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:
3.1/5 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
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 09/13/2021.
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, 4.99% to 19.63% (with AutoPay). SoFi’s personal loans also offer the opportunity for large amounts of funding and long payoff periods. You can borrow anywhere from $5,000 to $100,000 for 24 to 84 months. Plus, the loans are completely fee-free – there isn’t even a fee for paying late.
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. It can take up to 11 business days to get funded, though the process may be shorter for some customers.
SoFi Personal Loan Review Highlights
SoFi rates: 4.99% - 19.63% (with AutoPay)
Loan sizes: $5,000 - $100,000
Payoff timeline: 24 - 84 months
Origination fee: $0
Late fee: $0
Joint application policy: Allowed
Typical funding timeline: Up to 11 business days
Pre-qualification: Create an account to check your rates online.
SoFi personal loan requirements: 680+ credit score, U.S. citizen/permanent resident/immigration-visa holder, at least 18 years old.
Customer satisfaction: SoFi isn’t accredited with the BBB, but they do have an A- rating. The Consumer Financial Protection Bureau has recorded relatively few complaints about the company.
SoFi is a personal loan option that everyone with a high enough credit score should consider. Their mix of low rates, no 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
Terms: 5 / 5
Requirements & Application: 4.5 / 5
Reviews & Transparency: 3.8 / 5
Overall Score: 4.7 / 5
These 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.
Product: SoFi Personal Loans
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SoFi
Joseph @josephg55
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Lifeline to pay college expenses for my daughters and taxes, too! Much lower rate than credit cards and effective rate of teasers much higher than advertised!
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Product: SoFi Personal Loans
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coynserena @coynserena
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BY FAR, THE WORST COMPANY I HAVE EVER WORKED WITH. - This entire process has been below a 1 Star rating. I got a pre-approal with no problem, but when it came time for the actual closing, I am still waiting on a close date and we are 45 days in. I really don't know what else as far as documentation I can provide. I get it, I'm self employed with two businesses, but really? My Job where I am a contractor Emergency Room Nurse Practitioner, which I have been doing for over 5 years, and provided taxes for, is beyond enough to qualify me for a mortgage. I had to upload documents multiple times, even sending them in emails, which they would then respond that they never received the document, even though it was still attached to the email. I have called MULTIPLE times with no call back. I have left messages asking for Supervisors to call me. Nothing. I do not get responses to emails that I send seeking updates. I even tried reaching out through social media and have gotten no response. So my suggestion is to find a different company to do your mortgage.
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Product: SoFi Mortgages
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True Investor @trueinvestor71
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Sofi is a liar and looters broker who will never let you to earn money if you earn something sofi take away show this and that and never let you to earn
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Product: SoFi Investments
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SoFi
Bri Schrader @bmschrader
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The application process was easy, then it sat "in review" for two and a half weeks. Normally I'd just wait, but every time I called someone said something new was the issue and some mysterious "engineers" I wasn't allowed to talk to were fixing a system error that never got fixed. I finally pulled my application because I was pretty sure no one knew what was going on or how to fix it. Enormous waste of time and energy. Don't let the low rates fool you. Terrible and unhelpful customer service.
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Product: SoFi Personal Loans
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SoFi
cjawx2 @cjawx2
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By far the worst customer service across the board. I have had the displeasure of having to contact them on several occasions regarding a personal loan and a credit card and each time I got the same type of response: I got transferred from “department” to “department” and when I finally got someone, that person has absolutely no idea what they are doing. My latest ongoing struggle with SoFi is with their credit card. I contacted them regarding unauthorized charges and at first I was told I would receive a fraud affidavit in the mail to sign, my exiting credit card account would get canceled and a new card will be sent to me in the mail. All pretty standard procedure. Fast forward over a month later, I still haven’t gotten anything in the mail. I contacted SoFi three times and the first time I called I found that they had blocked the phone number associated with my account so if I call from that number, all I get is a message that says “We cannot assist you at this time”. The second and third time I called (using a different number) I was told I have to call the fraud department. I called the fraud department and, of course, no one answered. I left a message and, of course, no one responded to me. Meanwhile, I had made an overpayment to my credit card account and so now I have a credit balance for which I can’t get a refund because when I asked for a refund with their customer service I was told (yup, you guessed it) that I need to talk to someone in this fraud department. This fraud department that doesn’t answer their calls or respond to voicemail messages.
