Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.4
(20 Ratings)

Apply For SoFi

Advertiser Disclosure

How to apply for a loan?

Before requesting a loan, you must review SoFi's eligibility requirements. Then you need to click on the 'Find my rate' button. After this, fill in the form with your first and last name, date of birth, state, city, primary phone number, email, citizenship status, and homeownership. Then you need to type your school and employment information. After this, you must choose from the list how you will use the money and accept the agreement terms. On the next page, choose your loan amount to see your interest rates, terms, and monthly payment.

Then, you need to upload several documents for your identity and income verification. In addition, you need to confirm your citizenship. Social Security Number is also required. After all these steps, push the "Apply now" button.

Your funds will be disbursed via Automated Clearing House (ACH) using the bank information you provide while filling in your application. Also, you should know that posting may be delayed because of weekends and bank holidays.

Requirements

Borrowers can apply for a SoFi loan online. You have to do the following:

  • Get pre-qualified. To do this, every borrower has to provide an email address and contact information and select loan preferences, such as loan amount, loan purpose, and whether they have a co-signer.
  • Review your loan terms. After, you'll need to review your loan terms. If you want to continue your application process, you can choose a product and submit an official application.
  • Submit an application. At this stage, you need to provide additional personal information and your bank account information for verification.
  • Sign your final documents. Once your final papers are signed, SoFi will begin disbursing your funds, which can take one or more business days.

Application details

Personal loan applications start within one business day, and most of the applications are completed within two business days.

If you are self-employed or have an income that requires additional documents for review, Self Employed Operation Specialists of SoFi will contact you within 2-4 business days.

For co-signer applications, you should know that it takes up to ten business days.

Once your final documents are signed, funds are received in just a few business days.

Sometimes SoFi rejects loan applications of borrowers. It may be caused by several reasons:

  • You don't have citizenship in the USA or permanent residence.
  • Your employment history is not good enough, or you don't have an offer of employment.
  • You don't have a steady income.
  • Your credit history is bad.
  • You don't have a 4-year undergraduate or graduate degree from a Title IV accredited institution (if you need student loans).

SoFi application

FAQ

Does using SoFi hurt your credit score?

Yes, SoFi temporarily drops the credit scores of borrowers by about 5-10 points after a hard credit check that is required, if borrowers apply for the products after being pre-qualified. Use of the service doesn't impact on clients' credit scores.

How long does it take SoFi to approve a loan?

It takes SoFi from two to four business days to approve a loan.

Is SoFi good for debt consolidation?

SoFi loans are good for debt consolidation because of their low costs and high loan amounts.

What is SoFi's minimum credit score?

SoFi's minimum credit score is 680.

Financial products
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.35
(20 Ratings)
Recommended FinScore™
0
300
650
1000
5000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

8.99 – 24.99 %
Term
i

Loan term for the financial product

36 months – 72 months
Apply
SoFi
Mortgage loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $970,800
Rate
i

Effective interest rate on the product

up to 5.712%
Term
i

Loan term for the financial product

up to 30 years
SoFi
SoFi Invest®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

SoFi
Unlimited Cash Back Credit Card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

17.24 – 29.24 %
Similars products
Best Quick Loan Today 23.05.2024*
Finanso
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 20000.00 $
Rate
i

Effective interest rate on the product

from 0.05 %
Term
i

Loan term for the financial product

5 days – 3 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 4000.00 $
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.25
(20 Ratings)
Recommended FinScore™
0
300
650
1000
to 1500.00 $
Rate
i

Effective interest rate on the product

to 160.00 %
Rocket Mortgage
30-Year Fixed
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

6.00 – 6.28 %
Term
i

Loan term for the financial product

5 years – 30 years
Mariner Finance
Home Refinance
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $1,500,000
AmeriSave
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $50,000
Rate
i

Effective interest rate on the product

from 5%
Term
i

Loan term for the financial product

up to 30 years
New American Funding
30 Year Fixed Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $50,000
Rate
i

Effective interest rate on the product

from 5%
Term
i

Loan term for the financial product

up to 30 years
PennyMac
Home Purchase Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $50,000
Rate
i

Effective interest rate on the product

from 3%
Term
i

Loan term for the financial product

up to 30 years
BEST 0% APR CREDIT CARD FOR PURCHASES
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

18.24 – 28.24 %
BEST CREDIT CARD FOR E-SHOPPING
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

18.49 – 26.49 %
BEST CREDIT CARD FOR BONUS CASH BACK
Chase
Chase Freedom Flex℠ Credit Card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

19.24 – 27.99 %
BEST CREDIT CARD FOR GROCERIES
American Express
Blue Cash Preferred®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

18.49 – 29.49 %
BEST CREDIT CARD FOR COLLEGE STUDENTS
Capital One
SavorOne Rewards for Students®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

