SoFi Personal Loans
SoFi has been providing consumers with personal loans, student loans, home loans, as well as other financial products since 2011. They boast low rates, no hidden fees, and an easy loan application process.
Unlike many lenders, SoFi offers both fixed and variable APR rate options. Their payment options are flexible and members can benefit from exclusive perks, such as access to financial advisors, invitations to private networking events and dinners, and even Unemployment Protection in case you lose your job.
SoFi Loan Types and Terms
While SoFi might have higher standards when it comes to a borrower’s financial profile — such as a credit score minimum of 680, minimal debt obligations, and sufficient income — securing a personal loan with SoFi grants you access to competitive rates for your loan in addition to the feeling of joining an exclusive club.
|Loan amount||$5,000 – $100,000|
|Repayment terms||24 – 84 months|
|APR||5.990% – 16.240% (Fixed rate with autopay) or 5.73% – 14.690% (variable with autopay)|
|Minimum credit score||680|
|Lender type||Direct Lender|
|Good for:||Good Credit, stable income, debt consolidation|
Who SoFi is Good For?
- Good Credit
- Stable Income
- Debt Consolidation
SoFi offers great flexibility when it comes to payment options, offering both variable and fixed rates, which many lenders do not offer. While having a good credit score and a stable income can help you secure a low APR fixed rate, opting for a variable fixed rate could get you an even better rate. Keep in mind, however, that a variable fixed rate can fluctuate over the course of the loan.
SoFi also specializes in offering personal loans to borrowers who are specifically looking to use the funds for debt consolidation. Borrowers can substantially lower their monthly payments by securing a lower fixed interest rate. This can have the added benefit of making your payments easier to track. There are no fees to worry about, and you can get pre-approved in minutes.
SoFi Personal Loans: Pros
- The loan application process takes only a few minutes.
- They conduct a soft credit check to get you rates quickly.
- Great customer service
- Fixed and variable rate options
- No origination fee, repayment fee, late fee, or other fees
- Borrowers can make automatic payments.
- Optional autopay discounts
- SoFi offers a wider loan amount range—$5,000 – $100,000
- Membership-like benefits—networking events, dinners, and access to financial advisors
- Unemployment protection—if you are laid off your job, SoFi will allow a temporary hold on your monthly payments, offered in 3-month increments and capped at 12 months.
SoFi Personal Loans: Cons
- It typically takes about 2 – 4 days or longer to secure a personal loan, which can be longer than other online lenders who may offer next-day funding.
- SoFi has higher applicant standards, such as having sufficient income and a good credit score.
How to Apply
You can get started on your preliminary online loan application process with SoFi by filling out the form on their website. This form will walk you through several simple steps. The first step will be to enter some basic information, including your name, email address, and the desired loan amount.
Next, you will be asked how much you’d like your monthly payment to be. Based on the loan amount you provided in the previous step, you’ll be given a range and you’ll select a number within that range for your preferred monthly payment. For example, if you requested a loan amount of $100,000, you will select a monthly payment amount that falls within the provided range of $1,460 – $4,920.
Answer just a few more questions about yourself, such as your citizenship status, date of birth, and contact information. You’ll also have to enter your income and choose whether you’d like to add a co-signer. The total application process takes just under 2 minutes and then you’ll immediately receive your pre-approval results. This will include the loan amount offered, monthly payment, repayment terms, and APR.
This preliminary application is done via a soft credit check so it will not harm your credit score. You’ll have 15 days to make a decision about the offer before it expires.
Terms & Requirements
Let’s take a look at the terms and requirements when securing a personal loan with SoFi.
- You must be a US citizen, permanent resident, or visa holder
- 18 years or older
- Applicants must live in a state where SoFi is available
- You must be employed and have sufficient income.
- Minimum credit score of 680
- Terms, rates, and fees depend on your credit profile.
- APR rates range from 5.990% – 16.240% (fixed rate with autopay) or 5.73% – 14.690% (variable with autopay)
- A personal loan amount ranges from $5,000 to $100,000.
- No fees
- 24 – 84 months
Privacy & Security
SoFi has administrative, physical, and technical safeguards in place to ensure the privacy and safety of their members’ sensitive information. All data is encrypted and submitted using Transport Layer Security (TLS).
SoFi is a safe and legitimate online lender that is licensed by the Department of Business Oversight.
It’s always a good sign when online lending institutions make it easy to get in touch. SoFi’s website allows you to get in touch via phone (one number for customer support and another for home loans support), email, and Tweet. They also provide an FAQ page to answer common questions about their products.
SoFi isn’t for everyone. They aren’t the best option if your credit score and financial profile are lacking, which would make it difficult to get pre-approved for a personal loan from them. SoFi also is not the fastest when it comes to funding, with many other lenders offering next day funding.
With that said, if you qualify for one of their loans, you’ll feel like an exclusive member with access to perks, such as invitation-only events and dinners. If you lose your job (through no fault of your own), you can even put your payments on hold.
SoFi is a solid online lender. If you have sufficient income and a good credit score, you can qualify for a loan with a competitive rate. Their payment options and loan terms are flexible, they offer a choice between variable and fixed rate options, and you won’t have to worry about fees.
One Letterman Drive
Building A, Suite 4700
222 Sutter Street
375 Healdsburg Avenue
Healdsburg, CA 95448
New York City
860 Washington Street
New York, NY 10014
Sofi Disclaimer: “Fixed rates from 5.99% APR to 16.99% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. For example on a $30,000 loan with 8.29% rate and no origination fee, you will pay in 60 payments $612.46 to a total amount of $36,747.84. For more examples see APR examples and terms.”