SoFi: Personal Loans Review

  3,084 Reviews on Trustpilot

SoFi Snapshot

SoFi is a direct lending company founded by four Stanford Graduate School students in 2011. Offering a fresh approach to lending, the alternative lending platform was created to offer a service that could help university students pay back their student loans without having to go through a bank or other traditional means.

SoFi has been committed to their mission to help college students pay back student loans and have even expanded their services. To date, SoFi has extended over $7 billion in loans to customers. The company offers advanced lending technology and also provides money management solutions, alternative loans, and life insurance.


SoFi Spotlight

Best For
Recent college or university graduates and young professionals

Marketplace or Direct Lender
Direct lender

Loan Types
Multi-purpose personal loans

Loan APR
5.99% to 18.28%

Repayment Terms
24 to 84 months

Summary

SoFi offers very low interest rates to their customers and are dedicated to customer education, making it one of the best choices on the market for young borrowers.

Not only do they offer lower interest rates, but they also offer longer terms than most lenders. As a direct lender, SoFi offers terms from 2 years all the way to 7 years to help college graduates with lower monthly payments as they get their feet off the ground while starting their careers.


Loan Types

While SoFi is known for its great personal loan offers, it offers prospective borrowers several options, including mortgages, mortgages refinancing, student loan refinancing, and parent loans.

Plus, SoFi is committed to help those seeking loans develop financial independence and help them make responsible financial decisions through various educational resources.


Personal Loan Rates & Terms

SoFi has 2 different offers when it comes to securing a personal loan: variable or fixed interest rates.

Their interest rates may change depending on how you decide to pay out your loan. For instance, if you choose to do automatic payments, SoFi can offer you better interest rates. Plus, there aren’t any fees on any of their personal loans.

SoFi’s loans are mainly aimed at recent graduates and young professionals. Their loans amounts are available in terms of anywhere from 2 to 7 years, making them one of the most flexible lenders.

While many personal loan providers only issue fixed loans, SoFi lets you choose your term and your amount.


SoFi Pros

  • No fees
  • Flexible loan terms
  • Unemployment protection (loan payments freeze in case of job loss)
  • Long terms (84 months)
  • Little or no credit history to get approved

SoFi Cons

  • You need good credit to apply (680+)
  • Application takes longer than competitors
  • Approval process takes longer than competitors

SoFi Application Process

Since SoFi’s qualification process is a bit more in-depth, they don’t have the quickest application process compared to other lenders in the industry. However, this has its advantages.

Eligibility for a loan depends on a few factors, including your income, expenses, career experience, and financial history.

While the application process takes longer, SoFi is committed to helping young people get their feet off the ground, even if they have little or no credit history.

To apply, you start by creating a SoFi account. Then, you’ll fill out some basic information which takes a few minutes.

In order to apply, you need to:

  • Be 18 years or older
  • Be a permanent resident or US citizen
  • Be employed, or have an offer to start a job within 3 months of your application
  • Have a minimum credit score of 680

SoFi’s loans range from anywhere between $5,000 and $100,000, although you’ll need a higher credit score to qualify for a high loan.


Customer Support

As they’re committed to helping young people get their feet off the ground, SoFi offers great customer service and financial education resources.

They have a full FAQ section which can answer many basic questions about the loan process. Plus, they offer a ton of articles to learn more.

For even more help, you can contact them through email or phone throughout the week (during normal business hours).


Final Thoughts on SoFi

So, should you use SoFi to access a personal loan?

If you’re a young professional or a recent graduate, then you’ll want to consider SoFi. They’ve set themselves apart in the lending industry as a direct lender by providing transparent financial services.

Despite their longer application and approval process, they’re one of the best direct lenders available, particularly for college students and young adults looking to secure a loan.

Whether you’re wanting to pay off your student loan or make a large purchase, SoFi offers great flexibility in loan terms while keeping interest rates low.


FAQ

What can you use a SoFi loan for?

You can use a SoFi loan for a variety of reasons. While borrowing between $5,000 to $100,000, you can use the loan for personal, household, or family expenses. However, you can’t use the loan for higher education, starting a business, investments, bridge financing, real estate, or buying securities.

What fees does SoFi charge?

SoFi doesn’t charge any fees for origination, prepayment, or closing. Plus, they don’t charge any late fees!

SoFi Customer Testimonials

Great   3,084 Reviews

trustpilot-stars

ME

18 hours ago

trustpilot-stars

If I could put no stars I would

If I could put no stars I would. By far the worst company I have ever dealt with for anything. The workers are no help and show no interest in helping you and are very rude. Had one worker tell me over phone to "be quiet and let him finish" and that "they don't need my business". After fighting this company for 3 weeks sending in unnecessary documents about my cosigner they decided to raise my rate 3%. Would not recommend this company to anyone.


