SoFi personal loans: 2024 review

Name: SoFi Personal Loans: 2023 Review
Item: SoFi
Rating: 4.7
Author: Heidi Rivera

Written by

Heidi Rivera

Edited by

Rhys Subitch

Updated on March 22, 2024

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4.7

Bankrate Score

Availability

4.6

Affordability

4.8

Customer Experience

5.0

Transparency

4.6

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Full methodology

Bankrate’s take: SoFi won multiple Bankrate Awards in 2024. Its loans are among the best for good credit borrowers, with optional fees, generous loan amounts, a range of repayment terms, co-borrowing option and exclusive member perks.

Lender Details

Loan amount

$5,000–$100,000

APR from

8.99% to 29.49%* with autopay

Term lengths

24 to 84 months

Min Credit Score

300

Funds available in

Same day

SoFi is best for significant expenses and those who prefer an online lending experience

SoFi caps its loans at $100,000 — much higher than the average $50,000 limit offered by most lenders in the industry. This, combined with its longer-than-average repayment terms, make it a great choice for significant expenses, such as a home renovation or a large purchase. The lender was also one of the few that offered unemployment assistance. Though this feature has been discontinued as of writing, borrowers still have access to other exclusive perks.

These member-exclusive benefits include a referral bonus program and rate discounts.Loan applications can be completed entirely online — and prequalification is available. That means borrowers can check what they may be eligible for without affecting their credit. SoFi states most borrowers can get same-day funding if they sign their loan agreement before 7 p.m. ET on a business day. These features, along with its great loan offer and member benefits, made SoFi the 2024 Bankrate Awards personal loan list for best online experience.

SoFi personal loan purposes

Because SoFi’s loans feature a wide range of repayment terms and generous loan amounts, they can be used for a multitude of purposes. Uses range from financing a big event or a large purchase to home improvement projects. The lender’s competitive starting APR and quick funding timeline also makes its loans ideal for debt consolidation and urgent expenses.

SoFi doesn’t allow its personal loans to be used to purchase real estate, investments or securities. The lender also prohibits the use of loan proceeds to be used to cover business-related expenses, post-secondary education expenses or as short-term bridge financing.

Where SoFi personal loans stands out

Optional fees and autopay discount: Borrowers have the option to pay origination fees to alter their APR and tailor monthly payments to their needs. The lender also offers a 0.25 percent rate discount for enrolling in automatic payments.
Range of loan amounts: SoFi loan amounts range from $5,000 to $100,000, making it a great option to fund large purchases or pay off high-interest credit card debt. The latter may also be a good idea for good credit borrowers given the lender’s low starting APR.
Co-borrowers allowed: SoFi allows joint loan applications, which can be helpful for borrowers who are unable to qualify on their own or are looking for a lower interest rate.

Where SoFi personal loans falls short

Good-to-excellent credit required: SoFi requires a minimum credit score of 680 to be approved for a personal loan, which is higher than some other lenders.
No co-signer options: While there can be two borrowers, co-signing isn’t available.
Steep minimum loan amount: SoFi’s loans start at $5,000, which is higher than the industry average of $2,000, so it isn't a good option for those who need a small amount.

SoFi customer resources

Customer support

Borrowers can reach customer support at 855-456-7634 Monday through Thursday from 5 a.m. to 7 p.m. PT and Friday through Sunday from 5 a.m. to 5 p.m. PT. SoFi also has online chat support on its website and through its app.

Digital experience

SoFi’s application process can be completed entirely online or over the phone. Customers can also apply for a loan through the company’s mobile app. Prequalification is available, so you can check your rates without affecting your credit.

How this lender compares

4.7

Bankrate Score

APR from

8.99% to 29.49%* with autopay

Loan Amount

$5,000–$100,000

Term Length

24 to 84 months

Min Credit Score

300

Compare rates

on Bankrate

4.5

Bankrate Score

APR from

6.94%-25.29% *with AutoPay

Loan Amount

$5,000-$100,000

Term Length

24 to 84 months

Min Credit Score

695

Read our review

on Bankrate

4.7

Bankrate Score

APR from

8.99%-23.99%

Loan Amount

$2,000-$50,000

Term Length

36 to 60 months

Min Credit Score

Not disclosed

Read our review

on Bankrate

SoFi vs. LightStream

LightStream and SoFi offer similar APRs, repayment terms and loan amounts. Both lenders also require borrowers to have good credit to qualify for its loans and same-day funding is available. However, LightStream loans could be lower in cost compared to SoFi’s, as the company not only offers a lower starting APR, but also a 0.50 percent rate discount for enrolling in automatic payments instead of just 0.25 percent.

Read a full comparison of SoFi vs. LightStream

SoFi vs. TD Bank

Personal loans by TD Bank are aimed for borrowers who have good or excellent credit, just like those from SoFi. That said, TD Bank has slightly higher minimum credit score requirements and it lacks a co-borrower option — something SoFi offers. On the other hand, TD Bank may be a better option than SoFi for borrowers who want to cover smaller expenses, such as emergency car repairs, since loan amounts start at just $2,000 instead of $5,000.

