SoFi: Personal Loan Review
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SoFi's unemployment protection is a rare feature that could be particularly handy amid the predominance of job losses stemming from the coronavirus pandemic. That said, their loans require good-to-excellent credit scores and have a high minimum loan amount.
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Fixed rates
Autopay discount Unemployment protection
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Lender description SoFi, which stands for Social Finance, Inc., was founded by Stanford business school students and has a corporate mission of helping customers achieve financial independence.
| Permitted users | Prohibited users |
|---|---|
 Debt management and consolidation |  Real estate |
| Wedding expenses | Business purposes |
| Medical expenses | Investments |
| Moving expenses | Purchases of securities |
| Funeral expenses | Post-secondary education |
| Home improvement expenses | Short-term bridge financing |
| Family planning | |
| Car repairs | |
| Vacations | |
| Other personal, family, or household purposes |
| Pros | Cons |
|---|---|
 Autopay rate discount of 0.25% |  High credit score requirement |
|
Offers unemployment protection |
No refinancing options |
|
High loan amounts available |
Doesn't offer direct payment to creditors with debt consolidation loans |
|
Allows co-borrowers |
High minimum loan amount |
Do you qualify SoFi doesn’t have credit score or income requirements but they do only mostly accept borrowers with excellent credit.| This is what SoFi looks for in qualified borrowers:| Must be a U.S. citizen| Must be at least 18-years-old| Must be employed, or have a steady income, or have an offer of employment to start in 90 days.
How to apply Apply online by creating a SoFi account and providing basic personal information.
Footprint SoFi loans are available in all states except Mississippi.
Loan example A $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 7.99% APR to 23.43% APR. It works out to 24 monthly payments ranging from $1,356.68 to $1,530.54
How to contact SoFi
You can either chat with Personal Loans Support online or call 855-456-SOFI (7634) Monday through Thursday 5 a.m. – 7 p.m. PT, and Friday through Sunday 5 a.m. – 5 p.m. PT.
Yes, SoFi is a legitimate lender. Founded in 2011, this company has more than $73 billion in funded loans and more than 5 million customers.
SoFi may take two to three business days to approve a personal loan, though in some cases it can take longer (depending on your application and personal situation). Then, funds are typically deposited within two or three additional business days.
Yes, you can have two personal loans from SoFi. To qualify for a second loan, you must have made three consecutive on-time payments for your first loan.
As long as you have a credit score of at least 670, have a decent credit history, and meet minimum income and employment requirements, it’s not difficult to get a personal loan. However, if you have a lower credit score, don’t have reliable income or employment, or have a rough credit history, it can be more difficult. The good news is borrowers can apply with a co-applicant, which can increase their chances of approval.
Per Upgrades’ site, the majority of personal loans through Upgrade are unsecured and do not require any form of collateral whatsoever. However, they may offer you the option of adding collateral in order to be approved for the loan or to receive a better rate.
The minimum income requirement is $45,000 per year, or at least $1,500 per month in free cash flow.
Yes, SoFi allows you to get pre-approved for a personal loan. This can be done in just a few minutes online and it doesn’t have any impact on your credit score. You may also receive a preapproval letter in the mail directly from SoFi. If you’re interested, enter the confirmation number listed in the mail to see what rates you qualify for.