JOSHUA FOSTER

09 August, 2022

trustpilot-stars

Terrible support/customer service. Quick to give you a loan though.

I called in to change my payment due date from the 5th to the 24th. Easy enough right? The customer service rep changed the due date. And then told me to turn off auto pay for my next payment due on the 5th. And then to turn it back on after passing the 5th. It would then come out on the 24th. So thats what i did. The 5th passes. I go to turn auto pay back on to see that my account is considered delinquent. And that i could not turn auto pay back on. So i call customer service. HERE is where things go real south. If your account is considered delinquent you get sent straight to collections no matter what. I've never been treated so badly. I explained to them what happened. They did not care. They cared about 1 thing. That was to get my payment... I asked to talk to a manager, or customer service. Or quite frankly ANYONE except for collections. And i was refused. They clearly did not care about me. They just wanted a payment and its painfully obvious they have been trained to aggresivly persue a payment no matter what. So I made my supposed delinquent payment. and THEN asked to speak with another department. They told me it could take up to 5 days for the payment to go through. And until then i would be redirected to collections and could not talk to anyone else. That is actually insane.... I would recommend staying far away from this company. When i told the collections agent that i was not satisfied. They began their end of call speil. "Thanks for calling Sofi and have a nice day etc..." They were the most aggresivly rude people i have ever spoken with. I am beyond disappointed.


BILLY BARBEE

09 August, 2022

trustpilot-stars

Confused customer

My review is with mixed feelings. I have been happy with existing loan but was rejected in seconds on seeking a new one. This after all payments have been made on time with the current loan, and after receiving many messages that I have been pre-approved for an additional loan. I continue to receive emails and mailings requesting I apply. Very confusing!


SANTIAGO A. QUILES

08 August, 2022

trustpilot-stars

Exceptional Customer Service

I enjoyed my overall experience with SoFi. There were a couple of minor blips concerning payment scheduling. Having a variable interest rate loan limited my ability to schedule payments around my paydays. Otherwise, I enjoy the perks of being a SoFi customer. Thanks, again...


CATHY HOWELL

08 August, 2022

trustpilot-stars

SoFi is just awesome!

Easy application process, very fair loan terms, easy transactions. So Fi is always suggesting new products for me.


GRADY

08 August, 2022

trustpilot-stars

Caring Financial Help

I was tired of paying high interests to credit card companies and was looking for a payment with low rates and affordable so I could start attacking debt. SoFi has been that organization. They accepted my loan and gave me a great fixed rate. They have been by my side along the way and I highly recommend them.


LISA PARSONS

08 August, 2022

trustpilot-stars

SOFI is true to their ads.

SOFI made getting a loan to pay off credit cards available and easy.


JOEY TORRES

08 August, 2022

trustpilot-stars

SoFi was super easy to maneuver and I…

SoFi was super easy to maneuver and I got my money instantly to bring down my credit card debt. I’d definitely recommend!


WILL ALLEN

07 August, 2022

trustpilot-stars

SOFI has been great to me!

SOFI has been great for me. It has helped me attain goals I couldn't have reached with out the loan they gave me.


PATRICK

07 August, 2022

trustpilot-stars

Easy and reliable

It is easy to do business with SoFi. I have had several loans with them. The terms are clear and understandable. The rates are highly attractive, and the service is reliable. I can't ask for more from a financial provider.


DONALD

07 August, 2022

trustpilot-stars

SoFi

SoFi, so easy!


TAMI HOOD

07 August, 2022

trustpilot-stars

My application process for personal loan.

My whole loan process was pretty straight forward. Everything worked well with the app and within about a week (if that) I had my loan. They notified me of my approval in a timely manner and then sent me several different options to choose from. So far things have gone smoothly. I wouldn't hesitate to use them again.


BRAD

07 August, 2022

trustpilot-stars

I think you guys are great

I think you guys are great! You have a great website and everything worked very well. I really appreciated doing business with you. Sorry it didn't work out, all the best!


TERRY BRUNK

06 August, 2022

trustpilot-stars

This was a good experience and a…

This was a good experience and a helpful place when someone needs a little help. Thanks! TB


JC

06 August, 2022

trustpilot-stars

I have enjoyed the experience

I have enjoyed the experience, however after being a long time loan paying member. I think that after a loyal standing they should at least look at your history and offer a lower interest rate especially with inflation.


