Loans » Personal Loan Lender Reviews » SoFi Personal Loan Review 2022: Here’s What We Think
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

SoFi Personal Loan Review 2022: Here’s What We Think

SoFi offers a great deal of benefits for those who qualify for a personal loan. Read our review of SoFi Personal Loans - how do they work, what can a personal loan be used for, SoFi application Process and SoFi loan pros & cons.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. See how we make money.

In this Review..

SoFi is a credit company that offers a variety of personal loan options. These options may be used for credit card consolidation, home improvement, family planning, travel, and even for weddings. They don’t charge any fees for their services and are a good loan option for anyone with a credit score of at least 680 .

This company offers competitive rates and allows for joint applications too. Unlike other lenders, SoFi has unemployment protection in the case of falling on hardship. They have competitive rates, only do a soft pull inquiry upon application, and offer an autopay discount too.

These certainly are great benefits, however, there are some things to keep in mind before you decide to move forward. SoFi has high requirements for their applicants and slow turnaround times on their loans. They require a higher minimum amount, limited usage, and they aren’t available in all 50 states either. 

SoFi is an online lender with a unique underwriting model. It's best for those who have a long, solid credit history.


6.99% - 22.23% (with discounts)

Loan Amount

$5,000 – $100,000


24-84 months

Min score


sofi logo

**  include a 0.25% autopay discount and a 0.25% direct deposit discount

Compare Personal Loan With Our Partners


  • Get a personalized rate quickly
  • Variety of lenders
  • Best rate guarantee (terms apply)


  • Get prequalified loan offers
  • 2 minutes or less
  • NOT affect your credit score

  • $1,000 to $35,000
  • Get funding fast
  • No hidden fees

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Best Rate Guarantee – $200 giftcard if you find and close with a better rate elsewhere (Terms Apply)

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Suggested Video From Our Channel

Customer Experience

iOS App Score
Android App Score
BBB Rating
TrustPilot Rating
WalletHub Rating
Contact Options
5 am – 7 pm (PT)

SoFi has an extensive help center where you can learn a variety of things about personal loans and personal finance in general. During normal business hours, you can reach the customer service team seven days a week.

You can also use social media to send an email or a message. SoFi has an A+ rating with the Better Business Bureau, and it also has a very strong mobile app that allows you to manage all aspects of your loan.

Finally, SoFi ranks 4th in the study and got 871 out of 1000 possible points in the 2020 JD power research, higher than industry average. 

J.D. Power U.S. Lending Consumer Satisfaction 2020

Sofi Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:


Chime Banking App

  • 0.50% APY on Chime Savings 
  • Build Credit History
  • No Monthly Fees

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 


What Can a SoFi Personal Loan Be Used For?

SoFi offers personal loans for many different reasons including debt consolidation, home improvements, relocation, medical expenses, and auto refinancing. SoFi has many restrictions on what their personal loans can be used for.

For example, you cannot use their personal loans for purchasing real estate, business purposes, investments or purchase securities, any postsecondary education or as short-term bridge financing.

SoFi home improvement loans are for home repairs or renovations. 

The advantage of using a SoFi home improvement loan is that you do not have to use your home as collateral and you get funds much quicker with less documentation. Typically, it takes a month or more to get an equity line of credit on your home.

Moving can be expensive. There are many costs associated with moving and SoFi can help cover those moving costs.

SoFi loans for medical expenses help borrowers manage large, unexpected medical costs. This can include costs for drugs, selective surgery, and adoption.

SoFi debt consolidation is paying off one or more prior unsecured loans with the new SoFi loan. Instead of multiple payments to multiple lenders you can create one payment to one lender. The idea is that you can take a high revolving interest credit card and save money by replacing it with a low rate fixed installment.

SoFi offers variable rates as well, but still provides a term that clearly indicates when you will be out of debt. SoFi also has a debt consolidation calculator, so you can get an idea of how much you can save.

SoFi personal loans can be used to buy a new or used car or for refinancing your current auto loan. If you have good credit history you may even get a better rate. One advantage is that you do not have to use your car as collateral and you may be able save some money since you won’t need gap insurance

How to Apply For SoFi Personal Loan?

Here are the steps you should take on Sofi website if you would like to apply for SoFi personal loan:

SoFi takes a broader look at its borrowers than just evaluating their credit scores. SoFi requires a better understanding of their borrowers’ ability to repay.

Sofi Application Process -

Taking this into consideration, understand that SoFi will have more questions and require more documentation than some other personal loan providers.

Sofi Application Process -

The application process begins with you creating an account and answering a few questions. SoFi will do a soft pull on your credit. A soft pull does not affect your credit report. At this point, you could be declined. Otherwise, SoFi will give you a list of options for which you can apply. If you want to move forward, SoFi will do a hard credit check and you will then be asked to upload documents to verify information.


Sofi Application Process -

You may need to provide pay stubs, bank statements, W-2s, social security card, or state ID. You can sign loan documents online. SoFi also offers a .25% discount if you set up auto pay.

Sofi Application Process -

SoFi will usually let you know whether you are approved within one day. Because SoFi checks your documentation, it usually takes up to 7 days for your loan to be funded. SoFi may also call you directly to verify some information.

Sofi Application Process -


SoFi is an excellent lender offering a large maximum loan amount at reasonable rates. The loans also have zero fees, flexible repayment terms and fast funding. However, you do need to have a credit score of more than 680 to qualify.

What makes SoFi a good place to get a loan is that there are also perks offered to customers. As a SoFi member, you’ll have access to an active online community, referral bonuses, financial advice, and complimentary estate planning.

