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SoFi Personal Loans Review 2022

The benefits explained

  • No charges: SoFi personal loans have no origination fees, prepayment penalties or late fees.
  • Co-applicants are allowed: Not all lenders allow co-applicants, but SoFi allows borrowers to apply with a co-applicant, as long as they live at the same address.

Disadvantages Explained

  • Relatively high credit rating requirement: SoFi’s minimum credit score requirement is 650, which is relatively high compared to competitors.
  • Loan applications over $20,000 take longer to process: Although loans are offered between $50,000 and $100,000, Sofia indicates that approval may take longer for loans over $20,000.
  • Approval may take two more weeks with a co-borrower: If you are applying with a co-applicant, you may have to wait one to two weeks longer for loan approval than if you were applying alone.


Getting a loan through SoFi can be a great experience for the right borrower. With a completely online process and quotes available without a firm credit application, SoFi offers a simple and convenient application process along with competitive rates.

However, those applying with a co-borrower may have to wait up to two weeks for loan approval, and applicants borrowing more than $20,000 may also expect approval delays. SoFi also has a relatively high minimum credit score requirement, so those with poor or even fair credit may need to seek a loan elsewhere.

Company presentation

Social Finance, Inc, or SoFi, is a fintech company founded in 2011 by students from Stanford Business School. San Francisco-based SoFi initially offered student loan refinancing, but has since added other products and services, including mortgages, personal loans, and crypto trading. The society went public in 2021 and now has over 2,500,000 members.

Types of personal loans offered by SoFi

SoFi offers personal loans for several purposes, with variations in terms depending on what you want to use them for. His personal loans can be used for credit card consolidation, home renovations, family planning, weddings, and more. However, they cannot be used as a student loan.

Whatever your borrowing goal, here’s what to expect with a SoFi personal loan:

  • Fixed rates
  • Unsecured loans only
  • Co-borrowing is allowed
  • Co-signers are not allowed

Co-borrowers or co-applicants can help you get a loan based on their credit and income, and taking equal responsibility for loan repayment. A co-signer is someone who accepts responsibility if you fail to repay your loan.

In addition to its personal loans, SoFi also offers a number of loan products, including undergraduate and graduate student loans, parent-student loans, and mortgages.

Deadline for receipt of funds

In some cases, the approval process for SoFi loans can be lengthy. For example, if you are applying with a co-applicant, you may have to wait up to two weeks for loan approval.

However, once you’re approved and agree to SoFi’s terms, you’ll likely receive your loan funds the next business day. However, it may take a few business days.

Loan funds are disbursed via ACH to the bank account that was verified during your application process.

SoFi Personal Loan Features

Multiple loans are allowed

Eligible borrowers may take out more than one SoFi personal loan at a time. One of the eligibility requirements is to have made your last three payments on time. If you take out a second loan of a different type from SoFi, you can get a member discount of 0.125% interest.

Unemployment protection

For those who need help due to job loss, SoFi could change your monthly loan payment, offer forbearance, and even help you find a job. Unemployment protection is available in three-month increments for a total of 12 months in total. Note that interest will continue to accrue during this period and you can choose to make interest only payments.

Many lenders have restrictions on where they do business. Before applying for financing, be sure to check and see if the lender does business in your state.

Benefits for members

Once you have taken out a loan or created an online account, you become a SoFi member. Membership comes with many benefits, including financial planning, discounted estate planning and free one-on-one career coaching. Eligibility for benefits varies depending on the products you use, but some borrower benefits may continue even after your loan is paid off.

Apply for a SoFi personal loan

You can apply for a SoFi loan online. If you are not a US citizen, permanent resident, or visa holder, you can apply over the phone with a qualified co-borrower. Call 877-936-2269 to apply.

Here are the steps to follow:

  1. Get pre-qualified: To pre-qualify, you will need to provide your email address and contact information, and select your loan preferences, including loan amount, loan purpose, and whether or not you have a co-applicant. SoFi will perform a soft extraction of your Experian credit report at this point.
  2. Review the terms of your loan: Next, you will review the terms of your loan. If you wish to continue with the application process, you can choose a product and submit an official application.
  3. Submit an application: At this point, you will need to provide additional personal information and your bank account information for verification.
  4. Sign your final documents: Once your final documents have been signed, SoFi will begin the process of disbursing your funds, which may take one or more business days.

