SoFi Personal Loans Reviews

4.5 out of 5 stars
65 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4 out of 5 stars

Customer Service

4 out of 5 stars

4.5 5

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Most Helpful Positive Review

Sep 30, 2017
VariousThings Borrower

From application to supplying require documentation, the entire experience was great. SoFi requested 3 documents from me: State Issued ID, Utility Billing Statement, Banking Statement. SoFi has internal systems to verify payroll information automatically so there was no need to PDF print anything out and fumble with tons of documentation. The entire process was quick, online and expedited - what you would expect from any modern company but rarely receive. Sofi is way ahead of the game in this regard.

Upon submitting my application and requested documentation I had to wait 4 days for approval. From approval to funding, I waited a single day for my loan funds to hit my bank account.

It's very easy to explain how simple the process was, but I want to explain how reliable SoFi is. I have applied for and received approval for loans in the past - but at predatory rates (25%+). I have never been great at managing money, I have a great job that pays well, but I was never taught to control and limit my spending habits. As a result, I quickly racked up $10,000+ in credit card debt. Since digging this hole I have done more to limit my spending on frivolous things, cut up cards to specific accounts and closed my most recent cards that were under a year old. I took several classes offered at work that were aimed at bettering financial self-control. I have a long way to financial freedom, but SoFi approved me for a loan to pay this debt off at an interest rate FAR lower than my credit card accounts (-10%). I have already paid my accounts off and it feels like a huge weight has been lifted off my shoulders.

I truly appreciate the service SoFi provides. They truly are looking to help people that show signs and progress towards bettering themselves financially - this includes paying off accounts, making larger than normal payments to bring those balances down and no history of late payments.

Thanks to you as well Credit Karma for linking me to such a great company. Like you, they are also looking to better prepare their customers financially.

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Most Helpful Negative Review

Aug 01, 2017
Ok but not good at reporting
JamesKeeney Borrower

I am a 3 time borrower from these folks with Excelent Credit. Everything seems to go well until you pay off the loan. Getting them to accurately report is like pulling teet. I am in the process of building a new home and one old account still shows active with Trans Union. My bet is if I were late on  payment they would have no problem reporting that. Paid off however not so easy. Very frustrated.

I have three accounts. 2 are fully paid and I want that reflected. Hard to get the help I need.

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

Nov 10, 2017
Anonymous Borrower

Hello there I applied in sofi for a personal loan and i am approved but before they transfer the money into my account they asking me to pay the bank transfer fee. is it ok to pay the said amount or not. pls comment regarding this matter. thank you

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1 Reply
Nov 17, 2017

This is not a review, this is a question. You're unfairly rating a company by using the review function to ask a question!

 
Nov 04, 2017
Its approved for Personal Loan!

Sofi is one of the honest, simple and best company. I work for a major Bank in the US and I have to say what Sofi offered was outstanding! They stuck to what they offered to me based on my soft credit check and the process of verifying documents and the time in which they responded is outstanding. Customer serivce is also outstanding compared to many major banks. Exceeded my expectations! 

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1 Reply
Nov 07, 2017

Are you on a visa?
If you dont mind can you let me know how much loan did Sofi offer you? Approx would also work.
Planning to buy something and your info would help.

 
Oct 03, 2017
Great rate and terms, very fast!

Straightforward process with terrific rates and terms.

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Oct 02, 2017
Personal Loan for home improvements
JanzelO Borrower

Easy transparent process for me. I was impressed how quick the application and how quickly the loan was funded. They seem to have a very streamlined process. 

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Sep 30, 2017

From application to supplying require documentation, the entire experience was great. SoFi requested 3 documents from me: State Issued ID, Utility Billing Statement, Banking Statement. SoFi has internal systems to verify payroll information automatically so there was no need to PDF print anything out and fumble with tons of documentation. The entire process was quick, online and expedited - what you would expect from any modern company but rarely receive. Sofi is way ahead of the game in this regard.

Upon submitting my application and requested documentation I had to wait 4 days for approval. From approval to funding, I waited a single day for my loan funds to hit my bank account.