SoFi does evaluate loan applications based on credit score, financial history and income vs expenses. This typically involves a soft credit pull, but in some cases SoFi may need to verify your details by checking your bank transactions. This will allow SoFi to finalize your application and issue a formal offer with a confirmed rate.

SoFi does offer more favorable terms compared to Best Egg. The maximum loan amounts are higher and you can take a longer term with a SoFi Loan. While Best Egg has similar starting rates, the maximum rate is higher. Additionally, Best Egg loans have an origination fee of up to 5.99%.

So, unless you are only looking to borrow a small amount, SoFi is a far better choice.

FIGURE offers loans with a far lower maximum loan amount but potential longer terms and lower rates. While the rates are lower, they are obviously more designed for offering a debt consolidation solution rather than a basic personal loan. However, FIGURE also requires a FICO score of 680 or more, so you will still need good credit. FIGURE also requires that applicants have a debt to income ratio of 40% or less.

If you’re looking for debt consolidation, FIGURE is a solid option, but if you’re looking for a loan for another purpose, SoFi is a more flexible option.

SoFi has more similarities to LightStream compared to Marcus. Both companies offer loans up to $10,000 with no fees. Additionally, SoFi’s rates are similar if you have good credit and use autopay.

Both lenders are suited to those with good to excellent credit. SoFI is best suited to those who want a shorter term loan, as LightStream offers longer terms of up to 12 years, rather than the 7 offered by SoFi. However, SoFi does have less stringent criteria, so if you may struggle to meet the LightStream requirements, SoFi could be a good alternative. 

Alternative Lenders For Fair - Good Credit

lendingclub_logo svg

Upstart logo

bestegg_logo svg
APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
7.04% – 35.89%
5.35% – 35.99%
5.99% – 29.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
36 – 60 months
36-60 Months
36-60 months
Loan Amount
$1,000 – $40,000
$1,000 – $50,000
$2,000 -$50,000
Minimum Score
Funding Time
Up to 7 days
1-2 Days

Review Personal Loan Top Lenders

Compare Alternative Lenders

Figure and SoFi primarily serve people with good credit, whereas Upstart will serve people with poor or no credit. When it comes to providing quick access to funds, Upstart will be faster, while Figure and SoFi will offer autopay discounts.

Read Full Comparison: FIGURE vs Upstart Vs SoFi: Which Personal Loan Is Best?

SoFi is widely regarded as the best option for people with excellent credit who require larger loan sizes while paying low fees. Prosper is best suited to people with low credit scores, whereas FIGURE is best suited to people who want quick and easy access to funds.

Read Full Comparison: FIGURE Vs SoFi Vs Prosper: Which Personal Loan Is Better?

Each of these three lenders will be appropriate for a different type of person. Payoff is generally beneficial for accepting applications from people with less-than-perfect credit.

SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. OneMain is somewhere in the middle, and it gives you quick access to your borrowed funds.

Read Full Comparison: Payoff Vs SoFi Vs OneMain: Compare Personal Loan Providers

SoFi is regarded as one of the best lenders in the industry, with zero fees, a diverse range of loan options, and favorable repayment terms. It was founded in 2011 and began as a student loan lender before expanding into other areas.

Best Egg was founded in 2014 and has since funded over 788,000 loans totaling more than $14 billion. It has a wide range of loan amounts to choose from, as well as a secured loan option, and accepts lower credit scores than many other lenders.

Read Full Comparison: SoFi Vs Best Egg: Which Personal Loan Suits You Best?


SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.

Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.

Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?

Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.

LendingClub is better suited to people with low credit scores, whereas SoFi has better rates and more repayment flexibility. Both of these options are centered on their online operations and offer a simple way for you to obtain a personal loan without having to jump through a lot of hoops.

Read Full Comparison: SoFi Vs LendingClub: Which Personal Loan Is Better?

Each of these lenders prefers to work with borrowers who have good credit. Because there is no origination fee, SoFi is an excellent choice for people looking for low-cost personal loans.

When it comes to repayments, Axos is flexible, whereas PenFED offers some of the smallest loans in the online lending space.

Read Full Comparison: SoFi Vs PenFED Vs Axos: Which Personal Loan Is Best?

Upstart is a one-of-a-kind proposition because it employs an artificial intelligence (AI)-based system rather than relying solely on FICO scores. The Consumer Financial Protection Bureau has determined that it is a reputable lender. Upstart is a good option for people who do not have a long credit history and who need funds quickly.

SoFi has been in business since 2011, and in that time it has served over 2.5 million people and funded loans totaling more than $50 million. It is regarded as one of the best in the industry and an excellent choice for those with excellent credit.

Read Full Comparison: Upstart Vs SoFi: Which Personal Loan Is Best?

SoFi has been around for a long time and is regarded as one of the best options. It has no fees, a flexible repayment system, and a wide range of loan options. Marcus, a Goldman Sachs subsidiary, is yet another high-quality online lender. It is an excellent choice for anyone with good credit who wants to avoid fees and customize their repayment terms.

Finally, while Rocket Loans does not have a competitive offering in many ways compared to the other two options, it does have an extremely fast funding speed.

Read Full Comparison: Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?

Compare Personal Loan With Our Partners


  • Get a personalized rate quickly
  • Variety of lenders
  • Best rate guarantee (terms apply)


  • Get prequalified loan offers
  • 2 minutes or less
  • NOT affect your credit score

  • $1,000 to $35,000
  • Get funding fast
  • No hidden fees

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Get prequalified loan offers in 2 minutes or less. This will NOT affect your credit score

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Video You May Like

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.