SoFi Review
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SoFi Reviews

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Angela Mae Watson

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Angela Mae Watson

No origination or pre-payment fees
No origination or pre-payment fees
About SoFi

8.0

LS SCORE

8.8

CREDIBILITY

9.0

SUPPORT

8.0

ACCESSIBILITY

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 Highlights

LOAN AMOUNT

$5,000 - $100,000

LOAN REPAYMENT TERM

2 to 7

MIN CREDIT SCORE

680

APR FIXED RATE

7.99% - 23.43%

FUNDING TIME

Same-day funding if approved before 7:00 pm et days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

None

SOFT CREDIT PULL

Yes

LENDER TYPE

Direct

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 fees, prepayment penalties, origination fees, or other hidden charges
  • 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)
  • 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)

Personal Loans Types

  • Unsecured Personal Loans

Loan Purpose

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

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.

SoFi step 1: View your rate
Screen 1

View your rate

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
Age Age of majority in your state (typically 18 or 21 years old)
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 Highlights

MORTGAGE AMOUNT

Max $3,000,000

REPAYMENT TERM

60-360

MIN CREDIT SCORE

657

APR FIXED RATE

4.29% - 4.67%

ORIGINATION FEE

None

PREPAYMENT FEE

None

UNDERWRITING FEE

None

OTHER FEES

Yes

SOFT CREDIT PULL

Yes

NMLS

1121636

LENDER TYPE

Direct

Mortgage Type

  • Mortgage Purchase
  • Mortgage Refinance
  • Jumbo

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.

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 Highlights

LOAN AMOUNT

min $5,000

APR FIXED RATE

2.74% - 3.74%

APR VARIABLE RATE

2.25% - 6.39%

MIN CREDIT SCORE

650

LOAN REPAYMENT TERM

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

FUNDING TIME

7 days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

Yes

SOFT CREDIT PULL

No

LENDER TYPE

Direct

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 Loans Type

  • Private student loans
  • Student loan refinance

SoFi Refinance Highlights

REFINANCE AMOUNT

min $5,000

REFINANCE FIXED APR

2.74% - 6.74%

REFINANCE VARIABLE APR

2.25% - 6.39%

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 refinance 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)

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: 2.74% – 6.74% (with AutoPay)
  • APR variable interest rate: 2.25% – 6.39% (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.

SoFi step 1: view your rate
Step 1

Fill in personal information

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 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 Online Banking Highlights

DEPOSIT AMOUNT

min $500

APY CHECKINGS

Min 0.25%

OTHER FEES

Yes

SoFi Checking Highlights

DEPOSIT AMOUNT

min $500

APY

Min 0.25%

Pros & Cons

  • SoFi allows you to keep your checking and saving in one account, and earn APY on the combined account, making it a unique feature in online banking.
  • The cashback rewards offered by SoFi are highly attractive, making it suitable for users who spend a lot. When combined with the APY, you effectively earn more than what is offered by most online banks.
  • SoFi offers most of its services, including an overdraft facility, free of charge. This makes it a very viable option in case you are fed up with the hidden charges and looking to minimize your banking fees.
  • The APY of 0.25% is relatively low compared to what is offered by SoFi’s competitors. You can earn as high as 0.55% on the Alliant savings account and as much as 0.50% on the Chime savings account.
  • The minimum requirement of $500 in recurring deposits is indeed discouraging for those looking to earn interest. Many of the online banks allow you to earn interest on a very low starting balance, which means you can accumulate funds based on your own pace.
  • The range of banking services offered by SoFi is fairly limited. There is no solution for those looking to keep a separate checking and savings account. Similarly, there is no credit card solution for frequent spenders, and there is no facility for opening a teenager or child savings account. Lastly, the lack of physical branches means that you cannot deposit cash.

APYs

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

Account Types

SoFi Money Review

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 Review

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 Review

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.

State Availability

Available in all states

Customer Support

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WRITTEN BY

Angela Mae Watson

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.