SoFi Reviews

8.4

Low Rates. No Fees.

Written by Angela Mae

About SoFi | Read More

8.0

LS Score

8.8

Credibility

9.0

Support

8.0

Accessibility

Get my rate

Opening Hours

Mon-Thur 5:00am-7pm PT

Fri-Sun 5:00am-5pm PT

Contact Information

customerservice@sofi.com
1 (855) 456-7634
Headquarters: 234 1st Street San Francisco, CA 94105

Social Media

8.0

LS Score

8.8

Credibility

9.0

Support

8.0

Accessibility

Get my rate

Opening Hours

Mon-Thur 5:00am-7pm PT

Fri-Sun 5:00am-5pm PT

Contact Information

customerservice@sofi.com
1 (855) 456-7634
Headquarters: 234 1st Street San Francisco, CA 94105

Social Media

SoFi Personal Loans Review

Established in 2011, SoFi is a well-known online lender that offers unsecured personal loans with competitive interest rates and no hidden fees. The application process is straightforward and doesn’t take long to complete.

Although many lenders only have fixed or variable APR options, SoFi offers both. SoFi’s personal loans also come with flexible payment terms and Unemployment Protection in case the borrower unexpectedly loses their job.

Finally, members benefit from exclusive perks, including invitations to private dinners and networking events, as well as financial advisors.

SoFi Personal Loans Highlight

680

Min Credit Score

8.99-15.99%

APR. Fixed Rate

8.99-15.99%

APR. Variable Rate

$5K-$100K

Loan Amount

24 to 84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

Same-day funding if approved before 7:00 PM ET days

Funding Time

Pros & Cons

Personal loan application process is easy and only takes a few minutes to complete
Soft credit check that doesn’t affect your credit score and gives you personalized rates
Fixed and variable rate loans available ranging from $5,000 to $100,000
No late or origination fees required
Excellent customer support team
Online autopay comes with a discount on interest
Exclusive benefits for members (ex. networking events and access to financial advisors)
Unemployment Protection feature comes with a temporary payment pause (up to 12 months)
No prepayment penalties

May take up to 4 days to receive funds after approval (longer than other online lenders)
High eligibility requirements (ex. good credit and sufficient income)

Loan Purpose

Credit Card Refinance
Debt Consolidation
Home Improvement
Major Purchase
Medical Expenses
Relocation
Vacation
Wedding

Loan Type

Unsecured Personal Loans

View rates

SoFi Personal Loans Terms & Requirements

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.

How to Apply

The initial application for a SoFi personal loan is entirely online and only takes a few minutes. All you need to do is follow the prompts on the form and complete some basic steps.

Start by creating an account and providing your contact information. This includes your name, email address, and desired loan amount.

Once that’s done, you’ll be asked a few questions about the loan itself, such as how much you’d like the monthly payment to be. Based on what you indicate, you’ll be given different ranges to choose from. Select the payment range that best suits your budgetary needs.

Next, answer a few more questions about yourself, income, and whether you’d like to apply with a co-signer. Then, click “check my rate” to receive the results of your pre-approval, which will include the loan amount, monthly payment, repayment terms, and estimated APR.

Prequalification does not hurt your credit score because it requires a soft credit check only. You will need to apply for the loan within 15 days of receiving an offer or the offer will expire. Applying for the loan results in a hard inquiry.

Qualification Requirements

Credit score & credit history: 680
Income: Undisclosed
Job status: Employed, have an offer of employment, or have income from other sources
Citizenship/residency: Must be a US Citizen, eligible to be a permanent resident, or a non-permanent resident alien
Debt-to-income ratio: 43%
Co-signer: Not required, but it’s recommended for those with fair credit, high DTI, or low income. It should be someone with good credit history and income, ideally a family member or partner.
Bank account: SoFi requires this to verify the information you provide in the initial application. It also needs it to disburse funds for the loan.

