SoFi: Personal Loan Review

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SoFi: Personal Loan Review

The basics

Estimated APR

5.99% – 18.53%

Min. credit Score

680

Max. DTI Debt to Income Ratio

Origination Fees

0%

Late Penalties

$0

Prepayment Fees

$0

Good for: High loan amounts available, No fees

Our verdict

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 of $5,000.

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Beyond the basics

No fees

Fixed rates

Autopay discount Unemployment protection

Loan Amounts

$5,000 to $100,000

Loan Terms

24-84 months

Time to funding

6 – 11 business days (up to 15 if self-employed)

BBB Rating

A+

Trustpilot

J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index

Index
856/1000

Full review

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.

Best used for

  • Debt consolidation
  • Home improvement
  • Moving and relocation
  • Medical expenses

Pros & Cons

  • Autopay discount on interest rates
  • Offers unemployment protection
  • High loan amounts available (up to $100,000)
  • Allows cosigners or coborrowers
  • High credit score requirement
  • No refinancing options
  • Doesn’t offer direct payment to creditors with debt consolidation loans
  • High minimum loan amount ($5,000)

Most suitable for

  • Consumers with good-to-excellent credit scores
  • Consumers looking to borrow larger amounts
  • Consumers who need a cosigner or coborrower

How to qualify You’ll need to meet minimum age requirements as determined by the state you live in and provide proof of residence and income/employment. Loan eligibility depends on several other factors including financial history, credit score, and debt-to-income ratio.

How to apply Apply online by creating a SoFi account and providing basic personal information.

COVID-19 resources SoFi offers a guide to navigating COVID-19 and your finances. Those who have been affected by COVID-19 may be eligible for a payment deferral (login required).

Footprint SoFi personal loans are available in every U.S. state except Mississippi.

Loan example For a four-year $30,000 personal loan at an APR of 8.03%, you’d make 48 scheduled monthly payments at $732.81 with a total payment of $35,174.89.