposes, from debt consolidation to home improvements or even unexpected expenses. However, with so many lenders offering personal loans, it can be challenging to decide which one to choose. That’s where SoFi comes in – a leading online personal finance company that offers competitive rates and excellent customer service. In this review, we’ll take a closer look at SoFi personal loans and see what sets them apart from the competition. Whether you’re considering taking out a personal loan or just want to learn more about this popular lending option, this review is for you.

Pros of SoFi Personal Loans Review

  • No loan fees: SoFi does not charge any origination fees on loans, which saves a lot of money compared to competitors that may charge up to 10%. Plus, there are no application, prepayment, or even late payment fees.
  • Low rates: SoFi offers rates as low as 8.99% on unsecured personal loans (after the autopay discount). This is close to as low as it gets for most online personal loans, so if you have good credit you can save on interest when consolidating your debt or making a large purchase.
  • Loans up to $100,000: While many personal loan companies don’t offer more than $50,000, SoFi offers up to $100,000 to qualified borrowers.
  • Unemployment protection available: SoFi provides unemployment protection on personal loans, allowing you to stop payments for up to three months if you lose your job. SoFi even offers career counselors to help you find a job during this time.

Cons of SoFi Personal Loans Review

  • Co-signers not available: SoFi does not allow co-signers to help you qualify for a personal loan. Co-signers give additional assurance to SoFi, and become responsible for the loan if you default. You can apply with a co-applicants, however, which is similar; a co-applicant is someone who applies with you and is jointly responsible for the loan.
  • Minimum loan amount is $5,000: While some personal loan providers offer loans as low as $1,000 (or less), SoFi requires a $5,000 minimum loan size.
  • Relatively high credit requirements: Although SoFi doesn’t disclose its minimum credit score requirements, you (or your co-applicant) will typically need good to excellent credit to qualify for a SoFi personal loan.

SoFi can be a great pick, especially if you’re in a hurry, but if your credit isn’t in good shape you may not qualify.

Types of Personal Loans Offered by SoFi

SoFi offers unsecured personal loans for various use cases, including:

  • Home improvements
  • Consolidating high-interest credit cards and other debts
  • Medical bills
  • Vacation expenses
  • Paying for a wedding
  • Paying for a new or used car

Loans cannot be used to pay for any post-secondary educational expenses or business expenses. And though it goes without saying, SoFi personal loans cannot be used in connection with illegal activities.

Time to Receive Funds

SoFi offers same-day funding on some applications, depositing funds into the borrower’s bank account on the same business day that the loan is approved.

SoFi states that “86% of typical SoFi Personal Loan applications, excluding Direct Pay Personal Loans and Personal Loan refinance, from January 1, 2021 to December 1, 2021 that were signed before 7 p.m. ET on a business day were funded the same day.

Borrower Requirements for SoFi Personal Loans Review

To qualify for a SoFi personal loan, you must meet the following eligibility criteria:

  • You are at least the age of majority in your state and able to enter into a binding contract.
  • You are either a United States citizen, eligible permanent resident, or non-permanent resident alien (including DACA recipients and asylum seekers). Documentation may be required.
  • You reside in one of the 50 U.S. states or Washington, D.C.
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
  • Qualify based on financial history, credit score, and other factors

SoFi Personal Loan Features

  • Use your loan for (almost) anything: Outside of post-secondary education and business expenses, you can use your loan for almost any expense.
  • Direct Pay: SoFi will pay off your eligible credit cards directly, if you so choose. This can take up to three business days after your loan is signed.
  • Unemployment protection: SoFi will pause your payments for up to three months at a time if you become unemployed. A total of 12 months of unemployment protection is available over the life of a loan.
  • Member benefits: SoFi offers many member benefits, including referral bonuses and rate discounts. In particular, SoFi offers a 0.125% rate reduction on personal loans to customers who also have a SoFi Money account.
  • Access to career coaches and financial advisors: All SoFi customers have access to career coaches and financial advisors at no additional cost, You can set up a 1:1 call, or simply converse over email to get your financial and career questions answered by a professional.

SoFi’s unemployment protection program can be useful, but be aware that interest will continue to accrue during your forbearance period, which will increase your monthly payments and extend the loan payoff timeline.

Co-Signers and Co-Applicants

SoFi does not support co-signers at this time, but you can add a co-applicant to your personal loan. A co-applicant is jointly liable for the loan, and must live at the same address as the primary applicant, unlike a co-signer.

Can You Refinance a Personal Loan With SoFi?

Yes, you can refinance a SoFi personal loan with SoFi. Your rates and terms may vary at the time of application, and it may not end up saving you money compared to your original loan.

There are a few things to consider if you are looking to refinance your SoFi personal loan:

  • All SoFi loans must be in good standing
  • You can’t refinance a personal loan with a co-borrower
  • You must have made at least three consecutive on-time payments
  • You must still qualify based on SoFi personal loan qualifications

You can refinance a SoFi personal loan directly within your account. Always review the terms and details of your loan before refinancing.

Customer Service for SoFi Personal Loans Review

SoFi offers support by email, phone, or live chat during business hours. SoFi customer service hours for personal loans are Monday to Thursday, 5 a.m. to 7 p.m. PT, and Friday to Sunday, 5 a.m. to 5 p.m. PT.

