SoFi Personal Loans Reviews

4.8 out of 5 stars
149 Reviews

From Borrowers in the last year


Application Process

4 out of 5 stars

Customer Service

4 out of 5 stars

5 5

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Most Helpful Positive Review

Apr 27, 2017
Complete Process Review
Anonymous Borrower

Applied for $45K on April 8 with a score of 750 (they pull Experian) and annual income 200K. Self employed S Corp.
75% of income from K-1 distributions. Uploaded 2 yrs personal and business tax returns, DL copy. I was quoted

7.74% interest. Then I waited. 9 Days later they ask for my W-2 for rest of income. 10 Days later they send an email

that they thought my income was 8K lower than stated. Since this is stricty an on line process, rather than correct them,

I agreed and received an interest rate of 8.49 which is still a pretty good deal for a personal loan and FAR better than

any of the well known personal loans. (one company offered me 18%!! and of course I turned them down). 3 days later

my loan docs were ready for on-line signature. After signing you must phone in for final identity verification. 24 hours

later loan was funded on a Saturday. Monday morning the funds were in my bank account. Purpose of loan was 1 CC

payoff and some new windows in my home. I hope this review helps those of you who are self employed. My loan had

nothing to do with college and or student loans - which it appears that is all they do. Obviously they do more. Note

that represntatives are availble by phone. However, my experience is they could just tell you to wait for the online

process to update. I would rate my experience 5 Star with the understanding that you will get a fair interest rate and that

the process takes time.

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Most Helpful Negative Review

Apr 11, 2017
Easy to set up but issues
Anonymous Borrower

Easy to set up and pay but if their system has any kind of problem (in my case it said the one time payment failed yet they pulled the money out causing all kinds of trouble) they will blame you, not call you back when they promise and just make it such a pain that they assume you will give up trying to fix things.

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

Sep 14, 2017
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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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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Jul 31, 2017
Anonymous Borrower

Very unorganized and unfair .

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Jul 28, 2017
Anonymous Borrower

Easy application and quick processing!

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Jul 20, 2017
Quick and easy!
Anonymous Borrower

The application process was very quick. Only a few peices of documentation needed for the loan and funding is in your account a few days after application is approved. The application process does take a few funding may take up to a week.

Definitely recommend SoFi!

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Jul 12, 2017
Anonymous Borrower

Everything was perfect and really low payments 

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Jul 03, 2017
So awesome
Anonymous Borrower

We needed a new roof for our house.  They ain't cheap. We went to three different bank to look into a home equity loan/line of creit.  They needed so much information (Bank statements, pay stubs, tax returns, get an apprasial on our house...) that it was going to take weeks to get the money and a lot of paper work.  We decided to try SoFi.  I applied one night after work and two days later had the money in our bank account!  Down with the banks!!

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Jul 02, 2017
Anonymous Borrower

SoFi helped me drop rate on student loans and personal debt as well. Their customer service has always been above par.

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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.