SoFi Personal Loan Review 2024 – Pros and Cons, Features
AmONE offers numerous personal loan options from a variety of lenders to help you find the best loan for you.
We explored a variety of personal loan companies on the market and conducted full reviews of the best ones.
The personal loans available from SoFi offer pros and cons, but ultimately, it’s a company that just might be able to help you get out of a bad financial situation.
Read on to learn more about the competitive rates and other advantages of a SoFi personal loan.
Pros and Cons of a SoFi Personal Loan
Each personal loan comes with its own advantages and drawbacks. See how SoFi stacks up.
Pros
- Competitive APR
- Soft credit check to see which rate and term you qualify for
- No fees required
- Allows for cosigned loans
- Offers unemployment protection for payments
- Loans of up to $100,000
- Discount for autopay
Cons
- 3-day approval time
- No secured or joint loans
- Borrowers must have very good credit
- Interest rates are high for some borrowers
- Minimum loan of $5,000
Who Is SoFi For?
SoFi is great for those with a good credit score of 670 or more who want to take out a high-dollar loan (more than $5,000) and want a variety of term options.
SoFi offers loan terms of two to seven years. It works well for those who want to consolidate debt or fund larger projects that they simply don’t have the cash flow to cover. It’s even good for those who are between jobs, as you must either have employment or a firm job start date within the next 90 days to qualify.
Which Financial Solution Providers Have the Best APYs?
The rate you receive on your personal loan depends on many factors, including your credit score and income. Compare offers from competing lenders.
Top Features of SoFi
There are many good reasons so many consumers choose a SoFi personal loan. Here are some of the most attractive features.
Higher-than-usual loan amounts are offered
The company offers loans of up to $100,000, which is more than most unsecured loan companies provide. That high amount could mean extra cash on top of managing your credit card debt, which can help you get back on your feet after a financial hit.
Direct payments to creditors
If you choose a debt consolidation loan, the funds can be sent directly to creditors, immediately stopping those annoying calls for payment.
Discount for autopay
If you choose autopay, you can receive a discount on your loan’s APR. Though that might not seem like much, the savings are surprisingly high with larger loans.
Unemployment protection
If you have a SoFi loan and wind up losing your job, the company will put the account into forbearance and suspend your payments. Though interest will still accrue, you can choose to pay only interest during that forbearance period, which helps you keep the principal down.
No fees
There are a few personal loan companies that don’t charge an origination fee or some other fee, but not many. There is usually at least one fee, whether it’s an origination fee, a late fee, or pre-payment penalties. This means there are no surprises during the application or approval process or during the repayment process.
How to Apply for a SoFi Personal Loan
The pre-qualification process has requirements that include a social security number, employer information, proof of address and income, documentation of monthly debt, information on your past work experience, and how you plan to use the money.
More detailed information might be required if you decide to move forward with the loan. There is even a phone call to verify your address before the loan can be issued.
Applicants must be U.S. citizens, visa holders, or permanent residents, legal adults in their state of residence, and employed with sufficient income or have an offer of employment to start within 90 days.
Loans are not available to those in Vermont.
Not sure which loan is best for you? We can help. Get matched with loans, compare rates, and choose a lender now.
Rating the Features
How does a SoFi personal loan stack up alongside the best personal loans when it comes to user experience, transparency, and more?
User experience
The application process requires a lot of information, but once the ball is rolling, funding occurs over the course of a few days.
The first inquiry is a soft credit pull, which doesn’t affect your credit score. Since SoFi requires a credit score of 670 or more, that soft pull helps ensure your credit stays good enough to qualify.
Fees and rates
The APR ranges from quite low to relatively high, which is standard for loans of up to $100,000.
It’s important to note that the APR is based on the discount you can get with autopay.
SoFi is one of the rare personal loan companies that charges no fees — no origination fees, late fees, or early payoff fees.
Transparency
The fees are clear (there are none) and your rate is made clear during the prequalification process.
Of course, that can change by the time the loan is actually issued, but it’s a good benchmark. All terms are made clear before you sign.
SoFi reports to all three credit bureaus each month, so your good credit just keeps going up.
SoFi has a comprehensive FAQ section that helps answer questions before you apply, and customer service is available after you’ve received the loan.
Flexibility
Although SoFi doesn’t offer joint or secured loans, the company does welcome co-signed loans. You can change the due date of your payment as long as your account is in good standing. You can choose to have funds deposited into an account or have them sent directly to creditors.
Customer support
Finding someone to help is easy.
Customer service is quite robust, available seven days a week, and there’s also a mobile app to help you manage everything about the loan.
Signing for the loan opens up numerous perks, including career coaching, unemployment protection, financial education, and even dinners and happy hours with other loan holders in your area.
Bottom Line
- SoFi is among the best personal loans you can find, given the exclusive member perks, the competitive APR, and the high-dollar loan options.
- SoFi might not work for some, such as borrowers with fair or bad credit or those who want a loan of less than $5,000.
- For those with high balances and interest rates that are adding more each month, using SoFi personal loans makes sense.
- Clearing out the financial books and having only one payment makes life much easier and gives you more control of your financial destiny.
Frequently Asked Questions
Here are some answers to some of the most common personal loan questions from our readers.
You can use a personal loan for just about anything with a few exceptions. You can’t use it to invest, to pay for college, to put a down payment on a home (in most cases), or for anything illegal.
Once your loan is approved and you’ve received your money, that’s your loan. You can’t “re-do” the loan and give part of it back. What you can do, though, is use the lump sum you don’t need to make a payment towards paying off your loan.
In most cases, it can take about a week, but some companies are known to fund loans within a few days. You can speed up the process by having all your documents ready to submit as soon as you apply.
