SoFi Personal Loans Review
Updated On January 22, 2022
Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.
Company Overview: SoFi
SoFi, also known as Social Finance, is a market leader in personal loans. Based in San Francisco, SoFi positions itself as the “anti-bank” and prides itself on being consumer-centric, with some of the lowest personal loan rates in the industry. In addition to personal loans, SoFi offers its members a number of perks such as free career services, unemployment protection, customer support seven days a week, and free SoFi events.
SoFi Personal Loan Overview
SoFi offers attractive rates and terms compared with other top lenders in the personal loan industry:
How SoFi Compares: Key Benefits Of SoFi’s Personal Loan
Here are some of the reasons that SoFi borrowers love SoFi personal loans:
- Unemployment Protection: If you lose your employment, SoFi will temporarily pause your payments for up to 12 months.
- Career Services: SoFi offers free career services to help you advance your career and negotiate your salary.
- Customer Service: SoFi offers live customer support 7 days a week
To apply for a SoFi personal loan, you need to meet the following eligibility criteria:
Requirements To Apply For SoFi Personal Loan
Minimum Age: At least age of majority in your state
Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)
Employment: You are currently employed or have an offer of employment to start within next 90 days
Generally, SoFi lends only to borrowers with good to excellent credit. Loan approval may depend on a number of additional factors, including, but not limited to, your financial history, career experience and monthly income vs. expenses. SoFi does not focus on your FICO (credit) score in its underwriting process.
Bottom Line: Is SoFi right for you?
SoFi has a top reputation for personal loans and has received an A+ from the Better Business Bureau.
Remember, SoFi caters to borrowers with good to excellent credit and high incomes. Technically, SoFi does not have a minimum credit score or a minimum income. Practically, however, the average SoFi personal loan borrower has an average credit score of about 700+ and an average income of about $100,000.
You also need to be employed or have a job offer that begins in the next 90 days. SoFi also wants to see strong monthly cash flow that is sufficient to cover your life expenses and any other debt obligations.
You can use a SoFi personal loan for any purpose such as to pay off credit card debt, medical expenses, home improvement, engagement ring, wedding, honeymoon or new baby expenses.
Next Steps: How To Apply To SoFi
You can apply for a SoFi personal loan in 3 easy steps.
Step 1: Check your personalized personal loan rate in just 2 minutes.
Step 2: Complete application and upload documents.
Step 3: Accept loan terms and get funded.
The good news is that you can check your new personal loan rate online with SoFi before you complete the full application. This way, you’ll know whether you can be approved for SoFi personal loan. Therefore, SoFi will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.
If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):
- Your most recent pay stubs
- Driver’s license or passport (or other forms of government-issued identification)
Funding for your personal loan is quick and can occur within several days.
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