Personal Loan Reviews Advertiser Disclosure

SoFi Personal Loans

4.9 out of 5 stars
379 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4.5 out of 5 stars

Customer Service

4.5 out of 5 stars

5 5

Compare Personal Loans

Check out rates on new loans or refinance an existing loan.

SHOP PERSONAL LOANS
Collapse

Most Helpful Positive Review

Sep 07, 2016
COULD NOT BE HAPPIER!
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!

more ...

Was this review helpful?

 

Most Helpful Negative Review

Nov 22, 2016
bcfos Borrower

I applied and was approved but the sign the papers function online never worked. The people at SoFi couldn't figure it out either over a period of two weeks. So they sent a letter denying the application and the reason they put down (Serious Deliquency) has never happened nor has ever been reported on my credit report. All 5 credit cards and two auto loans have always been paid on time along with 2 student loans. When asked about this they came back with another reason that revolving credit limits were too high and amount owed was more than 30% on each card. Well DUH! That is why I applied for a loan and that is what I claimed the loan was for on the credit application. I ended up going the same day to my credit union and getting a personal loan for the same reason at a 2% savings on interest. The same day! Not 2 weeks later and from some accounts I have read waiting another 30 days for the funds to be deposited into your account. I honestly would steer away from SoFi if looking for a loan. The way they run things may be easy for some but when you have a problem they cannot figure out like signing the loan documents online they will just write it up as denied and make up a reason. Even if that reason is not true. If this happens to you like it did me do like I just did. File a complaint with the FTC.

more ...

Was this review helpful?

 

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

Jan 07, 2017
Credit Card Consolidation Loan
JOHNCLOWE Borrower

I considered using Lending Club, Prosper and SoFI.  

I like the peer to peer concept of Lending Club and Prosper, but not enough to pay additional fees they add on.  

With SoFi, I entered my request in their system, uploaded two documents (paystub and driver's license) and within 48 hours I had loan docs in my email to sign electronically.  

The rates were extremely competitive - lower than my lowest rate cc.  

SoFI seems to foster a community with events and other non-traditional things.  I doubt I will do any of those things, but for ease of use, value and customer service, I don't think they can be beat.

more ...
Jan 06, 2017
AWESOME!
Anonymous Borrower

Consolidated credit cards.  Applied on New Years Eve. Wanted a fresh start for the new year. Received money in my bank account on Friday!

more ...
Dec 29, 2016
Simple, Genuine Service, Unique Model.

I first applied with Earnest.  They requested access to multiple financial sites I have accounts with (I know, they're "unique" and "different", but come on!) along with many other document requests, only to be told I was denied over a week later (two business days and you'll know by rear end). 

I then decided to try SoFi.  WHAT A DIFFERENCE!  They are also unique in that they consider factors other than credit.  They did look at my credit score, but they also took the fact I have a degree, a 401K account, and my reputable employer into consideration.

Quite honestly, this was a no-BS experience that lead me to having money in my checking account within 48 hours of applying.  I even had a representative call me to say welcome and ask me if I have any questions.

Lovely experience.

more ...
Dec 20, 2016
Outstanding lender
rjherrmann Borrower

On a whim, I decided to it would be a good time to wipe out all of my revolving debt and consolidate it under one note and a at a significantly better interest rate.   SoFi allowed me to do just that, absolutely pain free.  On Thursday evening, December 15th I decided to fillout the application online as it said I was preapproved for 50K at a very nice interest rate.   All they asked me to upload was a recent paystub as well as a copy of my passport into their online portal.   Friday the 16th I received a call from SoFi inquiring on my paystub, looking for clarity on a couple items (I have a complex compensation structure).   Sunday the 18th I received an email that someone would be reaching out to me to discuss the disclosure. So I logged into the portal and the application and term sheet was there and ready for me to docusign if I agreed to the terms.  I reviewed, and accepted.   Monday the 19th I called into customer service to validate that they had everything they needed and they congratulated me being approved, and the funds should be in my account in 2-3 business days.  On Tuesday morning the 20th, the 50K was in my checking account.  So there you have it, from the original inquiry to the dispersement of funds, 2 full business days.  What's not to love?  

more ...

Was this review helpful?

