Established in 2011, Social Finance, also known as SoFi, is best known for its student loan refinancing product that targets recent graduates with high incomes. Continue reading the review to find out if SoFi suits you.
From then on, the online lender expanded into mortgages and personal loans in 2014 to further its goal of becoming a full-fledged financial services company.
To SoFi, credit score play as important as a role as many other factors. For student loan applicants, a history of making payments on time, high earning potential and the industry they work in is more important than their credit score.
Continue reading below to see if SoFi’s personal loan is a good fit for your financial needs. The application process only takes but a few minutes to check loan rates and terms. Apply today!
| PROMOTIONAL LINK | LOAN DETAILS | REVIEW |
| PersonalLoans | Loan Amounts: Up to $35,000 Loan Terms: 3 - 6 years Current Rates: 5.99% - 35.99% | Review |
| SoFi | Loan Amounts: Up to $100,000 Loan Terms: 3 - 7 years Current Rates: See Current Rates | Review |
| LendingTree | Loan Amounts: Up to $35,000 Loan Terms: 1 - 5 years Current Rates: 5.32% – 36% | Review |
| Lending Club | Loan Amounts: Up to $40,000 Loan Terms: 3 - 5 years Current Rates: 6.95% - 35.89% | Review |
| Prosper | Loan Amounts: Up to $40,000 Loan Terms: 3 or 5 years Current Rates: 6.99% - 35.99% | Review |
SoFi Information
Apply for a student or personal loan at SoFi today!
| Lender | SoFi |
| APR | Fixed: 5.990% APR to 16.240% APR (with AutoPay) Variable: 5.74% APR to 14.700% APR (with AutoPay) |
| Loan Amount | $5,000 – $100,000 |
| Term Length | 2 to 7 years |
| Origination Fee | None |
| Prepayment Fee | None |
| Late Fee | None |
| NSF Payment Fee | None |
| Minimum Gross Income | $114,000 |
| Minimum Credit Score | 720 |
SoFi Personal Loan Eligibility
SoFi has various qualifications depending on what kind of loan you want to apply for; however, for students, the general applicant should have completed or are a part of any of the following down below.
To qualify for a SoFi student loan, all applicants:
- Be at least 18 years or older
- Be a US citizen
- Should live in a state where SoFi Lending Corporation is authorized to lend
- Must be employed since you have to have a specific gross income to apply for a loan
- Are enrolled in school for at least part time
- Must meet Satisfactory Academic Progress (SAP) for their college
To qualify for a SoFi personal loan, all applicants:
- Must be a US citizen
- Be at least 18 years or older
- Should reside in a state where SoFi Lending Corporation is eligible for lending
- Must be employed and meet the gross minimum income.
Pros and Cons of a SoFi Personal Loan
- You don’t need to own a home to apply.
- The application is simple and easy to follow.
- You can have cosigners that will help you increase your chances in getting approved for a competitive rate
- Initial credit check will not affect your credit score. However when your loan is approved, it will show up on the report.
- There are no origination fees.
- When approved, funding takes as little as one business day.
- A personal loan from SoFi can be used towards small business, debt consolidation, home improvement, medical bills and other special occasions.
- If you have excellent credit score, your APR can be as low as 5.99%.
- They have live customer support that is available 24 hours, 7 days a week.
- If you happen to lose your job, you can pause your payments on your loans and SoFi can possibly even help you find a new job.
- SoFi prefer those who have a good credit score and high income to borrow with them.
- It might take up to 7 days until funds can be distributed.
- SoFi is not available in Mississippi
- SoFi is only available to apply to online. There are no physical locations where you can speak to a customer representative in person.
How To Apply For a SoFi Personal Loan
- Fill out a brief personal loan application on SoFi’s website for the desired loan amount.
- Get a copy of your credit report (720 or higher as a credit score)
- Present a proof of income; minimum $114,000.
Bottom Line
Overall, SoFi is recommended mostly to students who are struggling to pay back their student loans and other college expenses. They have competitive rates with no fees, but you also will need a pretty higher than average credit score in order to qualify for a loan.
Over time, you will also see improved credit scores with on time payments, as well as access to live 24/7 customer support, community events and even unemployment protection.
Are you interested in this personal loan from this lender? Please let us know in the comment section below on your experience!
If you want to search for more options on taking out the best personal loan, check out our full list of Best Personal Loans.
(Visit SoFi for more details)
| PROMOTIONAL LINK | OFFER | REVIEW |
| Simple High-Yield Checking | $500 Cash | Review |
| Discover Bank Online Savings | $200 Cash | Review |
| HSBC Premier Checking Member FDIC | $750 Cash | Review |
| HSBC Advance Checking Member FDIC | $350 Cash | Review |
| Huntington Asterisk-Free Checking® | $150 Cash | Review |
| Huntington 5 Checking | $200 Cash | Review |
| Chase SapphireSM Checking | $750 Cash | Review |
| Chase SapphireSM Checking | 60,000 Points | Review |
| Chase Total Checking® + Chase SavingsSM | $350 Cash | Review |
| Chase Premier Plus CheckingSM | $300 Cash | Review |
| Chase College CheckingSM | $100 Cash | Review |
| Chase Private Client | $1,250 Cash | Review |
| TD Bank Beyond Checking | $300 Cash | Review |
| TD Bank Convenience CheckingSM | $150 Cash | Review |
| Discover Cashback Debit Account | $360 Cash | Review |
| Chase Total Business Checking® | $200 Cash | Review |
| Huntington Bank Unlimited Plus Business Checking | $500 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $200 Cash | Review |
