2020 SoFi Personal Loans Review
Bottom line: SoFi personal loans are great for people who want to borrow a lot at a low cost. SoFi loans offer as much as $100,000 with interest rates as low as 5.99%, and only 18.64% at the highest. In addition, SoFi personal loans don’t charge any kind of fees, including late fees.
All of these factors mean that personal loans from SoFi are also great for debt consolidation. Borrowers can take out a lower-interest, fee-free SoFi loan to pay off high-interest debt – from a credit card, for example. In addition, SoFi allows co-applicants to take joint responsibility for a loan, an option that not all lenders offer.
In order to borrow from SoFi, you will need at least a 680 credit score. That’s higher than what many competitors require. In addition, if you’re self-employed, the decision process may take longer, up to 15 business days compared to 2-4 business days normally. Below, you can find more information about the major pros and cons of SoFi personal loans and see how we rate them in three key categories; Terms, Requirements & Application, and Reviews & Transparency. You can also see how SoFi loans compare to offers from other lenders.
SoFi Personal Loan Terms
|APRs||5.99% - 18.72%|
|Loan Amount||$5,000 - $100,000|
|Loan Terms||24 - 84 months|
|Minimum Credit Score||Fair*|
|Minimum Income||Not disclosed|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||6 - 11 business days (up to 15 if self-employed)|
SoFi Personal Loan Rates, Fees & Other Terms
Category Rating: 5/5
SoFi personal loan rates range from 5.99% to 18.64%. Each borrower’s individual rate will depend on their credit score, income, other existing debts and other factors. SoFi personal loan rates are fixed, so you will keep the same interest rate until your loan is paid off.
SoFi personal loans are fee-free. There is no origination fee to process the application and no prepayment fee for paying the loan off early. And unlike many lenders, SoFi doesn’t even charge a fee for late payments.
Because of their cheap APR and lack of fees, SoFi scores extremely well in this category. They also score well for having big loans (up to $100,000), with as long as 84 months to pay them off.
SoFi Personal Loan Requirements
Category Rating: 4.5/5
The SoFi personal loan credit score requirement is a score of 680, according to a SoFi representative. That’s higher than what many other lenders ask for. SoFi doesn’t disclose any kind of minimum income requirement.
There are a few other SoFi personal loan requirements you have to meet to apply, too. You must be at least 18 years old and either a U.S. citizen, permanent resident or immigration visa holder. If you are a permanent resident or immigration Visa holder, you must have at least two years until your status runs out OR have filed an extension/renewal.
You can check your potential SoFi rates online, but you’ll have to create an account on the site in the process. It should be fairly quick, but it’s still going to take longer than it would to get a rate estimate from many other lenders. If you decide to apply, you can do so online or by phone (855-456-7634). SoFi allows co-applicants. A co-applicant has joint responsibility for the loan and must live at the same address as the primary applicant.
If you’re waiting for a response from SoFi, you can check your application status online by logging in to your SoFi account.
Some of the major reasons that SoFi scores well in this category include that they disclose their credit score requirements and that they offer co-applicants, both of which are things that many competing lenders don’t do. In addition, SoFi gets points for letting interested consumers see their potential rates before they apply.
SoFi Personal Loan Reviews & Transparency
Category Rating: 3.8/5
- Better Business Bureau: SoFi is not yet accredited by the BBB, but it does have an A- rating from them.
- Consumer Financial Protection Bureau: The CFPB has catalogued around 40 complaints about SoFi’s personal installment loans. Some complaints include being denied when the consumer thought they should not have and difficulties signing the loan agreement. SoFi has provided a “timely” response to every existing complaint.
- WalletHub: There is not enough user review data to give a score to SoFi.
- TransparencySoFi is highly transparent about their personal loan terms and shows them plainly on their website. SoFi also discloses their minimum credit score requirements, but they could be a bit more transparent by revealing their minimum income requirements.
SoFi scores well in this category because they have a good reputation with both consumer watchdogs and their own customers. In addition, they are very transparent, more so than many competing lenders.
SoFi Personal Loans vs. Other Lenders
Marcus by Goldman Sachs
|APRs||5.99% - 18.72%||5.24% - 24.49%||6.99% - 19.99%|
|Loan Amounts||$5,000 - $100,000||$3,000 - $100,000||$3,500 - $40,000|
|Loan Terms||24 - 84 months||12 - 60 months||36 - 72 months|
|Minimum Credit Score||Fair*||Fair*||Good*|
In order to provide the most accurate SoFi personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. SoFi terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
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