SoFi Personal Loans Reviews

SoFi Personal Loans Reviews
3.4 out of 5 stars
14 Reviews

From Borrowers in the last year


Application Process

4 out of 5 stars

Customer Service

4 out of 5 stars

3.5 5

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Most Helpful Positive Review

Nov 20, 2019
Very quick and easy application and fund
lucalla Borrower

I've had a few personal loans with SoF over the yearsi. All easy to apply for and get funded (ranged from $47 to 28K). Their rates have become less attractive over the years which is dissapointing considering rates have been declining during the same time.

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Most Helpful Negative Review

Mar 16, 2020
I wouldn't recommend
Ryloken Borrower

No matter how high your credit is, their APR is not as advertised. In fact it is actually higher than other lenders. Also, if you do get a loan with them, make sure you read the fine print, as there are many "non-kosher" clauses in their agreement that will make you think twice.

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

Sep 14, 2020
I consolidated 2 loans with Sofi.
Jgray52 Borrower

I go a recommendation from CreditKarma to use Sofi to consolidate my debts with a personal low interest loan.  They were right it was quick and easy and I got a lower finance rate then the others like Upgrade for example because I did have an excellent credit rating.  I would refinance with Sofi again if I needed to do so.  Thank you Sofi you freed up a $927 monthly loan payment that goes back into my checking instead of paying another loan.

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Aug 27, 2020
Great Service and decent rates
CKMeber19 Borrower

SoFi is really is easy to work with and they offer a lot of services that are helpful. Since becoming a borrower I have refinanced to adjust for living in a more expensive part of the country and I have started using their savings and investing accounts. There loan rates are not the abosulte lowest but no underwriting / origination fees are really helpful along with no prepayment penalties. 

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Aug 16, 2020
Ro09 Borrower

This is crap from lenders, I do not recommend running your credit with this institution

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Aug 15, 2020
UberYoda Borrower

I wanted to get a loan to refinance credit card debt at a better interest rate.  I decided to apply for the loan before my credit moved into the excellent category (as I wanted to try for a better rate) but decided to go ahead as part of my debt paydown plan.  The application process was very easy and not tedious.  It did take longer to get approved than stated, but that was partially due to needing to use a more recent pay stub, and verify my income.

Customer service was very knowledgeable, and helped me make a slight adjustment to the loan to get the terms I wanted.  Interest rate is not fantastic, but it beat some of the other competitors who charge fees, and it is much better than the 27% or more I was paying on a discover card. Once the loan approved, the funds were deposited the next day, and I immediately began paying off the credit cards; which has already greatly improved my credit score, and put me in a better position to refinance my home mortgage soon!

I spent months looking at loan options and offers from other lenders, and I would definitely recommend SoFi to others.

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Jun 22, 2020
interest is too high

I had a great credit score but still received a loan with a higher interest.  Check around

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Jul 17, 2020

Who did you go with?

Sep 15, 2020

Did you find something more deserving?

Jun 01, 2020
FenderGuyAz Borrower

Honestly probably one of the easiest personal loans I've ever gotten. Money was in my account within three days. The only thing that I'm not really happy about is I had a very high credit score around 786 and I got a higher than usual interest rate which didn't make me happy

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1 Reply
Jun 13, 2020

I'm assuming that you were told what the interest rate would be before you signed on the dotted line?

May 21, 2020
GREAT to work with!
pdvin1962 Borrower

I am finishing up paying my second loan with SoFi and I can honestly say they have been nothing but GREAT to work with.   I would refer them and use them again if needed!!! All the BEST to SoFi in the coming years for ALL you do for clients!!! 

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May 21, 2020
Neolithic Incompotence.........
Vettethret Borrower

I have been in the Mortgage Finance business for 24 years. I have a 787 Fico, 339k in income the last 3+ years, and only have 9k in credit card debt (Outside of a current Sofi Loan). I re applied to increase my loan amount as extra cushion for the current state of things. After three weeks of sending Sofi document after document, and sending the President an email regarding how bad their Underwriters are at reviewing what is being sent, I was declined for Ratios. My Debt To Income ratios are 19%, I know because Ijustr efinacned my own loan. Sofi is belligerent and dishonest, I have filed a claim with the CFPB. Lets see if Credit Karma actaully posts this review!

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Jul 11, 2020

Kudos to you for an honest review!

Aug 27, 2020

Same thing happened to me, this is 100% accurate and a perfect review at how dishonest they are. They ask for document after document, stealing all of your info, just to decline for some BS reason.

May 11, 2020
Easy application with a great rate
OutsidaII Borrower

I've had two loans with them and both times the process was very fast and simple. Everyone I dealt with during the application process was very professional. The rates were very good and made it easy to consolidate higher rate debt.

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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.