Personal Loans » Personal Loan Lender Reviews » SoFi Personal Loan Review 2023: Here’s What We Think
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SoFi Personal Loan Review 2023: Here’s What We Think

SoFi offers a great deal of benefits for those who qualify for a personal loan. Read our review of SoFi Personal Loans - how do they work, what can a personal loan be used for, SoFi application Process and SoFi loan pros & cons.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

SoFi is an online lender with a unique underwriting model. It's best for those who have a long, solid credit history.

APR

8.99% - 23.43% (with discounts)

Loan Amount

$5,000 – $100,000

Term

24-84 months

Min score

680

sofi logo

**  include a 0.25% autopay discount and a 0.25% direct deposit discount

SoFi is an online lender with a unique underwriting model. It's best for those who have a long, solid credit history.

SoFi logo

APR

8.99% - 23.43% (with discounts)

Loan Amount

$5,000 – $100,000

Term

24-84 months

Min score

680

**  include a 0.25% autopay discount and a 0.25% direct deposit discount

SoFi is a credit company that offers a variety of personal loan options. These options may be used for credit card consolidation, home improvement, family planning, travel, and even for weddings. They don’t charge any fees for their services and are a good loan option for anyone with a credit score of at least 680 .

This company offers competitive rates and allows for joint applications too. Unlike other lenders, SoFi has unemployment protection in the case of falling into hardship. They have competitive rates, only do a soft pull inquiry upon application, and offer an autopay discount too.

These certainly are great benefits, however, there are some things to keep in mind before you decide to move forward. SoFi has high requirements for their applicants and slow turnaround times on their loans. They require a higher minimum amount, limited usage and they aren’t available in all 50 states either.

  • Joint Borrowers
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • Referral Program
  • More than One Loan
  • No Fees Required
  • Flexible Payments
  • High Maximum Loan Amount
  • Autopay Discount
  • Slower Turnaround Times
  • Limited Uses
  • Only Available to the Strongest Borrowers
  • Higher Minimum Amount

Can I add a cosigner to SoFi personal loan?

SoFi does offer the option of co-signed loans, so it is possible to add a co-signer to your application.

If you can add someone with a higher income or better credit to your SoFi loan, you can improve your chances of being approved for a higher loan amount or accessing a lower rate.

Do SoFi offer soft credit check? 

Yes, it is possible to prequalify for a loan to secure your rate and then comparison shop for the best deal. To check your terms and rate, SoFi has a quick application on its website that should only take a couple of minutes to complete.

SoFi will do a soft credit check that will not impact your credit score. If you decide you would like to proceed with your SoFi loan, SoFi will only then request a full credit report.

Can I pay off my SoFi loan early? Is there a penalty?

One of the attractive features of SoFi personal loans is that there are no late, origination or prepayment fees.

This means that you are free to repay your loan early if your financial circumstances change without needing to factor in additional costs or charges.

Can I get a SoFi loan with a 620 credit score?

SoFi does offer the best rates for those with a good or excellent credit score. With a 620 or fair score, you may still be able to qualify for a SoFi loan, but you won’t be able to secure the best rates.

This means that you may be able to obtain a better rate with another provider.

In this Review..

Customer Experience

SoFi has an extensive help center where you can learn a variety of things about personal loans and personal finance in general. During normal business hours, you can reach the customer service team seven days a week. They can help you set up the account and understand how to take out a loan.

You can also use social media to send an email or a message. SoFi has an A+ rating with the Better Business Bureau, and it also has a very strong mobile app that allows you to manage all aspects of your loan.

Finally, SoFi ranks 4th in the study and got 871 out of 1000 possible points in the 2020 JD power research, higher than industry average.

SoFi
iOS App Score
4.8
Android App Score
4.2
BBB Rating
A+
TrustPilot Rating
3.5
WalletHub Rating
3.1
Contact Options
phone/social
Availability
5 am – 7 pm (PT)

Sofi Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

SoFi allows for joint borrowers on their personal loans as of April 2018. Many loan providers do not allow for this.

SoFi does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.

SoFi has very competitive rates for strong borrowers.

SoFi has a referral program that allows borrowers to earn $300 per referral. Your referral will also get a $100 welcome bonus.

The borrower can get two loans at the same time from SoFI.

SoFi personal loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs.

SoFi gives borrowers flexibility in payments. They allow you to change payment due dates and do not charge late fees.

SoFi’s highest maximum loan amount is $100,000 for personal loans.