FRED O'NEAL

06 August, 2022

trustpilot-stars

SOFI will treat you right

I can’t say enough good things about SOFI. They helped me get through a pretty rough time I was having financially over 4 years ago. I can’t believe at I almost at the end of my loan. Once I get past this I hope SOFI will help me with investing. I look forward to a long lasting relationship with SOFI.


CHASE YARATCH

05 August, 2022

trustpilot-stars

bad loan service

I do not believe that it is acceptable that I had to go though and get a personal loan to cover school costs for the summer... I was not approved for student loan but I was able to get a personal loan... The personal loan has high interest rates vs the student loan... I still cannot believe I had to be in this situation and this was how I had to handle it... Do better... People are struggling and you are just taking advantage at this point. It would be one thing to not get approved for either loan but making me have to go though a personal loan to cover school costs is not right... It is all about money right???


SHARON TEMBO

05 August, 2022

trustpilot-stars

This is a thank you to SoFi

This is a thank you to SoFi. This was my first time taking a loan, that means I didn't have loan history on my credit report. That made it hard for other lenders to loan me the money I was looking for. I had tried for 2 weeks asking from different lenders but was denied, it was a stressful period because I urgently needed this money. I finally decided to take a shot with SoFi and SoFi took me in right away.


KRISTY

05 August, 2022

trustpilot-stars

Great for working people

Great for working people. Very accommodating. Thank you.


KATHLEEN

05 August, 2022

trustpilot-stars

Easy Loan Application Process

SoFi makes it very easy to apply for a loan that allowed me to pay off high interest credit cards. I now have a lower monthy payment and much lower interest,


JANIE BARTSCH

05 August, 2022

trustpilot-stars

The app is very easy to use

The app is very easy to use. Layout, content, directions all mapped for convenience. Excellent app.


JUAN

05 August, 2022

trustpilot-stars

Easy to apply for a loan

Easy to apply for a loan. Fast response.


SUE

05 August, 2022

trustpilot-stars

Definitely use their opportunities.

Using SoFi for my financial needs has been very helpful and rewarding. The process is easy, the information provided regarding financial matters is straightforward and honest, no surprises. I will continue to use them for financial matters. I highly encourage anyone to consider their offers.


NADIA BAIG

05 August, 2022

trustpilot-stars

Had multiple poor communications with…

Had multiple poor communications with SoFi reps on chat - I had applied for a loan (through a referral link) - The marketing materials indicated I will receive $300 bonus 2-7 days after loan closing: nothing - engaged a rep through chat who said my $300 loan bonus has been processed and will be deposited into the external Chase account when the loan funds were initially sent - WRONG - Called back a week later and was informed that no bonus transaction could be found and opened a tkt - After no response for a week I reached out again and was told I needed a Sofi checking/savings account to get the bonus. I already had a checking account! - Finally they informed me that I had not met the terms by paying off my loan in less than 90 days. Pls inform about such key requirements upfront. It should not take 3+ weeks and 4 rep chats to communicate key terms for bonus!


KAREN LEIGHTON

05 August, 2022

trustpilot-stars

While I am grateful for the two loans…

While I am grateful for the two loans we were granted, I am disappointed that, after paying off both loans early, we were denied a new loan, for a much smaller amount, due to excessive credit inquiries.


DONALD JACKSON

05 August, 2022

trustpilot-stars

Satisfaction of Sofi

They offer a reasonable rate. They also, keep you informed on the progress of your loan.


ROBYN GREGORY

05 August, 2022

trustpilot-stars

Great experience!

I had a great experience with obtaining a loan.


RICHARD J JARA

05 August, 2022

trustpilot-stars

consolidation loan

I borrowed from SOFI to consolidate some dept; everything worked out fine, got the amount I requested and the payment plan was reasonable. I would recomend SOFI to anyone


RAYMOND JOSE MACIAS

05 August, 2022

trustpilot-stars

I'm Impressed

I originally joined SoFi to get a loan to help pay off some credit card debt. Their app is very easy to use and has a simple design. I am also impressed with the APY they are paying on Checking Accounts. I am seriously considering moving an account from a very well known bank to SoFi because of the APY.


DAVID OLGUIN

05 August, 2022

trustpilot-stars

....the process was quick and prompt…

....the process was quick and prompt really no b.s straight up.. Just wish they would've let me chose my due date from the get go... either than that I would highly recommend SOFI.


HANNAH PURPLE ROSE

04 August, 2022

trustpilot-stars

Question Asked, Question Answered

I had what turned out to be a simple question, but I was momentarily confused, so I called. The person I spoke to was helpful, but concise, so I wasn't kept on the phone with anything I didn't need. Thanks!