  • Email:
  • Phone: (855) 456-SOFI (7634)6

Customer Satisfaction

SoFi is ranked as a top-ten personal loan lender in the latest J.D. Power Consumer Lending Satisfaction Study, coming in eighth place. And reviewers on Trustpilot give SoFi 4.4 out of 5 stars, with over 4,000 reviews posted. Reviews state the outstanding customer service and quick loan application process as reasons for the high rating.

Factors to Consider before you apply for SoFi Personal Loans Review

1. Check your credit. You can get your free credit report on at Doing so will help you spot and fix any errors before you apply.

2. Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.

3. Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.

4. Gather your documents. SoFi requires proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.

How to Apply for a SoFi Personal Loan

You can apply for a SoFi personal loan online by following these four steps.

1. Pre-Qualification

SoFi offers an online application for pre-qualification, which allows you to check your rates and loan terms without hurting your credit score. You will need to provide the following information:

  • Full name
  • Current address
  • Income information
  • Date of birth
2. Loan Selection

SoFi will list the loan options you qualify for, including interest rates and loan term lengths. Loan terms vary from 24 months up to 84 months, and interest rates may vary by loan term and the amount you select to borrow. Choose a loan to start your full application.

3. Submit Application

Once you have selected a loan, you will need to complete your online application. You may be required to submit various financial and identifying documentation, including:

1. Tax forms

2. Bank statements

3. Pay stubs

4. Driver’s license

5. Other documents

4. Sign Documents

To complete your loan application, you will need to sign the loan agreement. After signing, your loan may be funded as soon as the same day. Loans are typically disbursed via ACH directly to your bank account, except for Direct Pay loans, which are sent directly to creditors.

What documents are needed for a SoFi personal loan?

SoFi requires you to provide:

  • Driver’s license or other government-issued ID
  • Social Security number
  • Most recent pay stubs
  • Last two years’ W-2s or year-end pay stubs
  • Schedule C or other tax documents if you’re self-employed

Alternative Personal Loan Lenders to SoFi Personal Loans Review

SoFi offers a wide variety of personal loan options for borrowers, with absolutely no loan fees, competitive rates, and excellent member perks. Borrowers may benefit from lower rates on additional loans, as well as access to career coaches and financial professionals to help answer any questions.

SoFi is ideal for borrowers with decent credit scores, as it offers relatively low rates for highly-qualified applicants compared to other lenders. The minimum loan amount is fairly high, but if you have good credit and need at least $5,000 in funding, SoFi is one of the best options available for personal loans.

Can you get preapproved for a loan with SoFi?

Yes, SoFi does allow you to get preapproved for a personal loan. You can do this online in just a few minutes, and it has no impact on your credit score. SoFi also mails preapproved offers. If you’re interested, you can enter the confirmation number listed on your mailer to see what rates you may qualify for.

How long does SoFi take to approve a personal loan?

SoFi offers quick approval and funding. In fact, 86% of “typical” applicants in 2021 received same-day funding, according to SoFi.

Does applying with SoFi affect your credit score?

During the application process, you’ll have to submit to a hard credit check, which can temporarily bring your credit score down a few points. However, over time, your credit score can increase as you continue to repay your loan.

How hard is it to get a SoFi personal loan?

With a minimum credit score requirement of 680, it may be difficult for consumers who don’t have good credit to qualify for a SoFi personal loan. However, SoFi does give borrowers an opportunity to apply with a co-applicant, which can increase your chances of getting approved. However, be sure your co-applicant knows that they will be considered equally responsible for the loan if you’re unable to repay it.

Are SoFi loans legitimate?

Unlike predatory loans, SoFi will not only report your payments to the credit bureaus so your credit score can improve, but will have you submit to a credit check and evaluation to ensure that you are in a financial position to be able to afford a personal loan.


In conclusion, SoFi personal loans offer a compelling option for individuals looking to borrow money for various purposes. With competitive interest rates, flexible repayment terms, and a user-friendly online platform, SoFi stands out as a reputable lender in the personal loan market.

One of the key advantages of SoFi personal loans is their emphasis on borrower support and financial education. The company provides resources and tools to help borrowers manage their finances effectively, which is particularly valuable for those seeking to improve their financial well-being.

Another notable aspect of SoFi is their unique member benefits, which include access to career coaching, financial planning services, and networking events. These perks distinguish SoFi from traditional lenders and can greatly enhance the overall borrowing experience.

However, it’s important to note that while SoFi personal loans have numerous benefits, they may not be the best option for everyone. As with any financial decision, it’s crucial to carefully consider your individual circumstances and compare loan offers from multiple lenders before making a final choice.

Additionally, it’s always wise to be cautious about taking on debt and to borrow only what is necessary and manageable within your budget. Personal loans can be a useful tool when used responsibly, but it’s essential to have a clear plan for repayment to avoid financial strain in the long run.

Overall, SoFi personal loans offer a solid choice for individuals seeking competitive rates, flexible terms, and additional member benefits. By leveraging technology and focusing on borrower support, SoFi has established itself as a reputable player in the lending industry. If you’re in need of a personal loan, SoFi is certainly worth considering as part of your financial journey.

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