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 | Cons |
|---|---|
| Competitive APR | Three-day approval time |
| No fees | No secured or joint loans |
| Allows for co-signed loans | Borrowers must have very good credit |
| Offers unemployment protection | Minimum loan of $5,000 |
| Loans of up to $100,000 | Interest rates very high for some borrowers |
| Discount for autopay | |
| Soft credit check |
Who Is SoFi For?
SoFi is great for those who have a good credit score of 670 or more, are looking to take out a high-dollar loan (more than $5,000) and want a variety of term options.
SoFi offers loans 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.
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 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, you can get the funds sent directly to creditors, which immediately stops 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. This is a rarity among personal loan companies. 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, nor during the course of paying it back.
How to Apply for a SoFi Personal Loan
The prequalification 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 a U.S. citizen, visa holder, or permanent resident, must legally be an adult in their state of residence, and must be employed with sufficient income or have an offer of employment to start within 90 days.
Loans are not available to those in Vermont.
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 requests a lot of information, but once that ball is rolling, funding happens over the span 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 at all – 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. A comprehensive FAQ section helps answer questions before you apply, and customer service is there for you after you’ve got the loan.
- Flexibility. Though 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 the 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
As personal loans go, SoFi is one of the best out there, given the exclusive member perks, the competitive APR, and the high-dollar loan options.
It might not work for some, such as those who have fair or bad credit, or those who want a loan of less than $5,000. But 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.
About the Author
Shannon Lee is a freelance writer and occasional novelist who has spent over twenty years writing about personal finance, home improvement, education, relationships, and medical and health topics.
