Our SoFi Personal Loan review will help you determine if it’s the right loan for you. We’ve reviewed SoFi’s student loan refinancing product giving it a Smile Recommendation. There are many personal loan options available but finding a company offering low rates, high-tech access, and great customer service can be challenging. Now, let’s review the SoFi Personal Loan.
If you need a personal loan to consolidate credit cards, finance a wedding or vacation, make a home improvement or take additional classes or anything else for that matter, you’re probably wondering about your options.
You could apply for a personal loan at a bank or credit union or you can go the untraditional route and apply for a personal loan with SoFi.
What is SoFi?
SoFi is an online financial services company offering student loan refinancing, personal loans, and mortgages. They’ve been around since 2011 and is one of the fastest growing company focused on eliminating student loan debt.
SoFi Personal Loan Offer
While most traditional lenders limit personal loans up to $10,000, the SoFi Personal Loan can go up to as high as $100,000. Now, we’re not quite sure what you’ll need a $100,000 unsecured loan for but you might also be looking to finance your next big business idea.
The approval criteria for SoFi is strict but the company stands by its underwriting to continue to offer some of the lowest rates for personal loans around.
SoFi Personal Loan Terms
- Use for credit card consolidation or major purchase.
- From $5,000 – $100,000.
- Fixed rates starting at 5.49% APR.*
- Variable rates starting at 5.19%.*
- Loan terms available: 5, 7, 10, 15 or 20 years.
- No origination fee.
- No prepayment fees.
*accurate as of November 28, 2017
How does the SoFi Personal Loan work?
SoFi personal loans work best for employed young professional holding a graduate level degree with a solid credit history. The uniqueness of SoFi’s model allows them to use more than just your credit score to determine loan approval. However, the guidelines are a bit stricter so this option is for those with a bit more credit history.
- Must be a U.S. citizen or permanent resident alien
- At least the age of majority in your state
- Must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
All loans are subject to credit review and approval and your rate depends upon credit score, loan amount, loan term, and credit usage and history.
SoFi Personal Loans are not available to residents of MS and NV. Maximum interest rate on loans for residents of AK, OK, TX and WY is 9.99% APR, for residents of IL is 8.99% APR, for residents of ME is 12.24% APR and for residents of CO, CT, HI, KS, SC, VA is 11.99% APR. Personal loans not available to residents of Michigan who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Variable rates not available to residents of AK, IL, OK, TX, WY.
SoFi Loan Payment
Your repayment terms will depend on your APR and loan term.
SoFi Personal Loan Application Process
The SoFi application process is quite easy and starts with the creation of a user account. Once completed you go through the preapproval process that takes a few minutes to complete.
You’re required to enter your personal information, education and employment information. Once entered SoFi will present you with loan options available to you based on the information you’ve provided.
A great thing about the SoFi application process is the initial pull on your credit report is considered a soft inquiry (does not impact your credit score so check your rate now). This helps them gather information to confirm your identity and review your credit report. After being presented with loan options and selecting a loan, a hard credit inquiry will take place.
SoFi Personal Loan Pros
- Easy application process with initial soft credit inquiry.
- No origination fees and no prepayment penalties.
- Offer unemployment protection and will help you find another job.
- After approval and documents received, funds are available in a few days.
SoFi Personal Loan Cons
- Stricter approval requirements (but finding out if you qualify initially won’t impact your credit score).
SoFi Personal Loan application process:
- Get a pre-approval and your rate with no impact on your credit. Click here to begin >
- Select your loan & apply (will pull a hard credit inquiry)
- Sign electronically and get your funds
My Smile Review: Should you get a SoFi Personal Loan?
I’ve worked with SoFI in a number of events and have been an affiliate of theirs for years. The team at SoFi really do care about their “members.” This personal loan isn’t easy to get unless you have a solid credit history, college degree, and employed. You might fit that target market and this loan could be the best option for you.
The application process is really simple and the user-interface on the website is easy to navigate. I also do like their transparency.
The best part of applying through SoFi, whether it’s their student loan refinancing or this personal loan, is the initial credit check for a pre-approval doesn’t impact your credit score. Overall, SoFi is a good choice if you’re looking for a personal loan for whatever needs you may have. So go ahead and check your rate today.