Can you refinance a personal loan with SoFi?

Yes, you can refinance a personal loan with SoFi; however, co-borrowers are not eligible for refinancing. You will need to meet the following conditions to qualify for a refinance of your SoFi personal loan:

  • All existing SoFi loans must be in good standing.
  • Your last three consecutive payments were made on time.
  • You meet the eligibility criteria for SoFi personal loans.

SoFi also offers student loan refinance, including medical resident student loan refinance, but this option is only available to graduates of TITLE IV schools.

Customer service

If you would like a free consultation before applying for a SoFi loan, you can call 855-456-7634. For personal loan assistance, you can log into your SoFi account to use chat or speak with a live agent by calling (855) 456-SOFI (7634). Live Agents are available Monday-Thursday 5am-7pm PT and Friday-Sunday 5am-5pm PT.

Client satisfaction

Customer reviews for SoFi are mixed. SoFi receives a 2.8 out of 5 star rating on Trustpilot and 3.7 out of 5 stars on Consumer Affairs, with some customers citing long wait times for a loan decision.

While SoFi received Best Personal Loan awards from Forbes Advisor and Motley Fool in 2021 and 2020, respectively, the lender has a rough track record of conduct and reliability.

In 2018, SoFi reached a settlement with the FTC after making “prominent misrepresentations” regarding customer savings on loan refinancing. The company also settled with the SEC in 2021 for breaching its fiduciary duty and causing unexpected tax bills for investment account holders. SoFi is currently embroiled in lawsuits alleging failure to address sexual harassment and denial of loans to DACA recipients.

Account management

Borrowers can log into their SoFi account dashboard to manage payments, set up a one-time extra payment, pay off a loan, or change a payment due date. Loan repayments can also be made by check. Live customer support is also available by phone, seven days a week.

How SoFi Compares to Other Personal Loan Companies

SoFi offers a convenient online application process, but loan approval can take up to two weeks in some cases. Here’s how SoFi compares to LendingClub, another popular online lender:

SoFi vs. LendingClub

SoFi and LendingClub are online lenders that offer convenient features like no-credit quotes and no prepayment penalties. Here’s how they compare:

  • LendingClub offers much lower dollar amounts than SoFi, with loans starting at $1,000.
  • LendingClub charges an origination fee of 3% to 6% of your total loan amount, while SoFi charges no origination fee.
  • SoFi’s APR range for personal loans is lower than LendingClub’s APR range, and SoFi offers more flexibility regarding repayment terms.

SoFi Personal Loans Personal loans
APR Range 7.99% – 22.73% (includes 0.25% autopay discount) 6.34% – 35.89%
Loan amounts $5,000 – $100,000 $1,000 – $40,000
Loan conditions 27 years 3 or 5 years
Average set-up costs $0 3% – 6%

The loan conditions are very different between these two companies. Borrowers looking for a lower loan amount may prefer LendingClub. But lender origination fees and high APRs will likely lead to a high cost of borrowing. Note that LendingClub loans are not available in Iowa.

Read our full Lending Club Review.

final verdict

With its quick quotes and simple online application process, SoFi aims to make borrowing convenient. If you are applying for a loan under $20,000 without a co-applicant, you could receive your funds in as little as one business day after approval. Plus, SoFi’s rates and fees are low, and SoFi members have access to a long list of benefits.

However, borrowers looking for larger loan amounts may be frustrated by SoFi’s slow loan approval process. Those with below average credit scores may also consider other lenders.


Investopedia is dedicated to providing consumers with unbiased and comprehensive reviews of personal lenders. To assess providers, we collected over 25 data points from over 50 lenders, including interest rates, fees, loan amounts and repayment terms, to ensure that our assessments help users to make informed decisions for their borrowing needs.

Our full personal loan methodologyincluding our data collection process and weighted data points, is available for review.

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