2021 SoFi Personal Loan Review

SoFi, short for Social Finance, offers personal loans of up to $ 100,000 to borrowers with very good to excellent credit. The lender operates across the country and is known to offer loans at no charge. In addition to personal loans, SoFi offers student loans, student loan refinances, home loans, and small business finance.

  • Offers loans without fees, including no late fees
  • Loans up to $ 100,000 available
  • Co-borrowers accepted
  • Borrowers become members and benefit from special advantages

  • Not available to borrowers with less than very good to excellent credit
  • Small loans of less than $ 5,000 not available

You can use a SoFi personal loan for personal, family, or household purposes. Common uses of loans include:

  • Debt consolidation
  • Home Improvements
  • Moving house
  • Medical fees
  • Automatic refinancing

Borrowers cannot use loan funds to:

  • Real estate
  • Business objectives
  • Investments
  • Securities purchases
  • Post-secondary education
  • Short-term bridge financing

SoFi offers fixed rate personal loans from $ 5,000 to $ 100,000. Repayment terms vary from two to seven years, and you can expect to receive your funds within seven days of approval.

SoFi does not charge any fees, which means there are no original or late fees or prepayment penalties. You can get a 0.25% discount on your interest rate if you sign up for automatic payments. However, a no-fee loan can mean you’ll pay a higher interest rate, so be sure to compare the annual percentage rate before you apply.

Personal loan research

Select the loan amount and purpose you want, your credit score range, and your status to see the estimated annual percentage rates and loan terms.

SoFi requires a minimum FICO credit score of 680 but does not disclose other loan qualifying data, including debt-to-income ratio, minimum credit history, or minimum income. However, the lender recommends very good to excellent credit for approval.

You must be currently employed or have a job offer starting within the next 90 days, or have sufficient income from other sources.

SoFi allows borrowers to get pre-approved for rate quotes before formally applying. Co-borrowers are accepted, but they must reside at the same address as the primary borrower, and the application process can take a week or two longer.

SoFi has an A rating with the Better Business Bureau, but it is not BBB accredited. In 2020, the Consumer Financial Protection Bureau received 18 personal loan complaints regarding SoFi. The most common problems were related to obtaining a loan. SoFi provided a prompt response to CFPB for all complaints.

The entire SoFi loan process can be done online, including pre-approval, application, closing, and account management. The lender’s customer service team is available by phone, email and chat.

SoFi offers an unemployment protection program that puts your loan on hold for up to 12 months if you lose your job involuntarily. You will also benefit from interest rate reductions on additional loans you take out through SoFi.

When you get a personal loan with SoFi, you become a member, which provides benefits for career building, financial planning, and access to events.

  • People with very good to excellent credit
  • People who don’t want to pay loan fees
  • People who wish to apply with a co-borrower

About Judith J. George

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