SoFi Personal Loans Review

Borrow up to $100,000 without origination fees with SoFi Personal Loans. With low APR starting at 4.99% and bouses, this is an excellent option for borrowers.

SoFi Review: Personal Loans up to $100k

Personal Loans

Financial health is complicated and everyone finds themselves in a situation at least once where they are short or funds or wish they had more. Whether it be to fund a project or consolidate debt, you may have a reason to look into loans that would provide you with some extra cash. It’s not an uncommon experience and there is no shame in considering a loan to help you out in certain situations.

SoFi is one of the most popular loan options out there, especially when it comes to online lenders. If you’re considering applying for a loan through this online lender but aren’t sure if it’s the right fit for you, here are some of the most commonly asked questions about this specific lender and information to help you make your decision.

What is SoFi?

SoFi stands for “Social Finance” and offers a variety of financial services. Since 2017 they have offered a service called SoFi Invest which allows users to invest in stocks and cryptocurrency. The service SoFi is most well-known for its personal loan offerings which boast features such as zero fees, flexible repayment terms, and a range of fund amounts.

SoFi is the best option for anyone who is interested in extra perks and a full service experience in addition to simply receiving a loan. Members of SoFi can access financial advising services as well as career advice. Instead of a standalone advice offering, SoFi members will enjoy a community that promotes financial wellbeing and aims to help improve their financial life. There are networking events and referral bonuses offered, amongst other perks and ways to get involved. Members may even get exclusive discounts and perks at certain times.

SoFi Personal Loan Rates & Terms


4.99% to 19.53%

Loan term:

2 - 7 years

Loan amounts:

$5,000 - $100,000 

Hidden fees:

No origination or hidden fees.

Minimum credit score required


Extra perks:

Get a $500 bonus when a loan is funded and unemployment protection if you lose your job.

Fund availability

As fast as several business days.

How Does SoFi Work?

SoFi is a personal lender, not a bank, who can offer borrowers loans between $5,000 and $100,000. SoFi borrowers must have between good and excellent credit and anyone who qualifies can enjoy an experience without fees. This lender offers student loans, home loans, small business financing, as well as standard refinancing and debt consolidation features.

SoFi also offers a membership feature where borrowers will get to enjoy perks such as networking events and career counseling as well as financial advice. This membership feature is fairly unique and is not something you will find with most other lenders. You can enjoy these services throughout your SoFi loan repayment term and ideally you will learn what you need to know to avoid needing a loan in the future. This community aspect can be a huge draw for those who are seeking loans.

Who Should Use SoFi?

SoFi is a suitable option for anyone who has excellent or good credit as they require a credit score of at least 690 or higher to qualify. Loans available through SoFi provide at least $5,000 so only borrowers who need at least that amount will find fitting options through this lender. If you prefer to manage your loan and complete any application processes online, SoFi will fit you.

It’s also the right fit for anyone who wants to commit to improving their financial health overall with career or financial advice. If you are looking for a community or larger positive experience in addition to your loan schedule, you likely find many benefits to using SoFi.

It’s also a great option for anyone who is interested in stock options and investing as SoFi also has an Investment service. While the SoFi Invest accounts are separate from the SoFi personal loans, you may prefer to have all your accounts in one place once you start investing.

Is SoFi a Reputable Lender?

SoFi is one of the most well-known lending companies in the United States and is completely reputable and trustworthy. It received an A+ rating with the Better Business Bureau which is the highest possible rating that a company can get. While you should always do your own research before applying for a loan, many have reported a great experience with SoFi and say that using their services include a fantastic customer service experience and a transparent and honest process.

Do I Need a Credit Check to Take Out a Loan With SoFi?

SoFi will do a soft credit check on you when you apply for a loan. A soft credit check, also known as a soft inquiry or a soft credit pull, is always preferred since it has no negative influence on your credit score as it's a general inquiry rather than a more specific check that would define a hard credit check.

Does SoFi Cost Any Money?

SoFi does not cost any money including fees which makes it a truly unique online lender! Many services that are similar to SoFi will charge origination fees, late payment penalties, or require a payment if you choose to pay your loan off early. SoFi will not charge any of these things and is a true zero-cost lender.

SoFi Personal Loan Pros

One of the biggest benefits to using SoFi is the point mentioned above - the fact that it is truly a zero-fee lender. While many lenders include lower or reduced fees or may not charge a certain type of fee, finding a true zero-cost lender is rare so if you are approved for a loan through SoFi you’ll know that you are not paying anything extra on top of any interest you may owe.

SoFi also offers co-sign loan options which can be a huge perk for anyone with limited credit history. If you would not be able to qualify for a loan on your own, a co-signer can help your application as it will show lenders that you and people around you can be trusted with a loan.

If you set up autopay on your SoFi account you will find that you will receive a .025% discount on your rate. Autopayments will generally cost SoFi less to process and they like to pass that savings onto you. It also encourages borrowers to set up a process that will allow them to miss less payments.

SoFi also offers unemployment protection which means that if you should lose your job, SoFi will be able to work with you to amend your original agreement or create a new one that allows you to continue paying back what you owe without sinking further into debt. They understand that there are other things such as food or rent that are more vital than paying back a loan so if you find yourself without an income they will be able to help alleviate your stress instead of adding to it.

And finally, SoFi offers a mobile app where you can manage your loan. This can be hugely beneficial, especially when most people these days browse the internet on their smartphones. You can make payments and check your balance conveniently from your device.

SoFi Personal Loan Cons

One of the biggest downsides to using SoFi is the fact that the approval time can be quite long - around three days. Many of the most popular lenders offer same-day funding but those lenders may not offer as many great features as SoFi. So in many ways it’s a trade-off: you will have to wait longer to get your funds but in the long run you’ll benefit by enjoying SoFi’s no-fee guarantee and other perks.

How to Apply for a SoFi Personal Loan

Applying for a loan through SoFi is a quick and easy process that can be started, and in some cases finished, completely online. In most cases, it will take you under five minutes to receive an offer. You will start by going to SoFi’s website and filling out a brief questionnaire that will collect your personal information as well as information about your job history, your financial history, and other aspects that will help SoFi determine how much of a risk lending money to you may be.

Once you submit your application you will know within a few moments if you have been accepted.

On occasion, SoFi offers new applicants a discount or perk for opening up an account. These are not always available and the exact value of the perk that is given may vary but it is worth waiting for one of these if you can as it can translate to significant savings in some cases.

Is Sofi Worth It?

In summary, SoFi is a fantastic option for borrowers with great financial health and credit scores of at least 690. This can seem quite high in comparison to other lenders but there are many perks that SoFi members can enjoy such as career and financial advising and a community of like-minded individuals who are also aiming to attain a higher level of financial health. Networking events and educational opportunities are a unique feature of this lender which is a great option for anyone who is interested in improving their financial health overall and possibly find themselves in a situation where they will not need to apply for loans anymore.

SoFi Personal Loan Review

Borrow $5,000 - $100,000

Low APR ranges from 4.99% to 19.53%

24/7 Customer Support

Loan Term: 2-7 years

No origination or late fees.

Get a $500 bonus when a loan is funded!

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"A seamless experience from start to finish, and not to mention FAST! I got funded in just 3 days for an unexpected family expense and was able to obtain a great rate"

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