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Product: SoFi Credit Cards
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Jennifer Gorn @jennie_4381
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If I could leave less than a one star, I would.
I applied with Sofi and was denied for refinancing my $15,000 student loan because they claimed they couldn't verify my income. I am an attorney, married to a husband how owns a construction company and earns as much as I do, if not more-- our combined income is well into the six digits, which is reflected on our taxes that I submitted. My credit score is 776-785. I have zero credit card debt, no car payment, and minimal other expenses. Yet I don't qualify? The reality is that they simply do not know how to understand how income works when it is more complicated than a simple pay stub. The condescending young man who spoke with me stated that he could only look at my K1 income-- but all that is reflected on a K1 is flow through income for our two S-corps (which the accountants work to keep to a minimum via depreciation) and rental income from my real estate holding company. I have nearly six figures in W2 income not even looking at that. When I asked to speak to a supervisor, in hopes of speaking with someone who actually understands finance, I was told I could not. Apparently this young man was the final decision maker. He said if my husband wanted to co-sign for me that I would qualify. Well, Wisconsin is a marital property state, which clearly they don't understand that either-- joint and several liability whether he co-signs or not. Just as his income is also my income via marital property. Again, a concept that clearly is beyond his comprehension. I don't care about the loan not being refinanced, but what I care about is wasting my time dealing with their incompetence ($300 in my billable time wasted), and a hit to my credit score that I have worked so hard to build. Moral of the story--for an investment/finance company, they aren't very bright. Further, if you have more complicated income than a simple paystub-- don't waste your time (or credit score).
Oh and before looking at all of their other great ratings on other sites-- please note those are generally advertisements. Most sites I went on wouldn't allow me to leave a review.
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Product: SoFi Student Loans
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Jeremy Fisher @jalanfisher
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The approval process of this card is abhorrent! I applied for the card 2.5 weeks ago. Just keeps saying application is processing. Then finally today while I was sleeping as I work nights SOFI calls. Doesn't leave a message and I get an email that I had been declined due to the inability to verify my identity. I call the number back and talk to their customer service representative. He first says that the number I have on file is incorrect and that is why I was declined. I stated to him "they were the ones that called me" and that I wasn't able to pick up the phone. He then back tracked and stated that that was the reason I was declined. So I told him that basically because I didn't pick up the phone when they called that was the reason I was declined. He said yes and that there was no way to override the decision because that is how their system is set up. UNBELIEVABLE!! I could have been driving, in a meeting, in a class or a million other reasons as to why I couldn't pick the phone up this company has no other way to verify an applicant's identity???!!!! Most banks leave a message and applicants call them back to verify information. My advice is to stay away from this company! The worse application process that I have ever seen in the 25 years that I have been able to apply for products that banks have to offer.
thanks for the information no one needs this kind of aggravation..especially in these times
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Thomas C @thomascookie534
I am so excited to share my last experience with a competent hacker I got in contact with. My distant friend helped me with while looking to improve my credit score to purchase My Saloon spot. My credit was as poor as (483) and I have about 5 different credit cards that had been paid off in the past couple of months. I needed the accounts removed from my credit report but the problem is they were the oldest cards on my report. I contacted Metronet Credit Solution to help me rebuild my credit, remove negatives and raise my score; Metronet also helped me clear some debt on my accounts. They did just that for me in less than 8 days and still I Just purchased a home afterwards. Here is the contact info: [email protected] or 205 518 3032.
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taylorha99 @taylorha99
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I was looking to refi my student loans with SoFi but the amount of the loan was incorrect. They doubled what I said I had in loans and connected loan amounts that didn't even exist. Then told me that they fixed it but the only way I would see the amount change is if I provided my income information. I canceled my loan refi with them.
