SoFi

Yes, SoFi is a legit 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 a rating of A+ from the Better Business Bureau.

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 7.99% - 23.43% when you take out a SoFi personal loan.

SoFi Personal Loan Fees and Other Key Terms

• Origination Fee: $0
• Late Payment Fee: $0
• Prepayment Fee: $0
• APRs: 7.99% - 23.43%
• 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 5.99% to 19.63%, 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.

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 customer service number on the back of your card, but it's best not to ask more than once a year.  

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.