Required documents

Proof of identity (driver’s License, Passport, SSN, government-issued ID, etc.)
Proof of address (utility bills, lease agreements, voter registration, insurance on a car, rental insurance, home insurance, etc.)
Proof of income (bank statements, pay stubs, W2 forms, copies of tax returns, employment verification, 1099 tax forms if self-employed)
Bank account information

Required Information

In order to make the application process as easy and quick as possible, be prepared with the following information:

Contact information (ex. proof of address, full name, ID)
Purpose of the loan
Amount needed
Date of birth
Citizenship status
Home address (and whether you own or are renting the home)
Annual income
Whether you’re applying with a co-signer
Proof of income
Bank account

Application Steps & Time Frames

The initial application process takes under 5 minutes to complete and can be done entirely online.
After receiving an offer, based on pre-qualification, you have up to 15 days to accept it before it expires.
SoFi may disburse funds within 1 business day, but it takes several days for most applicants.

State Availability

- Available in all states

SoFi Mortgages Review

With SoFi, borrowers must have a stable income, decent credit scores, and a good debt-to-income ratio. This company works best for people who would easily qualify for a mortgage through a bank or credit union but prefer to go through the process online. The company offers comprehensive online educational resources for those who want to learn about the mortgage process and requirements.

SoFi Mortgages Highlight

657

Min Credit Score

4.29-4.67%

APR. Fixed Rate

Max $3M

Mortgage Amount

60-360

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

1121636

NMLS

Pros & Cons

Fast online prequalifications
Interest rates fall below the national average
Custom rate with soft credit inquiry

Doesn’t offer FHA or USDA loans
No branch locations (everything happens online or in the app)
Rate lock not available for all loans

Mortgage Type

Mortgage Purchase
Mortgage Refinance
Jumbo

Get my rate

SoFi Mortgages Terms & Requirements

Mortgage Requirements

Must be at least 18 years old
Applicant and co-borrower must be a U.S. citizen or eligible permanent resident or non-permanent resident alien
The property must be located in a state where SoFi is licensed to offer mortgage loans
The property must serve as a primary residence or second home of mortgage applicant for at least 12 months

Mortgage Terms

Mortgage terms depend on the borrower’s ability to qualify for the mortgage. SoFi only offers conventional and jumbo mortgages. The minimum credit score for a conventional SoFi mortgage is 660. The minimum credit score for a jumbo loan is 720.

Conventional loans require a maximum debt-to-income ratio of 50%, while jumbo loans restrict debt-to-income ratios to 43% or lower.

Borrowers can avoid paying private mortgage insurance premiums on a conventional loan through SoFi if they put at least 10% down. Other lenders typically require a 20% down payment to avoid PMI premiums. They require a 10% down payment for jumbo mortgage loans with no PMI.

Repayment Terms

Fixed-rate mortgage loan:

You can choose from a 15-year or 30-year mortgage with SoFi. The interest rate remains the same throughout the life of the loan. The interest rate depends on the applicant’s credit status, income level, and other debts.

Adjustable-rate mortgage (ARM) 5/1 or 7/1 loan:

You may get a lower interest rate with an ARM loan, but it could change after the introductory period of either five or seven years. SoFi offers ARM loans with five-year or seven-year terms. After five or seven years, the interest rate adjusts up or down a maximum of one time each year until the end of the loan.

If you choose a seven-year ARM loan, you’ll have to make a 10% down payment. A five-year ARM loan requires a 25% down payment. With a SoFi 5/1 ARM loan, borrowers pay only interest charges for the first ten years; then, they pay down principal for the remaining 20 years of the loan.

Jumbo mortgage loan:

Government-backed mortgage corporations Fannie Mae and Freddie Mac set conforming loan limits to $484,350. The limit is $726,525 in areas where real estate is more expensive. If you want a mortgage for more than that amount, you’ll need a jumbo mortgage loan. With SoFi, borrowers can get a jumbo mortgage loan up to $3 million.

Refinance mortgage loan:

Borrowers who have a minimum of 10% equity in their home may be able to qualify for a refinanced mortgage loan through SoFi. Applicants with an FHA or VA loan will have to get a conventional mortgage through SoFi since the company doesn’t offer these types of loans. While refinancing could help save money if you qualify for a lower interest rate or better terms than you have with your current mortgage, you’ll still have to pay closing costs, which could cancel out the savings in some cases.

