SoFi Personal Loans

4.8 out of 5 stars
266 Reviews

From Borrowers in the last year


Application Process

4.5 out of 5 stars

Customer Service

4.5 out of 5 stars

5 5

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Most Helpful Positive Review

Mar 26, 2015
LCborrower Borrower

I discovered that in February 2015, that SoFi began funding “personal loans” ($10,000 to $100,000; 6% to 9% apr;  3, 5 or 7-year terms)   I also discovered that many believe that SoFi’s membership/application review standards are high..thus requiring a little extra time to complete.  My online research revealed that many applicants apparently may be initially rejected during pre-qualification review, and, if pre-qualified, loan applications may eventually be denied based on SoFi’s document information verification and final underwriting review process….
Nevertheless,  I had to give it a good shot…I was looking to consolidate about $50,000 of revolving/installment debt (ave. 17% apr), to reduce my current DTI and ave. apr … The following is my chronologically summarized positive experience….Hope this provide you with useful process information:

03/14/15 – I visited SoFi’s website.  After review, I decided to complete the “profile” pre-qualification registration requirements.  SoFi’s “pre-qualification” review process (based on a “soft credit pull”) resulted in the following initial offered rates and terms to be considered for acceptance or rejection.

03/16/15 -  SoFi uses Experian credit reporting agency, so I decided to check my Experian FICO score at My Fico.  Experian Fico score was 755….not bad, I thought,…After further consideration, I decided to “continue” the application process, which resulted in a “hard credit pull” of my Experian credit report.  At this point, SoFi requires that you download documents to be used to verify:  income, indentity and address...After download of documents, SoFi instructs the applicant to “Check-Back” for status of the application.

03/19/15 – I login to my Homepage and found updated instruction directing me to provide an additional “identification” document….either a copy of my birth certificate or current passport.  I downloaded a copy of my birth certificate.

03/23/15 – I received a 1st email contact from SoFi informing me that an additional document was required to verify income… a copy of a recent paystub issued within the last 30 days.  I immediately login to my Homepage and uploaded another copy of the specifically requested paystub.

03/24/15 – I received a 2nd email contact from SoFi advising that I was “conditionally pre-approved” for a personal loan.  This email also instructed me to select from a list of three offered rates and terms (see above)  and to upload any identified required documents (email indicated that no additional documents were required)…I selected one of the three term and rate offers  and replied  back, as directed.  I login to my Homepage to confirm that no additional documents were required.

03/25/15 -  I contacted SoFi’s “Chat Support” representative and asked whether the emailed notice from SoFi stating that my loan was “conditionally pre-approved” indicated that the application was already reviewed by an Underwriter.  SoFi’s representative advised that issuance of the notice of “conditional pre-approval” is allowed, only after all required uploaded documents have been reviewed and accepted by the “Reviewer”…Next step…Underwriter review and approval/denial stage…

03/25/15 – l login to Sofi Homepage….Loan has been APPROVED!    I noted instruction to “Sign Documents”… Documents electronically signed…it appears funding has been approved, too…. $50,000 to be directly deposited into checking account….


What can I say?...Sofi’s personal loan product offers the best rates and terms around.  In my case, from application submittal to final approval only took 7 business day...Not Bad!  Finally, unlike Lending Club, Prosper or any other P2P lender, Sofi does not take out an up-front “origination fee” (1%-5%)… So, if you think you can qualify, I stongly recommend giving SoFi a shot….and, don’t get hung-up about Sofi’s processing time.  I believe it was Molière who said:   “Trees that are slow to grow bear the best fruit.”

5-Star Rating!

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Most Helpful Negative Review

Jun 03, 2016
Still Waiting...
Arabro Borrower

The application process was pretty painless, couldve easily been sped up with making sure that all required information was gathered at the start. I started the process on May 2nd and was approved on the 11th. When i spoke with Stephanie the representative, she stated the loan should be funded in 10-14 days. When i hadn't heard from anybody in 14 days i called on the 25th, and spoke with another rep who informed me it would actually be up to 30 days. I am paying for a wedding and need the funds and so far not received any information from them concerning the timetable of the funding. It has been over 30 days from the start of the application, and so far i am not impressed with my interactions with SoFi. 

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These reviews were written by current and former borrowers in the last year.

Apr 28, 2017
Very Poor Experience with Sofi

Sofi didn't pay off my entire student loan balance leaving me with over $1,200 to pay outside of my new refinanced loan with Sofi.  They claimed they based the payoff amount on the statement I provided, however the statement I provided clearly stated the outstanding balance and outstanding accrued interest balance. They shorted the loan and gave me unsatisfactory options to correct the issue.  I would caution anyone trying to refinance their student loans through Sofi.

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Apr 19, 2017
Fantastic Experiance
Anonymous Borrower

I do not normally write reviews for anything online - but this is an exception. I applied for a personal load via SoFi's website, finished the online forms in about 30 minutes - got an email regarding pending approval shortly after

The rate was - not AMAZING - but definitely better than the rates i got from two local banks that I had been a member of for 15 plus years...

I called Sofi the next day - excellent customer service reps - I SPOKE TO A HUMAN FIRST TRY CALLING!!! While on the call they completed my final approval - got the finds deposited the next day. 
The entire process took less than 4 business days. 

Would reccomend to anyone looking for an easy process with fantastic customer service. 

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Apr 11, 2017
Easy to set up but issues
Anonymous Borrower

Easy to set up and pay but if their system has any kind of problem (in my case it said the one time payment failed yet they pulled the money out causing all kinds of trouble) they will blame you, not call you back when they promise and just make it such a pain that they assume you will give up trying to fix things.