19.24 – 29.24 %
Calculate loan payments in SoFi

SoFi calculator will allow you to calculate an approximate payment schedule for the loan

SoFi calculator
Interest rates are given in accordance with the rates of the SoFi of 23.05.2024
Loan amount
i

Enter the desired loan amount

USD
USD
5000 $
100000 $
Loan term
i

Specify the loan term for the calculation

months
days
24
84
State
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All SoFi’s reviews by may 2024
Leave feedback
1.4
Disadvantages
I found it highly concerning that this company requested all of my personal banking information, including login details, before even considering my loan application. It raises serious doubts about their legitimacy, as a reputable company typically provides loan terms for review and approval before requesting such sensitive information. This approach appears suspicious and potentially designed to obtain your banking details under false pretenses.
Complain
4.8
Advantages
When I made the decision to pursue a debt consolidation loan, I reached out to multiple companies to gauge their approach to customer communication. Surprisingly, Sofi was the only company that didn't inundate me with phone calls after our initial conversation. Every time I called, their staff was consistently courteous and professional, without any undue pressure – they simply addressed my inquiries. The entire application process is conducted online, and I encountered a couple of questions while filling it out. Yet, I experienced no delays and received helpful assistance promptly. I'm grateful for the swift and straightforward process.
Complain
2.2
Disadvantages
I contacted them because they had frozen my accounts, but they refused to provide any explanation for it. They directed me to the IRS, who couldn't offer any insights either. This was, by far, the worst customer service experience I've ever had.
Complain
4.6
Advantages
From the initial step to the final stages, our loan booking experience with SoFi was exceptionally straightforward, accurate, and efficient. When we reached out to SoFi and spoke with one of their representatives, they displayed a high level of professionalism and provided us with valuable assistance over the phone. In contrast to previous lenders, we were pleasantly surprised by the prompt funding response from SoFi. We wholeheartedly recommend this lender to others, as our experience with them was entirely positive and reassuring.
Complain
4.4
Advantages
So far, my experience with Sofi has been excellent. The loan application process was straightforward, with clear instructions, and it only took about 20 minutes to complete. The app is user-friendly, and I discovered many useful features that I wasn't even aware of.
Complain
4.2
Advantages
I have to say that this loan transaction with SoFi has been incredibly smooth and hassle-free. After comparing rates from different lenders, I chose SoFi for several compelling reasons. The application process was straightforward, and to my surprise, I received the funds the very next day. Not to mention, their terms were more favorable than any other option I explored. I'm so satisfied with this experience that I won't even consider looking elsewhere the next time I require a loan. SoFi has definitely won my trust.
Complain
2
Disadvantages
They don't offer pre-approval, and your credit limit remains unknown until after approval. It's not worth taking the risk with your credit, as their credit limits are disappointingly low, and the potential benefits of a low-limit card don't outweigh the drawbacks of a hard credit inquiry.
Complain
1.4
Disadvantages
I was previously approved for a SoFi loan with a maximum limit of $7,000. However, when I requested a loan of $5,000, they conducted a hard credit check and subsequently denied my application based on my income from the previous year. I was left feeling frustrated and disappointed with this outcome. I would caution others to steer clear of this company as there are definitely more accommodating lenders out there. It's wise to keep exploring your options, as my experience with SoFi left me dissatisfied and concerned about the negative impact on my credit score, ultimately leaving me frustrated by the end of the process.
Complain
2.4
Disadvantages
I want to start by mentioning that I've had no issues with SoFi until they unexpectedly froze my account. It has now been frozen for several days, and I have yet to receive any explanation for this action. Despite making multiple calls, I've received the same unhelpful response each time. I'm concerned about becoming one of those individuals who goes months without a resolution or response.
Complain
5
Advantages
SoFi provided us with a fast and hassle-free experience! My husband and I applied for a personal loan on a Sunday evening, received approval by Tuesday, and found the funds in our checking account on Thursday morning. The interest rates appeared reasonable, and we were pleased with the variety of payment options available. We wholeheartedly recommend them.
Complain
Overall company rating
3.4
/ 5
20 reviews
Execution of an application
3.6
Support service
3.3
Mobile app
3.4
Service quality
3.2
Your satisfaction level
3.4
Similar companies
Titlelo
3000 NE 30th Pl Ste 104 Fort Lauderdale, FL 33306
+1 (855) 341-4500
Ace Title Loan
5371 HIGHWAY 90 West, Mobile, AL 36619
+1 (251) 665-1222
LoanStar Title Loans
3440 Preston Ridge RD STE 500 Alpharetta, GA, US, 30005
+1 (877) 511-2274
TFC Title Loans
3055 Wilshire Blvd #530, Los Angeles, CA 90010-1145
+1 (844) 242-3543
TitleBucks
15 Bull Street Savannah, Ga. 31401