How to Apply

Pre-qualification

You can find out your interest rate right away by filling out a short questionnaire with your name, state, email, and a password you’ll use to retrieve your information. After submitting information about the location and type of home you hope to purchase, your citizenship status, employment, and income, SoFi will access your credit records and conduct a soft credit pull. You’ll receive an estimate of your interest rate in about two minutes. This isn’t a guarantee that you’ll get that rate if you decide to pursue a mortgage through SoFi.

Pre-approval

Getting pre-approved takes a bit longer, but it’s still quick. You’ll need your tax returns, bank account statements, pay stubs, W-2 forms, and documentation showing your assets. A SoFi mortgage representative may ask for additional information or documentation, as well. The company conducts a hard credit pull with pre-approval, which may decrease your credit scores by a few points.

After receiving your pre-approval and interest rate, you can choose to lock the rate for 45 days as soon as you have a signed purchase contract indicating that your offer on a property has been accepted.

Mortgage approval

The entire mortgage application process is online with SoFi. Underwriters look over the information you’ve already submitted and ask for any additional documentation they need to help you get through the underwriting process. The property must qualify for the mortgage with a property appraisal unless it qualifies for a Fannie Mae Property Inspection Waiver.

State Availability

- Available in all states

SoFi Student Loans Review

With over a decade of experience, SoFi is a well-known online lender offering an array of loan products – ranging from personal loans to private student loans. The lender has over 900,000 members and has funded over $30 billion in loans.

If you’re a borrower with good credit and are interested in either refinancing or applying for private student loans, SoFi is a good choice. The lender’s loans have low interest rates and flexible repayment terms. Plus, once you sign up for a loan, you become a member and gain access to exclusive benefits – private events, financial guidance, discounts and deals from partner organizations, etc.

SoFi also now offers rate matching. This means that, if you receive a lower rate offer from a competitor, SoFi will match it and give you $100 for having to complete the application process. The funds will come through once the SoFi loan is funded.

SoFi Student Loans Highlight

650

Min Credit Score

3.54-14.83%

APR. Fixed Rate

5.54-15.86%

APR. Variable Rate

$5K-$500K

Loan Amount

5, 7, 10, 15, and 20-year terms

Repayment terms

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

7 days

Funding Time

Student Loan Refinance

4.49-9.99%

APR. Fixed Rate

5.99-9.99%

APR. Variable Rate

Min $1K

Loan Amount

Pros & Cons

Student loans have competitive rates and no hidden fees
Qualified education loans are eligible for refinancing
Membership benefits and discounts
Flexible repayment plans and deferment available

Higher eligibility requirements than other student loan lenders (ex. 650 minimum credit score)
Not all student loans come with a cosigner release option (though you may be able to remove the cosigner by refinancing)

Student Loan Type

Private student loans
Student loan refinance

Visit Site

SoFi Student Loans Terms & Requirements

SoFi has stricter lending requirements than other lenders, especially when it comes to student loans.

Typically, an applicant must have a 650 FICO score or higher to qualify. They must also have a certain income, though this depends on the loan amount and other factors. The debt-to-income ratio is not specified, but those with lower debt face higher approval odds.

That said, it’s possible to qualify for a student loan even with poor credit or income with a cosigner.

Loan Requirements

Here’s what you need to qualify for a private student loan or refinancing through SoFi.

18 years or older
U.S. citizen, visa holder, or permanent resident
Have stable employment with sufficient income (unspecified amount), or have an offer of employment starting within 3 months of applying
Already have an Associate’s degree or higher from a Title IV institution

Loan Terms

APR fixed interest rate: 3.79% – 14.83% (with AutoPay)
APR variable interest rate: 5.79% – 15.86% (with AutoPay)
$5,000 student loan minimum
Only education-related debt may be refinanced (this includes private and federal student loans)

Repayment Terms

Loans come with 5 to 20 repayment terms, as is the industry standard
Deferment is available for borrowers who are going to graduate school, are active military, or are in rehabilitation for a disability

How to Apply

As with its personal loans, SoFi’s application process for student loans and student loan refinancing is entirely online. To get started, simply visit their main website and click “Find My Rate.” This will take you to SoFi’s products page, where you can choose the loan or refinancing option you’re most interested in.
Once you do that, create a membership account and begin the pre-qualification process. This takes a few minutes to complete and can give you an idea of your rate.

