SoFi is an online lender that offers personal loans, student loans, home loans, credit cards and debit cards, among other products and services. SoFi personal loans are good for people with above-average credit scores who seek large loan amounts and low interest rates. Here are a few key things to know about SoFi:
2.3/5 average rating among users
A+ BBB rating
Available to U.S. citizens, permanent residents, and immigration-visa holders
Available in all 50 states and the District of Columbia
Compare Personal Loan Rates from WalletHub Partners
Excellent Credit
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No Credit/Limited History
$500
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SoFi® Reviews
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 11/17/2025.
A personal loan from SoFi is one of the best options around for borrowers with a credit score of 680 or higher. The biggest benefit is SoFi’s very low APR range, 8.74% - 35.49% Fixed APR with all discounts**. SoFi’s personal loans also offer the opportunity for large amounts of funding and long payoff periods. You can borrow anywhere from $5,000 - $100,000 for 24 - 84 months. Plus, the origination fee is 0% - 7% and the late fee is $0.
But because SoFi loans are inexpensive, they’re also a bit more difficult to get than the average personal loan. SoFi isn’t as quick as some lenders when it comes to funding loans, either. Get funded as soon as the same day you are approved, though the process may be longer for some customers.
SoFi Personal Loan Review Highlights:
SoFi rates: 8.74% - 35.49% Fixed APR with all discounts**
Loan sizes: $5,000 - $100,000
Payoff timeline: 24 - 84 months
Origination fee: 0% - 7%
Late fee: $0
Co-applicants: Allowed
Funding timeline: As soon as the same day you are approved
Pre-qualification: Create an account to check your rates online.
SoFi personal loan requirements: 680+ credit score; 18+ years old; U.S. citizen/permanent resident/immigration-visa holder; SSN/passport
Customer satisfaction: SoFi isn’t accredited with the BBB, but they do have an A+ rating. The company has an average user rating of 2.3/5 on WalletHub.
SoFi is a personal loan option that everyone with a high enough credit score should consider. Their mix of low rates, low fees, lots of funding and long payoff periods is hard to beat. Below, you can see how WalletHub rates SoFi in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
SoFi Ratings by Category:
Category
Editor’s Rating
Terms
4.2/5
Requirements & Application
4.3/5
Reviews & Transparency
3/5
Overall Score
11.5/15
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Product: SoFi® Personal Loans
Comment
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5
tylerstatia @tylerstatia
My honest review of the SoFi Mobile checking account. Don't let them make a comparison to anything to Wells Fargo, Chase, BofA, Capone, etc.
Stars -1/5
Pros: The Standard They at least offer tap-to-pay, on their debit cards, and it comes quick :)) But are still running on medieval ancient time technology.
Their excuse will be, well "We don't have any branches." Be in for a ride.
If you work, a Mon-Friday job, You get a check, You're going to be waiting for 7 days for this to clear. They will make you write on the check "For Mobile Deposit at SoFi only."
Just like every other company you've been with before that makes your funds available in minutes or the worst one day.
I had a certified check, My funds had CLEARED, The check cleared in the Automated Clearing House. And my funds are waiting for 5 business days. 7 days in total.
The issue with Mobile Deposit, Online on the company website completely contradicts what is actually true in reality. "Mobile deposit made instantly available in Minutes." Why would anyone want to switch to SoFi if this isn't the case? Do you know what's actually so bad about this? Is I've waited 3 business days (5 days total) My CHECK CLEARED TODAY!!! But GUESS WHAT? They're making me wait 7 business days. I've made tons of transactions on this account, and my check was made out as a certified check completely legit.
How many frustrated workers have to find this outcome payday, let alone the week after if they're hurting for funds, to figure out, oh wow a company is robbing me?
That's not it though, wait.
They only offer phone Support to 6 pm EST.
(website says 24 horus)
We're available 24 hours by phone.
Why bother with this?