LUCIO

04 August, 2022

trustpilot-stars

easy to deal with

easy to deal with


DENISE

04 August, 2022

trustpilot-stars

I recently took out a loan with Sofi to consolidate bills

I recently took out a loan with Sofi to consolidate my bills. My approval was quick, I received my money quickly and their website is very user friendly.


JOHN

04 August, 2022

trustpilot-stars

Easy to work with

Easy to work with. Funds available in a timely manner.


CONSUMER

04 August, 2022

trustpilot-stars

The application was easy and quick

The application was easy and quick. provided me with the funds I needed.


ALS

04 August, 2022

trustpilot-stars

Excellent exp

Excellent exp. Used loan consolidation to pay off high-interest credit cards. Received a reasonable rate. Paid off the loan in less than 5 years and saved a great deal in interest. The application process was easy and funding took place quickly.


TIM

04 August, 2022

trustpilot-stars

Best rates and a easy application…

Best rates and a easy application process.


JAMES MELIN

04 August, 2022

trustpilot-stars

Simple and easy process to get funding.

I found the process refreshingly fast, competent and for the few human interactions I've had since, quite cordial. The only thing I wish they would offer is setting payments to go every 28 days. Not once a month on a specific date, as I get paid every two weeks exactly. If that became possible, I would jump at their 1/2 percentage point offer to set up autopay. I had been with another lender who thought it was my responsibility to get the payment to them 2 weeks ahead of the due date so it would be processed by the due date by their people. They had not apparently heard of H.R.3909 - Postmark Payment Act of 2014. Dumped them like a hot rock.


DAVID DEVOTO

04 August, 2022

trustpilot-stars

The service rendered by SoFi

The service rendered by SoFi was second to none. Very timely response, and SO VERY easy to work with!! A simply prime experience.


PABLO

04 August, 2022

trustpilot-stars

I wouldn’t recommend for mortgage like…

I wouldn’t recommend Sofi for mortgage like refinance and home buyers. It was very hard to get the loan approved and the process was long and it changed hands too many times


ROBERT ABBOTT

04 August, 2022

trustpilot-stars

Great experience and seamless process

Great experience and seamless process. thank you for meeting my needs. Robert Abbott


JOHN HARDY

04 August, 2022

trustpilot-stars

I'm a repeat customer because…

I'm a repeat customer because SoFi has done so well for me with previous loans. Best interest rates to be found, easy application process, and turn-around beat their 4-day estimate by 2 days. I had cash in the bank the day after my application, and that was after having to correct a couple of document uploads. In my long experience there are none better out there than SoFi.


DONALD

04 August, 2022

trustpilot-stars

Exceptional

Exceptional. Would recommend.


DARREN

04 August, 2022

trustpilot-stars

Sad experience on Loan application tool

My loan was rejected because SoFi couldn't tell what my income truly is given recent changes in my working situation. The on-line tool didn't allow me to explain that and provide any other input to the process to properly access my situation and revenue.


JOHNNY WILLIAMSON

04 August, 2022

trustpilot-stars

Satisfaction With Service

Since I have been with sofi, they given me help when there was fraudulent activity on my credit card. They completed the investigation in a timely fashion. The results were in my favor and it was corrected immediately. I also have a personal loan with sofi, and the pay back conditions are easy on my budget. It is a very good financial institutue to for all your budget needs.


HEIDI MILLER

04 August, 2022

trustpilot-stars

Everything with SOFI has been super…

Everything with SOFI has been super easy. The app works well and is a great resource.


DANELLE STEWART

04 August, 2022

trustpilot-stars

Very easy to use

The set up was easy. The deposit was quick I also like i was able to change me auto pay date to make it more convenient for me Appreciate the daily updates and information sent to my email. I just don't like how much interest they take.


JAMES CAMPBELL JR

04 August, 2022

trustpilot-stars

I'm very pleased with the service

I'm very pleased with the service, that has been provided .


NICOLE HEADRICK

04 August, 2022

trustpilot-stars

SoFi was a great experience Start to Finish

SoFi was a great experience from applying and being approved online, through the payment capabilities and the payoff. I would definitely use SoFi again when I have financial needs. Thank you SoFi!


JUAN GUZMAN

04 August, 2022

trustpilot-stars

Good Online Banking Choice

I mainly use Sofi for the savings account. I did have a loan but it is now paid off. The process for everything has been smooth. My debit card came in pretty quick. The app is easy to get through. The rewards you get for the financial improvements you make is a nice bonus too.

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