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SoFi Personal Loans

4.9 out of 5 stars
450 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

Sep 07, 2016
Lankashim17 Borrower

What A Great Company!

My wife and I recently took out a loan with SoFi to help pay off our high interest credit cards. After years of rejection from MANY other lenders, we stumbled upon SoFi on Facebook, and said “why not try,” especially since SoFi was not a “hard” inquiry. To our delight, the SoFi company accepted our application, and processed our loan within days. We received a call from Dan in customer relations, explaining the process and when we would be receiving our money. We immediately paid off our credit card balances, and within 3 weeks our credit scores rose from the low 600s to over 750!
The whole SoFi process was so quick and painless that we have shared this great experience with friends in similar circumstances.

I even wrote the CEO on a Saturday evening to say thanks for the loan,

( his email in on their page) and I received a reply from Mitzy, the Relationship Management Consultant immediately, thanking me for the email.

This may be the best company I have ever dealt with! I know where I will be coming for my daughter's student loan in a couple of years! These guys rock!

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Most Helpful Negative Review

Nov 11, 2015
arunkreddy Borrower

Was attracted to the low APR and no ridiculous fees and I applied online and uploaded all my docs on the website.  It took about a week to get the money.

I paid this loan off early and it's still reporting a high balance on my credit report over a month after I paid it off and the balance it's still reporting is from months before that.  My FICO score also took a 40+ point hit because this is considered a "consumer financial company" and "FICO Scores consider whether a person has any consumer finance company loans on their credit report. Your credit report shows one or more consumer finance company loans, which impacted your score."

Customer service was of no help getting my account status updated to "closed" or "paid off" on my credit report and told me that my only option is to dispute it with the credit buearu.

Great, now I'm going to have an account in dispute reported my credit report as well.

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

Oct 20, 2016
Personal Consolidation Loan - FAST!
tjills Borrower

I applied for a personal loan to consolidate credit card debt and it took 4 business days from applying to be funded (money was in my bank this morning)!  I am sure this has to do with income, credit, payment history so each person will have a different experience.  I am going to save thousands and this process was so simple with no stress or lots of phone calls and delays and paperwork requirements. 

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Oct 19, 2016
Simple application & quick disbursement.
Anonymous Borrower

It was very easy

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Oct 19, 2016
Smooth and fast application process

The application process was quick and painless and they distributed funds within one week. There were no "bait and switch" tactics. The rates and payment terms displayed before they pulled my credit report matched everything after. There were no hidden fees and no other garbage tactics.

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Oct 18, 2016
Easy, Expedient, Exceptional!
ChipVortex Borrower

I was extremely impressed by how easy it was to apply online for a SOFI loan. 

SOFI offered a very competitive interest rate - without any hidden fees (including loan origination fees). 

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Oct 18, 2016
Excellent and Fast!
JScheiner Borrower

They made the process so easy and were quick.  Not only are they saving us a ton of money, we had the funds within 1 1/2 from submitting our initial app.  So much easier dealing with them than our local bank!

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Oct 18, 2016
Breath of fresh air...
Anonymous Borrower

The process was extremely simple and the website is easy to navigate through.  Customer service was great and loan was approved quickly and funded even quicker.

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Oct 17, 2016
Anonymous Borrower

Outstanding service and process - highly recommend to others

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Oct 17, 2016
A life-saver.
Anonymous Borrower

I'm going to be completely honest here because I can post anonymously.  This is all information I was looking for when I applied.

I had $80,000 in credit card debt.  My credit score ranges from 680 to 710.  I have never missed a payment in my life, but my debt to credit ratio just hit 99%.

I went to an Ivy League university for a BA and have been working in asset management for 10 years.  I make $275,000 a year.  I hear your gasps.  Anyway, I support a family of 5 by myself in a very expensive place, had a mountain of student loan debt and a big mortgage ($600k, $4200/month all-in).  My earnings got a big spike recently.  I made extensive use of zero interest balance transfers and then those teaser rates ended and my family expenses were high and it just kept building faster than my income.

Anyway, I applied for an $80,000 personal loan on Thursday, was approved on Friday and the money was in my account on Monday morning (today).  I had one phone call where they verified my address.  I sent them my most recent pay stub and a photocopy of my passport.  That's it.  Easiest process I've ever experienced.  I know with my degree, income and payment history I fall right in SoFi's sweet spot.  But even taking that into consideration, this was a remarkably smooth process.

I just sent the money to pay off all my balances.  Yes, I have a new 80k item on my credit report, but I'll also have $83k in available credit and zero balances on all cards.  I expect this to increase my credit rating up over 750 (with zero missed payments and a long, diversified credit history).  Hopefully this will lower my payment next time I lease or buy a car.  I will also look to possibly refinance my mortgage once my personal credit is improved and lower that payment.

My monthly payment went from $1700 to $1250, saving me $450 a month in interest, over $5k per year.  I'll call that a $7,000 pay raise before taxes.  I have a 7 year horizon on paying this off.  If I get any compensation increases in the interim, I will endeavor to accelerate that timeline.  I am also not afraid any more of my boiler going on my house.  At some point it'll happen, and it'll be $10k to repair.  Yes, it will suck and yes it will go onto a CC until I can save the money, but at least it won't BANKRUPT me.

I am not fully out of the woods, but I can breathe again thanks to SoFi.

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Oct 16, 2016
Needed personal loan, SoFi was God Sent
Anonymous Borrower

The application process was seamless, applied on-line, submitted verification documents, and in less than a week, got approved for my loan

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Oct 15, 2016
Straightforward easy personal loan
Laxmcm2 Borrower

The process to check for rates and preapproval is quick and straightforward, only took a few minutes with basic info. After getting preapproved it was just a matter of providing copies of paperwork for proof of initial questions. Once all documents were reviewed the loan was approved and funds are being sent! Completed all in one day! Their customer service representative was very friendly and helpful. I would highly recommend SoFi for anyone's financial needs! 

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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.