And this isn't from experience, but if you look at all of their loan deals, they don't allow you to pay the principal. You have to pay the agreed interests, even if you're paying the complete full price.
Stay away, very scam.
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toddw81 @toddw81
This home mortgage experience was an absolute nightmare. The bank was utterly incompetent, failing to communicate with both my realtor and me. I can't even count the times I had to wait for a response that took forever to receive.
Their gross negligence resulted in us missing our closing date, putting our $10k deposit at risk. It's good that the seller was honest because the SoFi team did everything possible to derail the entire process. I would strongly advise anyone to avoid this unprofessional and unreliable institution.
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Donald Ford @don_ford2
Don't use your credit card because When you do and have a balance they lower your credit line down to your balance for no reason so then it effectively and lowers You're credit score these people should be ashamed for what they do.
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3
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SoFi®
James Young @jimyoung1229
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1 Star Rating
I have had the WORST customer experience of my ENTIRE LIFE and I'm no spring chicken. I am literally sick to my stomach over this and have hit a brick wall. In short, do not use So-Fi for any kind of loan. 21 days ago I activated a loan. So-fi has lost the disbursement, and never paid the end user. I have called (no exaggeration here) EVERY OTHER day after waiting the required 7 BUSINESS days to try and trace the disbursement that was supposed to be done electronically. (which happens within 24 hours). It is missing and no one can seem to trace it. I keep getting "we'll call you back in 24-48 hours with an update", but no one calls me back. Right now I am out $25,600.00. I am at my wits end and am thoroughly disgusted with the total LACK OF SERVICE this company offers. So learn from my mistake and DO NOT USE SO-FI! "Hey SO-FI, where's MY money?!?"
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Product: SoFi® Personal Loans
Comment
0
0
SoFi®
Debra Phillips @bodaciousq
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1 Star Rating
Really disappointed with the SoFi credit card. Initially, I was given a $3,000 credit limit. Made several charges of $600 to $1,200 within the first year. To keep my balance low, I'd always pay my bill in full each and every month. Within the first year, I charged about $10,000. After about a year of not charging anything, I logged into my account to see if I had received a credit limit increase and to my surprise, my limit had been decreased by $2,000 leaving me with a $1,000 limit. I definitely could not understand but didn't bother to inquire. I never carried a balance, was never late, and as stated before, I never carried a balance from month to month, as I always paid in full while maintaining a credit score of 780. To add insult to injury, after another 6 months or so, the card was canceled. Go figure! Goodbye, SoFi.
SoFi has made it clear that they will discriminate and make it extremely challenging to obtain a loan if you are a self-employed individual. As someone who has been self-employed for 14 years now, I have a credit score of 774 and an income over $250,000. I have two mortgages (one is a rental, so that cost should be disregarded), have had three business loans (that helped my business grow and have been paid off), three personal loans (which have been paid off), and have never been declined for credit before.
I submitted all the income documentation requested, including 1099s and W-2s, all at the request of the individual in the call center. They promptly declined me for "not being able to verify income." I called in to gain clarity on this as it made no sense. I was informed that because my income was from self-employment "it could not be verified," but if I had any "regular income," they would consider that. I asked if all self-employed people were discriminated against for having self-employed income and they just kept saying they could not verify mine, acknowledging they had received the income documents.
And here's the best part: there is "no way" for them to transfer you to someone at SoFi who can actually explain their system and alternative documentation.
If you are a self-employed individual, stay far away from SoFi.
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Product: SoFi® Personal Loans
Comment
1
0
SoFi®
gb_gb921 @gb_gb921
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1 Star Rating
Terrible experience; there were returned payments and deposits. No fixes, no apologies; I canceled my accounts. The staff was incompetent, and there was no resolution. The complaint department, Managers, and customer service were not helpful.
