SoFi Personal Loans Review 2022 | American News

SoFi, short for Social Finance, offers personal loans of up to $100,000 to borrowers with very good to excellent credit. The national lender was founded in 2011 and is known for offering loans at no cost. In addition to personal loans, SoFi offers student loans, auto and student loan refinances, home loans, and small business financing.

Best Features

  • SoFi does not charge late fees.
  • You can borrow up to $100,000.
  • Co-borrowers are accepted.
  • Borrowers become members and enjoy special benefits.

Disadvantages

  • Borrowers with less than stellar credit may not qualify.
  • Loans under $5,000 are not available.

What can SoFi be used for?

You can use a SoFi personal loan for a variety of purposes. If you’re looking to start a family, for example, SoFi’s personal loans can fund in vitro fertilization, adoption, surrogacy, and pregnancy expenses. If you want to repair your home, SoFi covers landscaping, roof installation, remodeling, and building decks or patios.

You can also use SoFi personal loans to:

  • Wedding expenses.
  • Trip costs.
  • Medical and dental procedures.
  • Moving assistance.
  • Credit card consolidation.

Borrowers cannot use loan funds to:

  • Immovable.
  • Commercial purpose.
  • Investments.
  • Purchases of securities.
  • Post-secondary education.
  • Short-term bridging financing.

How does SOFI work?

You can prequalify for a SoFi personal loan without hurting your credit score. After seeing the terms you qualify for, you can apply online in minutes with the help of a SoFi loan consultant.

After you submit your application, SoFi makes a firm credit application, which may affect your credit. When you are accepted for the loan, SoFi sends you a loan agreement to sign. Your funds are available within days.

What are the terms, fees and conditions of the product?

SoFi offers fixed rate personal loans from $5,000 to $100,000. Repayment terms range from two to seven years.

SoFi charges no fees, which means there are no set-up fees, late fees, or prepayment penalties. You can get a 0.25 percentage point reduction on your interest rate if you sign up for automatic payments. However, a no-fee loan may mean you’ll pay a higher interest rate, so be sure to compare the annual percentage rate before applying.

Borrowers in good standing can apply for unemployment protection. If you are approved, SoFi modifies your monthly loan payments and provides placement assistance during your forbearance period, up to 12 months.

Finally, when you get a personal loan with SoFi, you become a member, which comes with benefits for career coaching, financial planning, and access to events.

personal loan search

Select your desired loan amount and purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.

How can you qualify?

To qualify for a SoFi personal loan, you must be a U.S. citizen, permanent resident, or visa holder. You must also be considered an adult, according to the laws of your state. You must be employed, have an offer to start employment within the next 90 days, or have sufficient income from other sources. A good credit history also helps you qualify.

Co-borrowers are accepted, but they must reside at the same address as the primary borrower. The application process may also take an additional week or two.

What credit score do you need?

SoFi requires a minimum FICO credit score of 680 but does not disclose other loan qualification data, including debt-to-income ratio, minimum credit history, or minimum income.

Where does the lender operate?

SoFi personal loans are not available in Mississippi.

Is the lender trustworthy?

SoFi has an A+ rating with the Better Business Bureau, but it is not BBB accredited. In 2021, the Consumer Financial Protection Bureau received 14 personal loan complaints about SoFi. The most common problems were related to obtaining a loan. SoFi provided a quick response to all but one complaint. Additionally, SoFi has an average rating of 2.8 on Trustpilot.

How is SoFi’s customer service?

SoFi offers live customer support seven days a week. You can contact the site’s chat feature or call 855-456-7634 from 8 a.m. to 10 p.m. a.m. to 8 p.m., Friday through Sunday.

What are some of SoFi’s online features?

The entire SoFi loan process can be done online – pre-qualification, application, closing and account management. SoFi also offers an app for members to check loan rates, start investing, set up account alerts, and perform other loan-related tasks.

SoFi personal loans are best for:

  • People who have very good or excellent credit.
  • People who don’t want to pay loan fees.
  • People who wish to apply with a co-borrower.


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