SoFi Personal Loans Review in 2022

Personal loans may be acquired through SoFi with competitive interest rates, no application fees, and the possibility to be pre-approved for the loan. However, the approval process might take as long as two weeks for certain applicants, and the credit requirements can be rather high.

For the proper borrower, working with SoFi to get a loan may be a positive experience. SoFi provides a simple online application procedure and low interest rates by not requiring a hard credit check in order to get a rate quotation.

Applicants who require a co-borrower or who want to borrow more than $20,000 may anticipate approval delays of up to two weeks. Those with less-than-perfect credit may want to look elsewhere for a loan since the minimum credit score required by SoFi is very high.


  • SoFi doesn’t charge any costs for its personal loans, including application fees, processing fees, interest rates, or fees for paying early or paying late.
  • Co-applicants are allowed: Not other lenders accept co-applicants, but SoFi allows borrowers apply with a co-applicant—as long as they reside at the same location.


  • SoFi’s minimum credit score requirement is 650, which is higher than the average but lower than some of its rivals.
  • Applications for loans exceeding $20,000 take longer to process: Despite the fact that loans are available between $50,000 and $100,000, Sofi warns that loans beyond $20,000 may take longer to approve.
  • Approval may take two weeks longer with a co-borrower: There may be a delay of up to two weeks in receiving a loan approval if you apply with a co-applicant.

An Overview of the Company

A group of students attending Stanford Business School established the financial technology company known as Social Finance, Inc., or SoFi, in 2011. SoFi, which has its headquarters in San Francisco, first provided student loan refinancing but has since expanded its offerings to include mortgages, personal loans, and cryptocurrency trading, among other goods and services. The company went public in 2021, and it has since grown to include more than 2,500,000 customers.

Types of Personal Loans Offered by SoFi

Personal loans are available through SoFi for a variety of reasons, each of which may result in somewhat different terms and conditions. It is possible to utilize its personal loans for a variety of purposes, including consolidating credit card debt, making home modifications, starting a family, paying for weddings, and more. On the other hand, you can’t use them to pay for loan using them.

Regardless of why you need money, the following is what you can anticipate from a personal loan with SoFi:

  • Fixed rates
  • Only loans not backed by collateral
  • It is acceptable to borrow funds jointly.
  • It is forbidden to have co-signers.

SoFi provides a variety of loan products in addition to its personal loans. These loan products include mortgages, loans for undergraduate and graduate students, loans for parent-students, and parent-student loans.

Time to Receive Funds

SoFi’s loan approval procedure might be time-consuming in certain circumstances. A loan application with a co-applicant, for instance, might add up to two weeks to the processing time.

After being authorized for a loan and agreeing to SoFi’s rules, however, you may get your money as soon as the next business day. It may, however, take a few working days. The loan proceeds are deposited directly into the checking or savings account that was used to apply for the loan.

SoFi Personal Loan Features

You Can Get Multiple Loans

Borrowers who qualify for a SoFi personal loan may get several loans at once. You must have met the criteria, which includes being current on your previous three payments. You may be eligible for a 0.125% interest member discount if this is your second loan from SoFi, regardless of the kind.

Safety Net for the Unemployed

If you have lost your job and need financial assistance, SoFi may be able to reduce your monthly payment, put your loan into forbearance, or even help you find a new employment. You may apply for Unemployment Insurance every three months for a total of 12 months. Interest will continue to accumulate throughout this period, and you will have the option to pay only the interest if you so desire.

Advantages to Members

You become a member of SoFi when you apply for a loan or open an account on their website. Financial planning, cheap estate planning, and free personalized career counseling are just a few of the numerous advantages of membership. Benefits may be extended beyond the term of your loan repayment depending on the package you’ve chosen.

Use the SoFi Personal Loan Application

A loan from SoFi may be requested digitally. You can still apply over the phone with a qualified co-borrower if you are not a U.S. citizen, permanent resident, or visa holder. To apply, please call (877) 936-2269.

What you should do is as follows:

  • Learn your eligibility: In order to be pre-qualified, you’ll need to submit your email address and other contact details, as well as choose certain loan preferences (such as the desired loan amount, the loan’s intended use, and whether or not you have a co-applicant). At this point, SoFi will do a “soft pull” on your Experian credit record.
  • Evaluate the conditions of your loan: The next step is to go through the loan paperwork. You may choose a product and put in an official application if you want to go on with the procedure.
  • Send in your application: You’ll need to verify your identity by providing more personal information and bank account details at this point.
  • Final paperwork to sign: SoFi will start the process of disbursing your monies when you sign the final agreements, which might take one or more business days.

Does SoFi Offer Personal Loan Refinancing?

SoFi allows consumers to refinance their personal loans; however, co-borrowers are not eligible. In order to be considered for a refinance of your SoFi personal loan, you must satisfy the following criteria:

  • All current loans with SoFi must be current and in good standing.
  • You have paid on time for the past three installments in a row.
  • Personal loans from SoFi might be an option for you since you qualify.

Help customer

Call 855-456-7634 to speak with an expert about your specific situation and whether or not a SoFi loan is right for you. You may contact a real person about your personal loan by dialing (855) 456-SOFI or chatting with them in your SoFi account (7634). Support is accessible Monday through Thursday from 5 a.m. to 7 p.m. PT, and on Friday through Sunday from 5 a.m. to 5 p.m. PT.

The Federal Trade Commission and SoFi reached a settlement in 2018 because SoFi made “prominent deceptive representations” about its clients’ ability to save money via loan refinancing.

In 2021, the company reached a settlement with the SEC on allegations that it had broken its fiduciary duties by leaving investors on the hook for taxes. A number of lawsuits have been filed against SoFi for discriminatory lending loans and for failing to handle sexual harassment.

Money Handling

To make a payment, pay off a loan, amend the due date, or make a one-time additional payment, borrowers may access their SoFi account dashboard. You may also pay off your loan by mailing in a cheque. Customer assistance from real people is offered around the clock.


SoFi aspires to streamline the borrowing process with features like instantaneous interest rate quotations and an easy online application. If you apply for a loan of less than $20,000 without a cosigner, you may have the money as soon as the next working day. Low rates and fees are only the beginning of the benefits that members of SoFi enjoy.

Borrowers looking for higher loan amounts, however, may find the loan approval procedure at SoFi to be too sluggish. If your credit score is below average, you may want to look elsewhere for financing.