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Product: SoFi® Checking
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SoFi®
david burnett @spider_99
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1 Star Rating
They are a predatory lender. I applied for a loan with them, they sent me the information, and I called them to put the loan on hold, which they admit was noted in the system. Then, three weeks later, they funded the loan without my permission. I sent the money back and informed them it must have been a mistake, but they are requiring that I pay a 4,000-dollar origination fee, even though they admit I called to put the loan on hold. Liars, cheats, avoid these people. Wish there were zero stars available.
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Product: SoFi® Personal Loans
Comment
1
0
SoFi®
Cindy Fairfield @cfairfield88
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1 Star Rating
They stole my money. Do not do business with them. They are fraudsters, and I don't see how the government hasn't shut them down already.
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Product: SoFi® Checking
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0
0
SoFi®
pupuleade @pupuleade
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1 Star Rating
Awful experience! It took 6 days for them to tell me I was approved. I even signed the loan document. Then, less than 24 hours later, they told me I was declined due to being unable to verify my identity. Such nonsense! I sent them all the requested identity documentation. Don't approve someone until you have everything verified!
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Product: SoFi® Personal Loans
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0
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SoFi®
do not ever use sofi @johkhou
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1 Star Rating
DO NOT USE SOFI FOR YOUR PERSONAL LOANS. Even after explaining that I was in the brink of bankruptcy BEFORE being hit with a wage garnishment, they still refused to offer me any type of financial assistance. Stay away, stay away, save your money and stay away. This company will NOT help you.
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Product: SoFi® Personal Loans
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0
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SoFi®
zpallone @zpallone
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1 Star Rating
They sell your information to everyone, so unless you want to be contacted ten times a day, every day, even after blocking every number that calls, I would not apply with them.
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Product: SoFi® Personal Loans
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0
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SoFi®
Alisha Jo @alishafnp85
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1 Star Rating
Title: Misleading Loan Process, No Formal Denial, and Terrible Communication
I applied for a loan with SoFi, submitted all required documentation, and was told by Cesar that the loan was approved and funds would be deposited within 24 hours. That never happened.
The portal still showed "waiting for approval," yet no one contacted me to explain the delay. I followed up multiple times—calls, app messages, and emails—with no response. After four days, Larita finally replied via email, stating the loan had been declined. Still, no formal denial letter was ever sent.
This lack of transparency caused major issues. I had already hired a contractor based on their approval, expecting the funds to be released. I was forced to pay for the work using credit cards. To make matters worse, my credit score dropped 97 points due to the hard inquiry and loan disruption.
SoFi's process was irresponsible, misleading, and financially damaging. I no longer trust this company and would not recommend them to anyone.
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Product: SoFi® Personal Loans
Comment
0
0
SoFi®
Chikere Isikwe @chikerei
Report Abuse
1 Star Rating
I was tricked by a merchant into making a payment for a service that was complete, and when I reached out to my bank to explain that the charge was the incorrect amount, the bank did nothing. SoFi did not even explain to me why my dispute was closed; they did not inform me of anything. I had to call to explain the same situation to them. I wish I had banked with Chase or Bank of America; at least they care about their customers. These internet banks are not trustworthy, and the customer service is not there. I still have not received my money back.
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Product: SoFi® Checking
Comment
0
0
SoFi®
val44813 @val44813
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1 Star Rating
When going through the application process, I had two options showing for my loan. One option was a 14.57% APR with a $1560 fee, or a 14.79% APR with no fee. I chose the no-fee option. After signing my documents, I called in with a question about my APR. The representative told me that I was given the option of a 12% APR with the fee or a 15.03% APR without. My options didn't show that at all! I would have chosen the 12% APR with the fee. That's a no-brainer. They won't fix it! I'm so angry.
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Product: SoFi® Personal Loans
Comment
0
0
SoFi®
Patrick T @pt072371
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1 Star Rating
Up until just over a month ago, I never had a problem with SoFi, but now I would say they are the worst bank in the industry, even worse than Bank of America.
