SoFi Loans Review

SoFi is great because it offers a variety of financial products, including personal loans, private student loans, investments and a credit card. In addition, SoFi has low interest rates, an A+ rating from the Better Business Bureau and a 4.7/5 personal loan rating from WalletHub's editors.

Reasons Why SoFi Is Great

• SoFi offers a wide range of financial products and personalized financial advice.
• It offers low rates for personal loans, student loan refinancing, private student loans and mortgages.
• It received an A+ rating from the BBB.
• The company has an average rating of 3.0/5 among users on WalletHub.
• The company has referral bonuses for several products.
• The company allows borrowers to modify loan payments if they are unemployed.
• The company reports the status of your loan account to all three major credit bureaus at the beginning of each month.
• It offers pre-qualification for all loan products on its website.
• Its personal loans have no fees.
• WalletHub's editors gave the company's personal loans an overall rating of 4.7/5.
• SoFi members can get a rate reduction or discount on their next eligible loan.
• SoFi members can take advantage of finance workshops and events, career events, wine tastings, yoga classes, and much more.

For more information, check out WalletHub's full SoFi personal loan review. You can also see what customers are saying about SoFi on WalletHub.

A personal loan from SoFi is not hard to get approved for if you have a minimum credit score of 680, enough income to afford the loan, and a valid bank account. Approval by SoFi is never guaranteed, though, even if you meet all the requirements.

Requirements to Get Approved by SoFi

• Credit Score: 680+
• Income: Not disclosed
• Age: 18+
• Citizenship: U.S. citizen, permanent resident or immigration visa holder
• Identification: Social Security number or a visa
• Bank Account: Verifiable bank account
• Residency: All states

For more information, check out the full SoFi personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.

SoFi requires a minimum credit score of 680 to qualify for a loan. That means the SoFi personal loan credit score requirement is in the fair credit range, which is on par with most other lenders' credit score requirements.

Keep in mind that just having a 680 credit score is not enough to qualify you for a SoFi personal loan. SoFi will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from SoFi with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.

If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a SoFi personal loan online to gauge your chances of getting approved with your current credit score.

SoFi may approve you the same day you apply or within a few business days. After your application is approved and you accept the offer, it takes a few days to receive your funds, which SoFi will send to you by electronic bank transfer.

Key Things to Know About SoFi Loan Approval

• Minimum Credit Score: 680
• Approval Timeline: As soon as the same day to a few business days
• Funding Timeline: A few days
• Fund Delivery Method: Electronic bank transfer
• Loan Amount: $5,000 - $100,000
• APR: 8.99% - 25.81%
• Repayment Period: 24 - 84 months
• Origination Fee: No Fees Required

If you think a SoFi loan is right for you, check out the full SoFi personal loan review on WalletHub. You can also estimate your potential rates with our free pre-qualification tool.

Yes, SoFi is a legitimate business because SoFi is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why SoFi personal loans are legit is that the lender has an A+ rating from the Better Business Bureau, but it is not BBB-acredited.

Why SoFi Personal Loans Are Legit

• SoFi is registered as a business in the states it services.
• SoFi has a Better Business Bureau rating of A+.
• SoFi has been around since 2011.
• SoFi has an average user rating of 3.1/5 on WalletHub.
• SoFi personal loans have a rating of 4.7/5 from WalletHub's editors.
• SoFi has a secure website, which you can tell by the fact that the URL has "https" in front of it.

While SoFi personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of SoFi personal loans against your other options before submitting an application.

SoFi personal loans do not have fees. Borrowers are not subject to an origination fee, late fee or prepayment fee, but you will have to pay interest at a rate of 8.99% - 25.81% when you take out a SoFi personal loan.

SoFi Personal Loan Fees and Other Key Terms

• Origination Fee: No Fees Required
• Late Payment Fee: No Fees Required
• Prepayment Fee: No Fees Required
• APRs: 8.99% - 25.81%
• Loan Amounts: $5,000 - $100,000
• Repayment Periods: 24 - 84 months
• Credit Score Requirement: 680+
• Funding Timeline: 4 - 11 days

Before applying for any personal loan, it's a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub's free pre-qualification tool.

SoFi offers debt consolidation loans of $5,000 to $100,000 for 3 to 7 years with APRs range from 8.99% - 25.81%, assuming an autopay discount of 0.25%. In addition, SoFi charges no origination fee, no late fee and no penalty for paying the loan off early. All of these factors combined make SoFi debt consolidation loans among the best on the market.