It's very easy to explain how simple the process was, but I want to explain how reliable SoFi is. I have applied for and received approval for loans in the past - but at predatory rates (25%+). I have never been great at managing money, I have a great job that pays well, but I was never taught to control and limit my spending habits. As a result, I quickly racked up $10,000+ in credit card debt. Since digging this hole I have done more to limit my spending on frivolous things, cut up cards to specific accounts and closed my most recent cards that were under a year old. I took several classes offered at work that were aimed at bettering financial self-control. I have a long way to financial freedom, but SoFi approved me for a loan to pay this debt off at an interest rate FAR lower than my credit card accounts (-10%). I have already paid my accounts off and it feels like a huge weight has been lifted off my shoulders.

I truly appreciate the service SoFi provides. They truly are looking to help people that show signs and progress towards bettering themselves financially - this includes paying off accounts, making larger than normal payments to bring those balances down and no history of late payments.

Thanks to you as well Credit Karma for linking me to such a great company. Like you, they are also looking to better prepare their customers financially.

more ...
Sep 28, 2017
Quick, easy and low rate.
SMK526 Borrower

The SoFi application process was very easy and quick.  The money was deposited into my account within 4 days of applying.  The interest rate offered was good for my situation and you get a another quarter of a percent off is you use auto-pay.  I had to call to speak to a representative and she was very pleasant and helpful.  I would recommend checking out SoFi if you need to consolidate bills.  I plan on contacting them about a mortgage loan in the near future (hopefully) and they say I'll get another discount as a current customer.  

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Sep 28, 2017
Excellent Rates and Great Service
Jeffp565 Borrower

I can't say enough good things about SoFi. I have a heavy student loan burden so my credit score has suffered and unfortunately that places me in a situation where it's hard to consolidate my credit card balances, despite the fact that I have never missed a payment on any account in my entire life. I receive those junk mailers in the mail offering refinance loans and am always amused when the interest rates are northward of 25%. I decided to give SoFi a chance, because it really couldn't hurt to get a soft-pull preapproval. I was amazed at the excellent rate I was offered and immediately accepted. Two days later the funds were transferred to my account and I paid every single card off. No more juggling bills and I now have a manageable payment that will be paid off in less than three years! Thank you so much SoFi! Highly recommended you give them a try.

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Sep 14, 2017
Amazing
Anonymous Borrower

I got a loan a year a go to consolidate credit cards. My payment history wasn't the best but I make over 100k a year. I was approved for 50k which paid off my credit cards and helped me get and stay on track. I didn't think that I would be approved but I'm grateful they gave me a try. I will be debt free in just a few years.  I'm grateful they took a chance on me. 

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Sep 04, 2017
It doesn't get much easier than this!
GeneK65 Borrower

I had been with SoFi for about six months and was more than satisfied with all aspects of my loan.  I realized that I had a zero-interest loan that that I had not paid off in the alloted time, so I was going to get hit with a large interest penalty.  So, I requested a consolidation loan for the first loan amout and this incremental amount.  It was approved in hours.  My interest rate was reduced.  And it was funded within a few days, well beyond my expectations.  SoFi communicated with me via text and emails during the entire process.  I was never in the dark.  Thank you So-Fi for a job well done!

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Aug 23, 2017
Personal Loan - Quick & Simple
Kilvari Borrower

A couple months ago I received a standard "refinance your credit cards" junk mailer. I was investigating their offer (came in around 20-30% interest) I hit a review site and got linked over to SoFi. Same loan amount for under 10%. Reduced by credit card load by 50%, lowered my payments, and will be paid off in 5 years (or less as I'm overpaying). This was a big step in my credit recovery and SoFi has been the partner I've been waiting for to get the ball rolling. The online process was quick, simple, and well explained. They even sent me an email to tell me about the final phone call for verification INCLUDING THE PHONE NUMBER THAT WOULD CALL ME! That was so simple and so useful as I despise answering random phone numbers. Nice thinking, SoFi.

Highly recommended!

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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.