I bought a sofa in Colombia, which is where I currently reside, and never received it. I used my SoFi debit card, so I filed a dispute with them. Sixty days later, the retailer tells me since you filed a dispute, we are not going to issue a refund; you will need to take it up with SoFi.
For the past 30 days or so, I have been writing to SoFi's dispute team, but the only thing they will tell me is 1) the merchant is allowed a certain amount of time to respond, and 2) SoFi can take 90 or more days to review this issue.
Despite my question about exactly how much time the merchant is allowed, or my other question about where we are in the process and whether we are getting closer to a resolution, they simply send me the standard responses I already noted.
Additionally, I filed a complaint with SoFi's resolution team about the fact that their dispute team will not tell me anything beyond a standard response, and they replied, saying sorry, we understand it can feel daunting, but "insert standard response here.” However, if you have further questions, please email me.
I have emailed David at SoFi, and he does not reply at all; he ignores me. I have used standard English to express how depressing this is and to please have someone tell me something I don't know, such as exactly how many days the merchant has left to reply.
Anyway, I do not recommend SoFi; they will simply treat you poorly. Keep you uninformed and feed you nonsense.
This has been ongoing since April 4th.
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Product: SoFi® Checking
Comment
0
0
SoFi®
Bob The Builder @traderfrits
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1 Star Rating
Sofi is subpar. I've paid off three personal loans with them, have an open cash-out refi with them, and they just denied my home loan on a second property in underwriting, one week away from closing. Short this company if you invest. I have been. That's how I plan to pay for my home purchase now.
Get answers to your questions about SoFi® below. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered. In addition, WalletHub independently collected information for some of the cards on this page. Ad Disclosure
Yes, SoFi is a legitimate company because it has an A+ rating from the Better Business Bureau. Also, SoFi personal loans have a rating of 4.4/5 from WalletHub's editors because they have some of the lowest interest rates on the market.
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.
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, so you won't be charged extra for taking out a loan, paying the bill late, or paying off your balance early. The only cost associated with a SoFi personal loan is interest, which you will have to pay at an annual rate of 8.74% - 35.49% Fixed APR with all discounts**.
Yes, SoFi® personal loans can be trusted because SoFi is an FDIC-insured bank that has an A+ rating from the Better Business Bureau. SoFi personal loans also have a 4/5 rating from WalletHub's editors because they have competitive interest rates and no fees.
Why SoFi Is Trustworthy
SoFi has an A+ rating from the Better Business Bureau.
SoFi has an average user rating of 2.8/5 on WalletHub.
SoFi® offers debt consolidation loans of $5,000 to $100,000 for 24 - 84 months with APRs range from 8.74% - 35.49% Fixed APR with all discounts**, 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...
The SoFi Credit Card credit limit is $1,000 or more. Everyone who gets approved for SoFi Credit Card is guaranteed a credit limit of at least $1,000, and particularly creditworthy applicants could get limits a lot higher than that. The higher an applicant's credit score and income are, the higher the starting credit limit is likely to be.
The SoFi Credit Card credit limit that you start with isn't necessarily your credit line forever. You can ask to get a credit limit increase by calling the...
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
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.
To log in to your SoFi Unlimited 2% Credit Card account, go to SoFi's website or mobile app, enter your username and password in the appropriate fields, and click the button to sign in. If you don't already have an online account with SoFi, you'll need to enroll first and set up a username and password.
How to Log in to Your SoFi Credit Card Account
Visit SoFi's website or app. Navigate to the login box at the top...
The best SoFi Credit Card benefits are cell phone insurance and global emergency services. The SoFi Unlimited 2% Credit Card also has Mastercard ID Theft Protection and Mastercard Zero Liability Protection, which are more common perks across SoFi credit cards.
SoFi Credit Card Benefits
Cell phone insurance
Global emergency services
Mastercard ID Theft Protection
Mastercard Zero Liability Protection
In addition to these benefits, the SoFi Credit Card comes with a $0 annual fee and offers rewards on...
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
Check your credit score. Checking your credit helps you...
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