SoFi Personal Loans Review 2024 (2024)

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Pros Explained

• No loan fees: SoFi does not charge any origination fees on loans, which saves a lot of money compared to competitors that may charge up to 10%. Plus, there are no application, prepayment, or even late payment fees.
• Low rates: SoFi offers rates as low as 8.99% on unsecured personal loans (after the autopay discount). This is close to as low as it gets for most online personal loans, so if you have good credit you can save on interest when consolidating your debt or making a large purchase.
• Loans up to $100,000: While many personal loan companies don’t offer more than $50,000, SoFi offers up to $100,000 to qualified borrowers.

Cons Explained

• Co-signers not available: SoFi does not allow co-signers to help you qualify for a personal loan. Co-signers give additional assurance to SoFi, and become responsible for the loan if you default. You can apply with a co-applicants, however, which is similar; a co-applicant is someone who applies with you and is jointly responsible for the loan.
• Minimum loan amount is $5,000: While some personal loan providers offer loans as low as $1,000 (or less), SoFi requires a $5,000 minimum loan size.
• Relatively high credit requirements: Although SoFi doesn’t disclose its minimum credit score requirements, you (or your co-applicant) will typically need good to excellent credit to qualify for a SoFi personal loan.

Types of Personal Loans Offered by SoFi

SoFi offers unsecured personal loans for various use cases, including:

• Home improvements
• Consolidating high-interest credit cards and other debts
• Medical bills
• Vacation expenses
• Paying for a wedding
• Paying for a new or used car

Loans cannot be used to pay for any post-secondary educational expenses or business expenses. And though it goes without saying, SoFi personal loans cannot be used in connection with illegal activities.

Time to Receive Funds

SoFi offers same-day funding on some applications, depositing funds into the borrower’s bank account on the same business day that the loan is approved.

SoFi states that “82% of typical SoFi personal loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 1, 2022–January 1, 2023 that were signed before 7 p.m. ET on a business day were funded the same day.”

Borrower Requirements

To qualify for a SoFi personal loan, you must meet the following eligibility criteria:

• You are at least the age of majority in your state and able to enter into a binding contract.
• You are either a United States citizen, eligible permanent resident, or non-permanent resident alien (including DACA recipients and asylum seekers). Documentation may be required.
• You reside in one of the 50 U.S. states or Washington, D.C.
• You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
• Qualify based on financial history, credit score, and other factors

SoFi Personal Loan Features

• Use your loan for (almost) anything: Outside of post-secondary education and business expenses, you can use your loan for almost any expense.
• Direct Pay: SoFi will pay off your eligible credit cards directly, if you so choose. This can take up to three business days after your loan is signed.
• Member benefits: SoFi offers many member benefits, including referral bonuses and rate discounts. In particular, SoFi offers a 0.125% rate reduction on personal loans to customers who also have a SoFi Money account.
• Access to career coaches and financial advisors: All SoFi customers have access to career coaches and financial advisors at no additional cost, You can set up a 1:1 call, or simply converse over email to get your financial and career questions answered by a professional.

Co-Signers and Co-Applicants

SoFi does not support co-signers at this time, but you can add a co-applicant to your personal loan. A co-applicant is jointly liable for the loan, and must live at the same address as the primary applicant, unlike a co-signer.

Can You Refinance a Personal Loan With SoFi?

Yes, you can refinance a SoFi personal loan with SoFi. Your rates and terms may vary at the time of application, and it may not end up saving you money compared to your original loan.

There are a few things to consider if you are looking to refinance your SoFi personal loan:

• All SoFi loans must be in good standing
• You can’t refinance a personal loan with a co-borrower
• You must have made at least three consecutive on-time payments
• You must still qualify based on SoFi personal loan qualifications

You can refinance a SoFi personal loan directly within your account. Always review the terms and details of your loan before refinancing.

Customer Service

SoFi offers support by email, phone, or live chat during business hours.

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