SoFi allows for a .25% discount if you sign up for auto pay.

It can take many days to fund your loan and then a few days longer to send your money. If you need money more quickly, there are other providers that can turn around your application much faster.

SoFi has more restrictions regarding how their personal loans can be used.

If you do not have the best credit history, you may not be able to get a loan through SoFi. They cater to those with very good to excellent credit histories and very strong cash flows.

The lowest personal loan amount you can get with SoFi is $5,000.

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What Can a SoFi Personal Loan Be Used For?

SoFi offers personal loans for many different reasons including debt consolidation, home improvements, relocation, medical expenses, and auto refinancing. SoFi has many restrictions on what their personal loans can be used for.

For example, you cannot use their personal loans for purchasing real estate, business purposes, investments or purchase securities, any postsecondary education or as short-term bridge financing.

SoFi home improvement loans are for home repairs or renovations. 

The advantage of using a SoFi home improvement loan is that you do not have to use your home as collateral and you get funds much quicker with less documentation.

Moving can be expensive. There are many costs associated with moving and SoFi can help cover those moving costs.

SoFi loans for medical expenses help borrowers manage large, unexpected medical costs. This can include costs for drugs, selective surgery, and adoption.

SoFi debt consolidation is paying off one or more prior unsecured loans with the new SoFi loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low-rate fixed installment.

SoFi offers variable rates as well, but still provides a term that clearly indicates when you will be out of debt. SoFi also has a debt consolidation calculator, so you can get an idea of how much you can save.

SoFi personal loans can be used to buy a new or used car or for refinancing your current auto loan.

If you have a good credit history you may even get a better rate. One advantage is that you do not have to use your car as collateral and you may be able to save some money since you won’t need gap insurance

How to Apply For SoFi Personal Loan?

Here are the steps you should take on Sofi website if you would like to apply for SoFi personal loan:

SoFi takes a broader look at its borrowers than just evaluating their credit scores. SoFi requires a better understanding of their borrowers’ ability to repay.

Sofi Application Process -

Taking this into consideration, understand that SoFi will have more questions and require more documentation than some other personal loan companies.

Sofi Application Process -

The application process begins with you creating an account and answering a few questions. SoFi will do a soft pull on your credit. A soft pull does not affect your credit report. 

At this point, you could be declined. Otherwise, SoFi will give you a list of options for which you can apply. If you want to move forward, SoFi will do a hard credit check and you will then be asked to upload documents to verify information.

 

Sofi Application Process -

You may need to provide pay stubs, bank statements, W-2s, social security card, or state ID. You can sign loan documents online. SoFi also offers a .25% discount if you set up auto pay.

Sofi Application Process -

SoFi will usually let you know whether you are approved within one day. Because SoFi checks your documentation, it usually takes up to 7 days for your loan to be funded. SoFi may also call you directly to verify some information.

Sofi Application Process -

SoFi FAQs

SoFi is a great lender for excellent credit borrowers, offering a large maximum loan amount at reasonable rates. The loans also have zero fees, flexible repayment terms and fast funding. However, you do need to have a credit score of more than 680 to qualify.

What makes SoFi a good place to get a loan is that there are also perks offered to customers. As a SoFi member, you’ll have access to an active online community, referral bonuses, financial advice, and complimentary estate planning.

If you're still not sure, you can compare lenders on comparison websites to find a lower rate before you apply for personal loans.

SoFi does evaluate loan applications based on credit score, financial history and income vs expenses.

This typically involves a soft credit pull, but in some cases, SoFi may need to verify your details by checking your bank transactions. This will allow SoFi to finalize your application and issue a formal offer with a confirmed rate.

Compared to similar credit lenders for good credit, the required score is reasonable. For example, Marcus requirements include a minimum score of 660 (FICO) , while Rocketloans minimum score is 640 .

SoFi does offer more favorable terms compared to Best Egg. The maximum loan amounts are higher and you can take a longer-term with a SoFi Loan. While Best Egg interest rates are quite similar, the maximum rate is higher. Additionally, Best Egg loans have an origination fee of up to 5.99%.

So, unless you are only looking to borrow a small amount, SoFi is a far better choice.

Figure personal loan offers loans with a far lower maximum loan amount but potential longer terms and lower rates. While the rates are lower, they are obviously more designed for offering a debt consolidation solution rather than a basic personal loan.

However, Figure also requires a FICO score of 680 or more, so you will still need good credit. Figure also requires that applicants have a debt to income ratio of 40% or less.

