SoFi, short for Social Finance, offers personal loans of up to $100,000 to borrowers with very good to excellent credit. The nationwide lender was founded in 2011 and is known for offering loans with no fees. In addition to personal loans, SoFi offers student loans, auto and student loan refinancing, home loans, and small-business financing.
Best Features
- SoFi doesn’t charge late fees.
- You can borrow up to $100,000.
- Co-borrowers are accepted.
- Borrowers become members and get special benefits.
Drawbacks
- Borrowers with less than stellar credit may not qualify.
- Loans of less than $5,000 aren’t available.
What Can SoFi Be Used For?
You can use a SoFi personal loan for a range of purposes. If you’re looking to start a family, for example, SoFi’s personal loans can finance in vitro fertilization, adoption, surrogacy and pregnancy expenses. If you want to fix up your home, SoFi covers landscaping, roof installation, remodeling, and deck or patio construction.
You can also use SoFi personal loans for:
Borrowers may not use loan funds for:
How Does SoFi Work?
You can prequalify for a SoFi personal loan without hurting your credit score. After you see what terms you’d qualify for, you can apply online in minutes with the help of a SoFi loan consultant.
Once you submit your application, SoFi performs a hard credit pull, which may affect your credit. When you’re accepted for the loan, SoFi sends a loan agreement for you to sign. Your funds become available in a few days.
What Are the Product’s Terms, Fees and Conditions?
SoFi offers fixed-rate personal loans of $5,000 to $100,000. Repayment terms range from two to seven years.
SoFi doesn’t charge any fees, which means no origination fees, late fees or prepayment penalties. You can receive a 0.25 percentage point discount on your interest rate if you sign up for automatic payments. However, a no-fee loan may mean you’ll pay a higher interest rate, so make sure you compare the annual percentage rate before applying.
Borrowers in good standing can apply for unemployment protection. If you’re approved, SoFi modifies your monthly loan payments and provides job placement assistance during your forbearance period, for up to 12 months.
Lastly, when you obtain a personal loan with SoFi, you become a member, which comes with career coaching, financial planning and event access perks.
Personal Loan Finder
Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
How Can You Qualify?
To qualify for a SoFi personal loan, you must be a U.S. citizen, permanent resident or visa holder. You also must be considered an adult, according to your state’s laws. You should be employed, have an offer to start a job within the next 90 days or have sufficient income from other sources. A good credit history also helps you qualify.
Co-borrowers are accepted, but they must reside at the same address as the primary borrower. The application process also may take an extra week or two.
What Credit Score Do You Need?
SoFi requires a minimum FICO credit score of 680 but doesn’t disclose other loan qualification data, including debt-to-income ratio, minimum credit history or minimum income.
Where Does the Lender Operate?
Is the Lender Reputable?
SoFi has an A+ rating with the Better Business Bureau, but it is not BBB-accredited. In 2021, the Consumer Financial Protection Bureau received 14 personal-loan-related complaints about SoFi. The most common issues were related to getting a loan. SoFi provided a timely response to all but one complaint. In addition, SoFi has a 2.8 rating, an average score, on Trustpilot.
How Is SoFi’s Customer Service?
SoFi offers live customer support seven days a week. You can reach out through the site’s chat function, or call 855-456-7634 from 8 a.m. to 10 p.m. Eastern Time, Monday through Thursday, and from 8 a.m. to 8 p.m., Friday through Sunday.
What Are Some of SoFi’s Online Features?
The entire SoFi loan process can be completed online – prequalification, application, closing and account management. SoFi also has an app for members to check loan rates, start investing, set up account alerts and complete other loan-related tasks.
SoFi Personal Loans Are Best For:
- People who have very good or excellent credit.
- People who don’t want to pay loan fees.
- People who want to apply with a co-borrower.
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