SoFi Review

Is this the loan company for you?

Star Icon Star Icon Star Icon Star Icon Star Icon


  • No origination fees on loans
  • Discounted rate for using ACH


  • Same address required to apply jointly
  • Smallest loan amount is $5,000

What You Need to Know

SoFi loans do not have fees. There are no origination fees when you open a personal loan with SoFi. They also do not charge fees if you make your payments late. They do not have fees for making extra payments or paying your loan off early.

If you sign up to make electronic payments on your SoFi loan, the interest rate on the loan is lower. Those who make automatic electronic payments earn a discount of 0.25 percent. If you do not set up automatic payments, you can pay through the app, online, or sending in a check. They do not accept credit card payments.

You can apply jointly for a SoFi loan. To apply for a joint personal loan, both people on the loan must live at the same address. The joint applicant cannot be removed from the loan until the loan is paid off or the person passes away. You cannot open a personal loan with a cosigner.

The minimum loan amount with SoFi is high. The smallest loan offered is $5,000. You cannot apply for a loan any lower than that amount. They offer terms from two to seven years to repay your loan. The largest loan available is $100,000 if you qualify.

Qualifications to Apply for SoFi Loans

Useful Information About SoFi Loans

Additional Relevant Information

SoFi offers a good variety of loans. They offer personal, student, and home loans. They offer life insurance and medical and dental resident loan refinance. They offer private undergraduate, graduate, and parent loans. All the options are on the SoFi website.

If a SoFi member loses their job, they will pause their payments temporarily. If your loan is in good standing, you can request Unemployment Protection. Once approved for the protection, SoFi suspends your monthly payments. Interest will continue to accrue while you are not making payments. To qualify, you must prove you are eligible for unemployment and that you are actively looking for a new job.

History and Achievements

Four graduate students at Stanford started SoFi in 2011. They wanted more options for affordable loans to help pay for their education. In September of 2012, they had raised over $77 million. By September of the next year, SoFi had funded $200 million in loans.

In 2015, SoFi started offering personal loans and mortgage loans. By April 2015, they had funded over $2 billion in loans.

Today they have funded over $40 billion in loans. They have over 800,000 members and more than 1,300 employees.

Frequently Asked Questions

Can I apply for a loan entirely online?

Yes. SoFi loans are online.

What is the lowest my credit score can be?

The minimum credit score required for SoFi loans is 680.

What is the smallest loan amount available?

The minimum personal loan is $5,000. That amount may vary depending on your state of residence.

What is the largest loan amount available?

The maximum personal loan amount is $100,000. You must meet requirements to qualify for this amount.

What are the loan term lengths?

The SoFi loan term lengths vary from two to seven years.

Are the interest rates competitive?

Yes. The SoFi interest rates for personal loans are competitive. The rate you receive depends on your qualifications.

Are the interest rates fixed?

Yes. SoFi offers loans with fixed interest rates and variable interest rates.

What types of loans are available?

SoFi offers specific personal loans for home improvements and credit card consolidation. You can use personal loans for family and household purposes.

What information do I need to apply for a loan?

SoFi requires personal information including, name, address, and employment status. You must be a U.S. citizen and have a valid SSN, bank account, and email address.

How long does approval take?

SoFi loan approval time may vary depending on the amount of the loan.

How long will it take the money to enter my account after approval?

Once you have signed all the SoFi documents, it may take a few days for the funds to transfer into your account. SoFi transfers the money electronically into your bank account.

If I have been denied a loan before, how long do I have to wait to apply again?

If you are denied a loan with SoFi, you can apply immediately after. If you do not qualify on your own, you can apply with a co-applicant. The co-applicant must live at the same address as you.

What are the payment options to repay my loan?

Make SoFi payments through the app, online, electronic transfers, or mailing a check. Automatic electronic payments receive a 0.25 percent discount on your interest.

Can I pay my loan off early?

Yes. There are no fees for paying your loan off early.

Is my information secure?

SoFi offers administrative, technical, and physical safeguards to protect your information.

Does this loan company offer a mobile app?

Yes. With the SoFi mobile app, you can check your loan balances and make payments. The app is available for iOS and Android.

How do I contact customer service?

By phone, mail, or email. SoFi customer service is open Monday through Thursday from 4 a.m. to 9 p.m. and Friday through Sunday from 4 a.m. to 5 p.m. PT. You can follow SoFi on Facebook, Instagram, LinkedIn, Pinterest, Snapchat, and Twitter. They have locations in San Francisco, Healdsburg, and New York City.

Bank Contact Information

P.O. Box 654158
Dallas, TX 75265-4158