If you’re looking for debt consolidation, Figure is a solid option, but if you’re looking for a loan for another purpose, SoFi is a more flexible option.

SoFi has more similarities to LightStream compared to Marcus. Both companies offer loans up to $10,000 with no fees. Additionally, SoFi’s rates are similar if you have good credit and use autopay.

Both lenders are suited to those with good to excellent credit. SoFi is best suited to those who want a shorter-term loan, as LightStream offers longer terms of up to 12 years, rather than the 7 offered by SoFi. However, SoFi does have less stringent criteria, so if you may struggle to meet the LightStream requirements, SoFi could be a good alternative. 

Alternative Lenders For Fair - Good Credit

lendingclub_logo svg

Upstart logo

bestegg_logo svg
APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
9.57% – 36.00%
5.20% – 35.99%
8.99% – 35.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
36 – 60 months
36-60 Months
36-60 months
Loan Amount
$1,000 – $40,000
$1,000 – $50,000
$2,000 -$50,000
Minimum Score
600
600
640
Funding Time
Up to 7 days
1-2 Days
N/A

Review Personal Loan Top Lenders

Compare Alternative Lenders

Figure and SoFi primarily serve people with good credit, whereas Upstart will serve people with poor or no credit. When it comes to providing quick access to funds, Upstart will be faster, while Figure and SoFi will offer autopay discounts.

Read Full Comparison: FIGURE vs Upstart Vs SoFi: Which Personal Loan Is Best?

SoFi is widely regarded as the best option for people with excellent credit who require larger loan sizes while paying low fees. Prosper is best suited to people with low credit scores, whereas FIGURE is best suited to people who want quick and easy access to funds.

Read Full Comparison: FIGURE Vs SoFi Vs Prosper: Which Personal Loan Is Better?

Each of these three lenders will be appropriate for a different type of person. OneMain is generally beneficial for accepting applications from people with less-than-perfect credit.

SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. Happy Money is somewhere in the middle, and it gives you quick access to your borrowed funds.

Read Full Comparison: Happy Money Vs SoFi Vs OneMain: Compare Personal Loan Providers

SoFi is regarded as one of the best lenders in the industry, with zero fees, a diverse range of loan options, and favorable repayment terms. It was founded in 2011 and began as a student loan lender before expanding into other areas.

Best Egg was founded in 2014 and has since funded over 788,000 loans totaling more than $14 billion. It has a wide range of loan amounts to choose from, as well as a secured loan option, and accepts lower credit scores than many other lenders.

Read Full Comparison: SoFi Vs Best Egg: Which Personal Loan Suits You Best?

 

SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.

Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.

Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?

Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.

LendingClub is better suited to people with low credit scores, whereas SoFi has better rates and more repayment flexibility. Both of these options are centered on their online operations and offer a simple way for you to obtain a personal loan without having to jump through a lot of hoops.

Read Full Comparison: SoFi Vs LendingClub: Which Personal Loan Is Better?

Each of these lenders prefers to work with borrowers who have good credit. Because there is no origination fee, SoFi is an excellent choice for people looking for low-cost personal loans.

When it comes to repayments, Axos is flexible, whereas PenFED offers some of the smallest loans in the online lending space.

Read Full Comparison: SoFi Vs PenFED Vs Axos: Which Personal Loan Is Best?

Upstart is a one-of-a-kind proposition because it employs an artificial intelligence (AI)-based system rather than relying solely on FICO scores. The Consumer Financial Protection Bureau has determined that it is a reputable lender. Upstart is a good option for people who do not have a long credit history and who need funds quickly.

SoFi has been in business since 2011, and in that time it has served over 2.5 million people and funded loans totaling more than $50 million. It is regarded as one of the best in the industry and an excellent choice for those with excellent credit.

Read Full Comparison: Upstart Vs SoFi: Which Personal Loan Is Best?

SoFi has been around for a long time and is regarded as one of the best options. It has no fees, a flexible repayment system, and a wide range of loan options. Marcus, a Goldman Sachs subsidiary, is yet another high-quality online lender. It is an excellent choice for anyone with good credit who wants to avoid fees and customize their repayment terms.

Finally, while Rocket Loans does not have a competitive offering in many ways compared to the other two options, it does have an extremely fast funding speed.

Read Full Comparison: Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?

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Andrew O'Malley

Andrew O'Malley

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
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Table of Contents

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.