Be prepared with the following information:

The purpose for the loan (ex. lowering monthly payments or consolidating debt)
Citizenship status (must be a US citizen or resident)
Date of birth
Home address
Social Security number
Whether you’re renting or own your home
Highest academic degree completed
Current employment status
Income
Desired loan amount

Pre-qualification lets you see whether or not you’ve been pre-approved. It also lets you check any other loan offers. These will include things like the loan amount, repayment terms, monthly payment amount, and APR.

Completing this part of the application process won’t affect your credit score. Once you’ve received a loan offer, SoFi will then run a hard credit check to verify your information.
If you’re refinancing existing student loans, it can take anywhere from 7 to 15 business days for the funds to come through.

Required Information

The pre-qualification process is fast and online. It requires basic contact, financial, and employment information. Some documents you’ll need to gather include pay stubs or W2s and government-issued ID. You may also need to provide proof of enrollment or highest degree obtained.

State Availability

- Available in all states

SoFi Online Banking Review

SoFi Bank is a financial technology company that offers a variety of banking products and services, including checking accounts, savings accounts, loans, and investments. SoFi Bank is a member of the FDIC, and its deposits are insured up to $2,000,000.

SoFi Bank was founded in 2011, and it has since grown to become one of the largest online banks in the United States.

SoFi Online Banking Highlight

$500

Min Balance

No minimum

Min Deposit

Allpoint ATMs nationwide

ATM Network

Yes

Other Fees

Online Banking Savings

No minimum

Min Deposit

$500

Min Balance

Max 4.60%

Min APY Savings

Online Banking Checking

No minimum

Min Deposit

Max 0.5%

Min APY Checking

Pros & Cons

You can earn up to 0.50% APY on your checking account balance
You can earn up to 4.60% APY on your savings account balance
No monthly maintenance fees

SoFi does not have any physical branches
SoFi Savings is not available in all states

Account types

Checking
Savings

Visit site

APY's

Account Type	Key Features
SoFi Money	0.25% APY Fee-free overdraft $500 minimum to earn APY
SoFi Credit Card	12.99% to 24.99% APR 2% cashback No annual fees
SoFi Relay	Connect accounts Track spending Monitor credit score

Features Benefits & Rewards

SoFi Checking

High APY: Earn up to 1.20% APY on your checking account balance.
No monthly maintenance fees: There are no monthly maintenance fees for SoFi Checking.
Free ATM withdrawals: You can make unlimited free ATM withdrawals at any Allpoint ATM.
Direct Deposit: You can set up direct deposit to your SoFi Checking account to earn a higher APY and avoid monthly maintenance fees.
Mobile Check Deposit: You can deposit checks using the SoFi mobile app.
Bill Pay: You can pay bills using the SoFi mobile app or website.
P2P Payments: You can send and receive money from friends and family using the SoFi mobile app.
SoFi Debit Card: You can use your SoFi Debit Card to make purchases online and in stores.
SoFi Money Management Tools: You can use SoFi’s money management tools to track your spending, budget, and save for your goals.

SoFi Savings

High APY: Earn up to 4.30% APY on your savings account balance.
No monthly maintenance fees: There are no monthly maintenance fees for SoFi Savings.
Free ATM withdrawals: You can make unlimited free ATM withdrawals at any Allpoint ATM.
Direct Deposit: You can set up direct deposit to your SoFi Savings account to earn a higher APY and avoid monthly maintenance fees.
Mobile Check Deposit: You can deposit checks using the SoFi mobile app.
Goal-Based Savings: You can create goal-based savings accounts to help you save for specific goals, such as a down payment on a house or a new car.
SoFi Money Management Tools: You can use SoFi’s money management tools to track your spending, budget, and save for your goals.