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Product: SoFi Student Loans
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weikao @weikao
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SoFi is the worst lender I've ever worked with. Their system sucks. I submitted the application and they request more documents. I got like 50 notifications within one hour. Most likely it's a system bug. I submitted all the requested documents and it showed my application was under review. And then it was sitting there as under review for a week without any further status update. I had to contact the customer service and they said for whatever reason, the system got stuck and the reviewer didn't get the documents. They had to do something in the back. And they two days later. I got another request asking if I have ownership of the company that employs me. That was heck a lot of questions to ask for a personal loan. I've done more than 5 personal loans previously and never had anything that takes that long and asked for so many questions. Oh, and the emails they sent is extremely annoying. I already applied for the loan and they continuously send me marketing emails for the loan. This is probably a company that spend 90% of its energy doing marketing than anything else. Stay away from SoFi!
Update: My loan did eventually go through. I think their app is what sucks the most.
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Product: SoFi Personal Loans
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+96 users submitted a rating without writing a full review
SoFi does a soft pull when checking the rates that a potential applicant qualifies for, which will not impact their credit score. SoFi does a hard pull for anyone who chooses to submit an application after checking their rates. This will cause a temporary credit score drop of a few points.
In all, you shouldn't worry too much about having a hard pull from SoFi, as the score damage should be relatively minor unless you've had multiple recent hard pulls. In general, it's best to wait at least six months between each hard pull.
To apply for a SoFi personal loan, visit Sofi's website and click "Find My Rate." That will allow you to go through the pre-qualification process, after which you will be able to submit a Sofi personal loan application. Make sure to double check your personal and financial information for accuracy before submitting the application.
You can also apply for a SoFi personal loan over the phone by calling (855) 456-7634.
SoFi has pre-approval, but it only extends pre-approved offers via mail or e-mail, or to existing customers through their online account. SoFi does not have an online tool that interested consumers can use to check their pre-approval status. And unlike online pre-approvals that may return results for multiple cards with the highest odds of approval, SoFi's mailed or e-mailed pre-approval offers will be for one specific credit card.
If you wish to respond to a SoFi pre-approved offer received by mail or e-mail, visit the website listed in your offer and enter the enclosed invitation code. This allows SoFi to flag the application as pre-approved.
SoFi pre-approval doesn't guarantee that you'll be approved for a card, but it does indicate that your chances of getting approved are very high if you apply. Pre-approvals do not affect your credit score, as they're done using a soft “pull,” or inquiry. But if you decide to apply for the card, SoFi will conduct a hard inquiry, which will lead to a slight, but temporary decrease in your credit score.
To notify SoFi of travel plans, call the number on the back of your credit card and inform the customer service representative of your destinations and travel dates. SoFi credit card customers are not required to let customer service know about travel plans, though it's a good idea to do so. If you don't set a travel notification and charges appear on your card from places you don't normally visit, it's possible that SoFi will put a hold on your account to prevent fraud.
How to Set Up a SoFi Travel Notice by Phone
Call SoFi customer service at 1-855-456-7634 or at the number on the back of your credit card.
Inform the customer service representative that you'd like to set a travel notification and tell them the travel destinations and dates.
Confirm your contact information with the representative so they can notify you if they detect something suspicious.
You can set travel notifications for both domestic and international trips. If you forget to set a travel notice and your account gets blocked, call the number on the back of your card and ask SoFi customer service to unblock your credit card. Once you confirm with SoFi that the suspicious transactions are not fraudulent, they will remove the hold and your card will be ready to make purchases again.
SoFi credit card approval odds are best for people with good credit scores of 700+, an annual income of $40,000+, minimal debt, and steady employment. Each applicant will also need to be 18+ years old with a U.S. mailing address and an SSN.
Credit Requirements for Good SoFi Credit Card Approval Odds
While credit scores are very important, SoFi credit card approval depends on several other factors as well. For example, applicants need to have enough income to make payments on the card. SoFi will also look at housing costs and existing debts when considering your application.
If you want to get a better sense of your approval odds before applying for a SoFi credit card, you can always check to see if you're pre-qualified for any offers on the SoFi website. Pre-qualifying does not guarantee approval, but it does indicate that you have pretty good odds of getting approved for certain cards, and it won't affect your credit score.