Still, it is worth noting that these terms are no different than those offered with SoFi's other personal-use loans. Even though SoFi's website has a page specifically for debt consolidation loans, they don't actually seem to be a fundamentally different product.

Unlike some other lenders, SoFi does not offer any alternative ways to consolidate debt, such as home equity loans or credit cards.

How to Get a SoFi Debt Consolidation Loan

The first step toward consolidating debt with SoFi is to check for pre-qualification online. You'll need to make an account on SoFi's website, but then you'll be able to see your odds of approval and an estimate of what your APR might be if you're approved. That way, you can see if you're likely to get rates that are lower than the ones on your existing debt.

If you're pre-approved for a SoFi debt consolidation loan, you may want to also use WalletHub's pre-qualification tool to check your status with other lenders. That will ensure you get the best deal.

If you decide that SoFi is the best option, you can then submit an application. Keep in mind you will need at least a 680 credit score for final account approval.

You should receive a decision in 2 to 4 business days, though it could take up to 15 business days if you're self-employed. Once you get your money, you can use it to pay off your old debts, consolidating all of them into one loan owed to SoFi.

SoFi's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to have a verifiable bank account to qualify for a SoFi personal loan.  

SoFi Requirements for Borrowers

• Credit Score: 680+
• Income: Not disclosed
• Age: 18+
• Citizenship: U.S. citizen, permanent resident or immigration visa holder
• Identification: Social Security number
• Bank Account: Verifiable bank account
• Residency: All states

Before you apply for any personal loan, it's a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it's never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub's free pre-qualification tool.

Yes, SoFi does home improvement loans. You can take out a personal loan from SoFi and use it to pay for home improvement expenses, such as remodeling a kitchen, finishing a basement, putting on siding or many other projects. SoFi is one of the few lenders offering personal loans specifically for home improvements, while many others only have general-purpose personal loans.

Quick Facts About SoFi Home Improvement Loans

• APR: 8.99% - 25.81%
• Origination fee: No Fees Required
• Loan amount: $5,000 - $100,000
• Payoff period: 24 - 84 months
• Credit score required: 680

Before you apply for a SoFi home improvement loan, it's a good idea to compare the offer to WalletHub's editors' picks for the best home improvement loans. That way, you'll be able to see how the offer stacks up against loans from leading competitors.

Yes, you can refinance a SoFi personal loan using either a new personal loan or a balance transfer credit card from a different lender. By paying off your remaining SoFi balance with a new, lower-interest loan or credit card, you will shift what you owe to the new lender and save money on finance charges. 

How to Refinance a Loan from SoFi With a New Loan

1. Check your credit score. Checking your credit helps you see if you're able to get approved with the score you have or if you need to spend some time improving it. You can check your credit score for free on WalletHub.
2. Get pre-qualified (if possible). Pre-qualifying shows you which lenders may approve you and what rates may be available to you. You can pre-qualify with multiple lenders for free on WalletHub.
3. Apply for the new loan. You can apply for the loan online, in person or over the phone. You'll need to give the lender some personal information when you apply, like your name, address and date of birth. The lender will also need some financial information, like your employment status and income.
4. Wait for funds. You should get your loan within a few business days of being approved. The lender will either write you a paper check or do a bank transfer.
5. Pay off the old loan. Once you receive the money, you'll need to pay off the old loan.  
6. Repay the new loan. After the old loan is paid off, you'll then need to repay the new loan. This could take a few months or years to do.

Refinancing a Loan from SoFi With a Balance Transfer

The biggest difference between using a balance transfer credit card and a personal loan for refinancing is that many cards offer 0% introductory APRs. If you can pay off your loan before the introductory period ends, you won't have to pay interest.

To learn more, check out WalletHub's balance transfer guide.

Final Thoughts

You should refinance a personal loan from SoFi if it saves you money. Ideally, your new loan or credit card should have a lower APR than your old loan. You can qualify for a lower APR if your credit score and overall financial situation are better than when you got the first loan.

Finally, it's worth noting that SoFi does not offer personal loan refinancing services for its own loans. In other words, you can't use a SoFi loan to pay off another SoFi loan and get a lower interest rate in the process.