Other Services by SoFi

SoFi provides a diverse range of financial services for both individual clients and business proprietors, encompassing:

SoFi Invest: This feature allows SoFi users to engage in stock and ETF trading, delve into cryptocurrency investments, and more, all within the SoFi app, without incurring any commission fees.
Refinancing Student Loans: SoFi presents refinancing options for student loans with competitive fixed rates starting at 5.24%, and without any associated fees.
Private Student Loans: Catering to various educational needs, SoFi’s private student loan options include loans for MBA programs, law school, undergraduate studies, loans for parents, and others.
Personal Loans: Individuals seeking personal loans can apply through SoFi’s online platform, with potential loan amounts ranging from $5,000 to $100,000.
Mortgage Loans: Offering mortgage loans with low initial payment requirements, SoFi also provides attractive rates and flexible repayment terms that span 10 to 30 years.
Auto Loan Refinancing: SoFi enables its customers to explore and compare auto refinancing rates from a network of leading lenders, offering an application process free of fees or commitments.
Credit Cards: The SoFi credit card rewards users with an unlimited 2% cash back on all purchases and comes without an annual fee.
Insurance Products: SoFi’s insurance offerings are comprehensive, including auto, life, homeowners, and renters insurance, along with a novel cyber insurance option that provides up to $10,000 in coverage for identity theft, cyber extortion, and related concerns.
Estate Planning: In collaboration with Trust & Will, SoFi facilitates online estate planning, offering its members a 15% discount on selected services.
Financial Insights: The platform offers a suite of financial management tools, including credit monitoring, budgeting aids, and investment tracking services.
Business Financing and Solutions: SoFi extends its services to the business sector, providing small business financing and tools designed to enhance employee support within businesses.

Account Types

SoFi Money

SoFi Money is a cash management account that allows account holders to deposit, spend and save money. Instead of offering a separate solution for saving and checking needs, SoFi Money is offered as a hybrid solution to both problems.

SoFi Money Account is powered by the mobile application and comes with a Mastercard debit card. While there is no minimum balance requirement to open a SoFi Money Account, you need to have recurring monthly deposits of at least $500 per month to earn the APY of 0.25%. The interest is accumulated on daily basis and compounded on monthly basis. It is deposited by 5th business day after the end of a particular month.

The account can be opened online and accessed anywhere from the mobile application or the desktop solution. SoFi Money Account is remarkable in the sense that no fees are charged for offering the services. There is no fee for account opening, overdraft, account maintenance, minimum balance, ATM usage, card replacement, bill payment, POS transaction or dormant account.

SoFi offers state-of-the-art security, including FDIC insurance of amounts up to $1,500,000. This means your funds are kept in a secure vault where only you can decide whether and when to spend them. The fraud policy of SoFi is strict, and you can instantly freeze your card from the mobile app.

SoFi offers joint accounts, and you can easily add a joint account holder to your account from the mobile app. The banking services are, however, currently limited to individuals and not offered to businesses.

SoFi Credit Card

SoFi Credit Card is designed to help customers save, invest and pay down their debts. The APR currently varies between 12.99% to 24.99%. The APR for cash advances can be as high as 26.99%. SoFi encourages the consumers to pay off their credit balance on time by offering an unparalleled incentive; if you make 12 on-time payments, you can reduce your APR by 1%.

There is no annual fee for using the card, but the balance transfer and cash advance fees are greater than $10 or 5% of the transaction value. In addition, the late payment and return payment fees can be as high as $39. SoFi offers 2% unlimited cash back on all the qualifying purchases, and you can use redeem it to pay down the debt, invest or save with SoFi.

Unlike some of its competitors, applying for a credit card through SoFi results in a hard credit check, which may adversely impact one’s credit score. Therefore, availing of a SoFi credit card may not be your best option, in case you are looking to improve your credit history.

SoFi Relay

SoFi Relay is not a bank account, but a banking solution to help you integrate all the accounts and track your money in real-time. This means you can understand your spending habits, get financial insights and monitor your credit scores.

You can use SoFi Relay to stay updated about the credit score changes and factors that may or may not affect your credit score. Checking the score is free and does not affect your score as it only results in a soft check.

What is SoFi Account Best For?

SoFi is best if you can set aside a recurring amount for savings, and prefer to have a single instead of two separate savings and checking accounts. It is also recommended for users tired of bearing excessive bank fees, as SoFi does not charge any fee for offering the majority of its services. The APY, however, is on the lower side, making SoFi a less-attractive choice for those looking to maximize their interest income. A high insurance value of up to $1,500,000 means that you can stop worrying about your funds.

