SoFi Personal Loans Reviews

Application was easy, quick answer on loan with great rates and quick on getting money!

They always have the best rates by a large margin and their application process is super simple.

I searched this a dozen times during the approval process for a $35k personal loan, so thought this may help others:

7/19/18 (Thursday) - Preapproved, submitted application

7/19/18 (Thursday) - Request for employment verification

7/20/18 (Friday) - Employment verification submitted by employer

7/23/18 (Monday) - Request for tax return

7/23/18 (Monday) - Tax return submitted

7/26/18 (Thursday) - Called customer service to check on status, they said it was moving and apologized it was longer than the quoted turnaround time for approval. Said it should be approved today.

7/26/18 (Thursday) - Request to sign final application documents

7/26/18 (Thursday) - Signed final application documents

7/26/18 (Thursday) - Status on website changed to "your loan will be funded in a few days"

7/26/18 (Thursday) - Notification that loan has been funded

7/2718 (Friday) - Money in account

Pretty quick and painless.

Very easy process to navigate.

I applied for and got 2 signature loans the last 6 months. These loans total $70,000. I had no problems through the process in either case. Each were approved in a week funded a week later. Nothing but thanks and my appreciation. 

This was a stressful process but good if you can follow through. I applied on a Saturday through CK since they said I had a fair chance of approval. A few hours later I uploaded my license, banking info and paystub, got a text they received my documents and would contact me with any questions and then waited. The status was "in review" then I got an email asking for employment verification and the last paystub for the last two years, so I uploaded and had my job verify my employment, then I waited. I didn't hear anything for a few days so I was worried I was denied. My loan status was always "in review". I kept checking my account and finally saw a message to sign the documents, I still didn't know if it went through or not because I didn't get any communication via email or text, so I signed the documents and then waited and status was still in review. I didn't hear anything for a day so I reached out through chat where they told me they needed my bank statement... But they already had my banking info when they linked to my account. So I uploaded a bank statement and waited. Finally I got a email saying I would receive a call from them so I waited and next day I received the call where they verified my name and address welcomed me to the Sofi family and told me my loan would be funded. I got a text a few hours later that my loan was funded and then this morning money was in my account.
FICO 710-720, 80k-85k income, dti 38%, maximum they said I could borrow was 35k and that's what I got at 11% which is better than the 17% I was paying. 10 days total from application to funding. First payment due in 30 days
I'm still shocked I got the loan.

When you call them, they ask for last 4 of your social sec number. Once I'm put through to the customer service rep, its nothing but a headache. They will ask you a million questions to verify your idenity (which I understand for security purposes but this is 2018. You're telling me your phone system cannot even pull up my name?!). They dont have ANYTHING at on their screen when you connect to them. Spent 2 minutes just trying to spell out my name to them. Then once everything is varified , they want you to verify your checking account you will be paying with, EVEN THOUGH I have already used it and there is only ONE in my account. Are you kidding me? I told the rep to just forget it, I'll pay online. 

I applied for a loan for $55,000 and it was processed and funded that same day, and I received the funds in my bank account the next day.  All I had to do was upload my most recent check stub and scans of the front and back of my driver’s license.  Pretty simple process.

After receiving the money, I also received a substantial amount from work so I really didn't need $55,000.  I decided to pay this loan back and re-apply for a $41,000, 3 year term loan (the original was 7-year).  This was just two days later.  This time, after applying, they said they needed a new scan of my driver’s license without the new address sticker on the back (I bought a house and haven't gotten a new license yet) and they also needed me to get an email from my employer for verification of employment.  I work for a company with more than 20,000 employees, so we use a third party system where we don't get to talk to an HR person.  I called back and asked why this wasn't asked for the first time.  It just seemed odd that now I'm asking for less money, and all of this is needed.  Nobody had a good answer but we proceeded.  I did what was asked, found the number for them to call, uploaded more check stubs just so they had them, and then I was actually DENIED!?  Of course, they denied the application after hours, so the next morning I did a chat to ask why (the reason was "other" online).  I was told that on the previous loan, I didn't have any payment history, and that was why I was denied.  I was required to have payment history in order to qualify for a new loan.  

So, I paid the loan off immediately (most banks like this sort of thing) and I'm penalized for it?  Also, why not tell me this up front instead of making me jump through hoops?  I would not deal with them again.  It's way easier to just go to the local credit union.

Customer Service is excellent I had a lot of questions just because my application was a longer process being self employed. The chat feature within the website is so helpful and the customer service call center people are so nice. We finally got our application in and then approved for 25k and into our account within 3 days! 

This company is amazing. Fast does not accurately describe them. Super easy. Minimal documents. If you are like me frustrated with the endless loop of maxed out credit cards and need a way to better manage paying off debt. This company is the solution. Very pleased and highly reccommend them.