 
1 Reply
Dec 23, 2016

What was your credit score ? I'm asking so that I know what I would need in order to apply. I would really appreciate your help. Thank you

 
Dec 06, 2016
Good terms and duration - bad execution.
Anonymous Borrower

I have a SoFi loan that is large and I will say the positive is the duration and size of the loan is a great value.  When I applied my credit scores and income were adequate and was eventually approved.

Then the trouble started.  I had personally put a 90 day fraud alert on my credit because of suspicious activity I had noticed.  When SoFi gives you closing papers they use the EquiFax ID Protection system via their website.  That EquiFax system should ask you questions specifically about your credit and if you have a 90 day fraud alert it should give you a phone number to call to go more in depth.  Instead the SoFI system could not provide the number to call.  In 3 attempts it locks you out without warning for days and the customer service people at SoFi  are of no help.  Eventually to secure the loan I had to demand EquiFax (who provides no end user support for this system) remove the 90 day fraud alert till this process was complete.  Quite a few days later I was able to get the closing papers.  That was just the start.

Months later I was separated from my job.  When I tried to claim the 3 month deferal they advertise the headaches wouldn't stop.  First they need more than 5 days to complete the process so I was forced to make the first payment with no income.  Then I got no warning from SoFi and there is no documentation that says you must be approved for unemploment before they approve the deferal.  Unfortunately no one explains the whole process requirements till you are in trouble and can not change direction.  So my former employer offers me a severance agreement with terms that are adequate, and I take it because I already got hit with that first SoFi payment.  That severance pay stops unemployment till it is finished and only then can you file on the Monday after.  It takes unemployment a week to send you a letter that tells you how much they will pay.  Then more than 3 weeks (at least) to send you the actual checks.  So at this point you are now 2-3 payments into SoFi and your severance has been chewed through.  Worse they get you into this process where they offer you employment help and it took more than 30 days for them to give any feedback on any resume submitted while, of course, they continue to bleed you because they are not giving you that deferal.

Good news is the loan can be a great help if you have a few months of buffer on hand or continuous income - bad news the rest of their supposed advantages are basically empty promises.

more ...
Nov 22, 2016
bcfos Borrower

I applied and was approved but the sign the papers function online never worked. The people at SoFi couldn't figure it out either over a period of two weeks. So they sent a letter denying the application and the reason they put down (Serious Deliquency) has never happened nor has ever been reported on my credit report. All 5 credit cards and two auto loans have always been paid on time along with 2 student loans. When asked about this they came back with another reason that revolving credit limits were too high and amount owed was more than 30% on each card. Well DUH! That is why I applied for a loan and that is what I claimed the loan was for on the credit application. I ended up going the same day to my credit union and getting a personal loan for the same reason at a 2% savings on interest. The same day! Not 2 weeks later and from some accounts I have read waiting another 30 days for the funds to be deposited into your account. I honestly would steer away from SoFi if looking for a loan. The way they run things may be easy for some but when you have a problem they cannot figure out like signing the loan documents online they will just write it up as denied and make up a reason. Even if that reason is not true. If this happens to you like it did me do like I just did. File a complaint with the FTC.

more ...
Nov 16, 2016
Super Fast- Life Saver
Anonymous Borrower

700 Experian score, veryhigh credit balances. Applied on Sunday for 23K, Uploaded docs Monday, Signed Tuesday, Got funds Wednesday in checking. The rate beat anyone and i thought i had no chance. Thank you SoFi!!!!!!!!!

more ...
Nov 09, 2016
Helped to Get My Finances In Order
Freedom661 Borrower

The process was easy for this Personal Loan and is helping me get my finances in order after a painful divorce.

more ...
Nov 09, 2016
Easy to apply
Anonymous Borrower

Upload documents right form your phone.

more ...
Nov 07, 2016
Application process was very easy.
Anonymous Borrower

 SoFi rates and terms are very competitive. 

more ...
Add a Review

Add Your Review

I Own It I Had It I Applied

Please state your experience.

How would you rate this loan overall?

Please select a rating

What should others know about this loan?

Optional

How was application process?

How was customer service?

Join the Credit Karma Community

It’s free, and you’ll get tools and info that can help you improve your financial health:

  • Credit scores and reports
  • Credit monitoring
  • Personalized recommendations

**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.