That said, SoFi offers longer repayment terms than TD Bank, with no required fees. This may make its loans better suited for those needing to finance a large expense, as monthly payments can be spread out more.

Do you qualify for a SoFi personal loan?

Besides meeting citizenship, residency and age requirements, borrowers must also:

Be employed, have an offer of employment good within 90 days or have another reliable source of income.
Have a credit score of 680 or higher.

How to apply for a personal loan with SoFi

SoFi makes the application experience simple, and borrowers can check their eligibility without affecting their credit.

Get a quote: You’ll start by creating a username and password and providing some basic information, such as your contact details and annual income, to view potential loan offers. This step only takes a couple of minutes to complete.
Add information and finalize your application: If you like your terms, complete the online application and upload any required documents. These may include copies of your pay stubs and proof of ID. SoFi will do a hard credit check, which can temporarily drop your credit score by a few points.
3. Review the loan details: If approved, you’ll be prompted to review and sign the loan documents. Contact customer support before signing if anything seems amiss. Borrowers who sign their loans before 7 p.m. ET on a business day may be eligible for same-day funding.

How Bankrate rates SoFi

Overall Score	4.7	Explanation
Availability	4.6	Same-day approval and funding, but strict credit requirements.
Affordability	4.8	Low minimum APR, optional fees and autopay rate discount.
Customer Experience	5.0	Seven-day customer support, highly rated mobile app and online account management.
Transparency	4.6	Specific credit requirements aren’t listed, but prequalification is available.

Methodology

Bankrate's trusted personal loans industry expertise

Read our full methodology

years in business

lenders reviewed

loan features weighed

665

data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

What people across the web are saying about SoFi

SoFi has a stellar 4.6 out of 5 rating on third-party review site Trustpilot, with over 8,500 reviews as of June 13, 2024. Happy customers cite ease of application and speedy funding.

"I got my loan funds very quickly, and I used them to pay off my credit cards, which had more than twice the APR rate. This is saving us tons of money in interest, and helped us consolidate from around 8 interest accruing credit cards to 1 single loan. We will finally be able to get back to being credit card debt free like we were 2 years ago, and we now have the benefit of learning how to establish a budget which means we should never get in this predicament again!"
— Trustpilot User

Negative reviews mainly point out issues with the company’s checking products — not its loans.

One mostly positive review noted a possible friction point for those with multiple income streams:

"It did make it difficult that only one source of income was allowed during the initial application process because then I had to provide multiple forms to verify additional income."
— Trustpilot User

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

Community SoFi scores

PERSONAL LOAN

SoFi

Dive into community reviews below and see what others think about SoFi.

4.3

25 ratings

Score breakdown

5 stars

52%

4 stars

28%

3 stars

20%

2 stars

1 star

Score by category

Overall rating 4.3 / 5

Fees & closing costs 3.8 / 5

Funding time 4.3 / 5

Customer service 4 / 5

Application process 4.3 / 5

Online portal or mobile app 4 / 5

In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.

Community Reviews

See what users like you are saying about SoFi.

Search for reviews containing

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Anonymous Borrower

August 20, 2024

Describe your experience with the application process

It was easy I just input my details and it instantly approve me to release my funds in a couple of days.

Describe your experience with customer service

They are great at customer service and they don't keep you waiting.

Loan purpose

Emergency loan

Score by category

Fees & closing costs 4 / 5

Funding time 3 / 5

Online portal or mobile app 3 / 5

Customer service 4 / 5

Application process 4 / 5

Key Questions

Would you recommend this lender to a friend or family? Yes

Was the lender responsive/professional? Yes

Did this loan meet your financial needs? Yes

Anonymous Borrower

August 20, 2024

Describe why you selected this lender

It consolidated all my debt to go with 1 loan with a lower rate

Describe your experience with the application process

Nothing was challenging just debating if it was worth it

Loan purpose

Debt consolidation

Score by category

Fees & closing costs 4 / 5

Funding time 5 / 5

Online portal or mobile app 3 / 5

Customer service 3 / 5

Application process 2 / 5

Key Questions

Would you recommend this lender to a friend or family? Yes

Was the lender responsive/professional? Yes

Did this loan meet your financial needs? Yes

We wanna know what you think about SoFi

Have experience with SoFi? Let us know your thoughts

SoFi personal loans: 2024 review

The Bankrate promise

At a glance

Lender Details

Loan amount

APR from

Term lengths

Min Credit Score

Funds available in

SoFi is best for significant expenses and those who prefer an online lending experience

SoFi personal loan purposes

Where SoFi personal loans stands out

Where SoFi personal loans falls short

SoFi customer resources

Customer support

Digital experience

How this lender compares

SoFi vs. LightStream

SoFi vs. TD Bank

Do you qualify for a SoFi personal loan?

How to apply for a personal loan with SoFi

How Bankrate rates SoFi

Methodology

Bankrate's trusted personal loans industry expertise

What customers think

What people across the web are saying about SoFi

Community SoFi scores

SoFi

Community Reviews

We wanna know what you think about SoFi

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