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Apr 10, 2017
a loan to pay off bad credit cards
Anonymous Borrower

Was way easy and so quick....very happy

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Apr 06, 2017
$70K Personal approved/funded in two day
ebobanson Borrower

Applied for loan late Wednesday afternoon, had loan approved and funded on Thursday. The process couldn't have gone any smoother, and I'm truly appreciative, not only of SoFi's speed and ease of process, but also got a decent rate (~10%) on a 7 year personal loan!

FYI-credit score was 728 Experian FICO 08, with annual income of $330K.

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Apr 01, 2017
We made a bad choice.
Searsc76md Borrower

I wanted to wait a couple of months before I gave a review. It's been 2 months and I wish I hadn't taken out this loan. My credit history is pristine. No missed payments, very low credit usage... Well over 720 score. After being approved, we sent over our documents as requested. We had send multiple forms of income verification which seemed redundant considering many of the forms were the same. I had to send my identification multiple times because of claims that it couldn't be viewed. Just to see if they were "full of time after the third time, I sent the exact same passport picture as the first time. It was accepted. Annoyed. They advertised low rates. After I completed the application and they ran my credit (an inquiry), they assesed an apr of 11%. ??? Seriously? When asked why, they said that it was because I didn't have a college degree. Hhhmmm... My income is substantial, I'm a navy veteran, I've never missed a payment on anything my entire life. Awful judgement call. Really should have backed out then but I was concerned about there being a credit pull and no account. I figured it may look like a denial if I didn't take it. I proceeded - against my wife's advice. Oh, I didn't mention that I had called customer three times by now and two of the three times were painful. The representatives seemed so unknowing and unaware of the product and the terms. I literally gave up asking questions after the last call. Finally, what prompted me to write this review. So because I wqnt to get them "out of my hair" ASAP, I decided to pay them off 5 times quicker. Loan amount $9k, 7 year term. After 2 months, I've brought the balance to $5k. I look at my report and it's still reporting close to $9k balance. Now, If I had paid $4k in one shot I may not be aggravated. I would assume that maybe I paid the lump sum after closing and my payment hasn't caught up to the reporting. However, I intentionally didn't do it that way. I maid multiple payments weeks before I knew the balance would be reported and still... The nasty icing on this awful cake is, when I contacted customer service by email to request that the balance is updated with the major credit bureaus, they responded that "Thank you for your email, we need you to contact Experian with your dispute. We don’t have control over the credit report...". Seriously!?! All 3 got it wrong?!
If you are a stickler about your credit and don't like foolishness, YOU SHOULD STAY AWAY. We intend to be done with them very shortly.

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Apr 09, 2017

I hear ya buddy! I was declined with a credit score of 846 - and the kick in the *** is I didn't even really need a personal loan...

Mar 29, 2017
This is how all banking should be!
Anonymous Borrower

Quick application process, approval and financing all completed within 72 hours. Beat my local banks rate by 3.0%. I will definatley use SoFi for any future financial needs. Well done SoFi!!!

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Mar 24, 2017
Why use a bank when SoFi is here!

I received a SoFi personal loan in March 2017. From the time I applied to funds in my bank account was 52 business hours. The website is great, functional, and ready for the modern world. I did encounter two bugs in which I had to call customer service twice. I was quoted 9.6% from the website but was adjusted to 10.6% in underwriting. I would have expected the rate to be less than 9% with a score of 800 from Experian and income of over 125k. SoFi advertises that their rates start at 5.70% APR, but I received much higher than that. I still chose SoFi because the rate beat BestEgg, Avant, UpStart, LendingClub, Prosper, and RocketLoans. Well two of these competitors had a better base interest rate, but they charge an origination fee which makes the APR higher overall. SoFi also offered me up to 100k which is significantly more than the competitors. I took only 48k.

The first bug was related to how I tried to get a rate quote. Since my credit report was locked with Experian, the SoFi system was unable to give me a rate quote saying that I first needed to unlock Experian. The message indicating such was friendly and informative. However I all of a sudden received an email saying that my application was denied and that I do not qualify for the personal loan. I had to call customer service to figure out why on earth I was sent this email, I thought that perhaps somebody had stolen my identity or hacked my browser session and was trying to apply on my behalf. But this is just a bug in their system. It shouldn't send me an email saying that my application was denied when I did not apply for a loan yet. Customer service was great, no wait time when I called each time. 

I subscribe to Experian Credit Works which indicated my Fico Score 8 was 800 prior to applying for the personal loan. I was pleased to find out that the score that SoFi used to finalize the application was 800, exactly as it was shown on the Experian website.

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Mar 09, 2017
Anonymous Borrower

I did a lot of research before I decided to apply for a loan with SoFI.  I loved the fact SoFI didn't have origination fees, the rates were low, the loan amount was high and it was a well and established company.  From the time I completed my application to when I received funds in my bank was 3.5 days!!!!  Amazing!!!  Never have I had a transaction go so smooth.  Plus, SoFI made me feel like family from day 1.  Their customer service was just fantastic.  I will continue to do business with SoFI in the future and will recommend my friends and family to do the same.  Thanks SoFI.

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Mar 06, 2017
Fantastic Service from the start
Anonymous Borrower

The personal loan that SoFi provided has not only given myself and my family peace of mind but also has provided new avenues to make even more strides in improving our financial outlook.  SoFi is fantastic!

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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.