Overdraft Facility

SoFi prevents you from overdrawing your account in most cases. This is done by rejecting the transaction if the amount is higher than the current balance. However, in some cases, the transaction amount can be higher than the available balance, resulting in an overdrawn account. In this case, SoFi deducts the additional value from the next credit and does not charge you any overdraft fees.

Beginning March 2021, overdraft coverage can be set up by members who receive at least $1,000 in monthly direct deposits, and the maximum coverage is $50.

Opening an Account With SoFi

Anyone in the US with a valid Social Security Number (SSN) can open a SoFi account. The application can be completed online in almost 60 seconds, and you need to provide key personal details, such as full name, address, date of birth, citizenship status, SSN, and contact details to open an account. SoFi may request additional information, such as a photo ID or driver’s license in some instances. Once approved, the debit card is mailed within 5 to 7 business days and you can start using your account.

State Availability

- Available in all states

Written by Angela Mae

Angela Mae is a personal finance writer specializing in loans, debt management, investing, retirement planning, and financial literacy. She comes from a journalistic background and pulls from hands-on experience and deep-dive research to breathe life into her stories. Her goal is to help others achieve financial stability and independence. When not writing, she can be found traveling, honing her yoga skills, hiking, or exploring new means of healthy, sustainable living.

FAQ’s

What’s the average interest rate on SoFi personal loans?

Interest rates on SoFi loans vary from around 7.99% to 23.43% (fixed rate). With autopay, you can get a 0.25 percentage point rate discount.

Does SoFi charge an origination fee or a pre-payment fee?

No. SoFi loans have no origination, closing, or pre-payment fees. There are also no overdraft fees on the checking and savings account.

Does SoFi offer unemployment protection?

If you have a loan and lose your job through no fault of your own, you may be eligible for SoFi’s unemployment protection program. This program lets you put any SoFi loans into forbearance and temporarily stop making monthly payments. Interest will still accrue during this time, so keep this in mind.

Customer Support

If you need to contact a SoFi representative, you can do so via phone or email. On average, the lender takes 1 to 3 hours to respond to written correspondence. Its phone response times are even faster.

They operate Monday through Thursday from 5:00 AM to 7:00 PM (PT). They’re also available Friday through Sunday from 5:00 AM to 5:00 PM (PT). Alternatively, check out their Contact Us page for the specific contact information for each department.

Most online reviews also indicate top-notch customer support and quick response times.

Privacy & Security

SoFi has many safeguards in place – physical, technical, and administrative – to protect consumers’ data and privacy. They also help prevent online security breaches and the mishandling of sensitive information. Everything that goes through SoFi’s website is encrypted and sent through Transport Layer Security.

In terms of online presence, SoFi is a well-established, trusted online lender that’s licensed by the Department of Business Oversight. It’s also highly rated with an A+ rating on the Better Business Bureau and overwhelmingly positive reviews.

In Conclusion

SoFi strives to offer an all-in-one experience for people who are looking for a more innovative take on traditional banking services. It has a variety of loans, including personal, student, and mortgage loans. It also has a credit card with up to 3% cashback rewards.

SoFi does have high eligibility requirements, however. Most of its loans require a comprehensive financial profile, good credit score, and solid income. With that said, the lender does accept co-signers to help boost your approval odds.

Most of SoFi’s loans also come at competitive fixed interest rates and have flexible terms and repayment options. Eligible members also get access to exclusive rewards and benefits, such as private events.

In addition to loans, SoFi offers investing options, career coaching, and estate planning. It also has many useful tools online, including loan repayment and life insurance calculators and an active blog.

Finally, the SoFi’s digital experience is user-friendly and convenient. With the app, it’s easy to manage all your financial products in one place.

Brand Disclaimer

“SoFi” is a registered trademark of Social Finance, Inc. SoFi is not affiliated with colleges and universities listed on SoFi.com. Colleges and universities listed on SoFi.com do not endorse, promote or recommend SoFi loan products.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)

Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Fixed rates from 3.79% APR to 14.83% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 01/16/24 and are subject to change without notice. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.Autopay: 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. Autopay is not required to receive a loan from SoFi.Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.