Lender
Rating by Finanso®
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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)

SoFi PayOff

Advertiser Disclosure

Repayment of loan

To process a payoff payment, click on your loan via the member dashboard. Then "Make a 1-time payment." For Payment type, select "payoff." After this you have to enter the date, you would like to make payment and the bank account from which money will be written off. Also, you can generate a payoff letter. The repayment terms of SoFi loans vary from 2 to 7 years. SoFi don't accept payments from borrowers via credit cards, but allow to pay via ACH or by sending paper checks. If SoFi borrowers don't pay back their loans in time, they will owe more money and it will reflect badly on their credit scores.

Conditions of loan extension

Many borrowers are interested in whether they can extend terms of their SoFi's financial products if they fall behind on payments. Yes, it may be possible with a refinance application. Also, a lender and a borrower have to conclude an agreement. Usually, this new agreement contains the following information:

  • Information about a lender and a borrower,
  • Original loan terms,
  • The new maturity date of the loan,
  • New terms such as interest rate and schedule of a payment, and
  • Signature of both parties.

Early payoff

SoFi allows its borrowers to pay off early and don't have prepayment penalties. So you can pay off your loan at any time via your account.

SoFi repayment

FAQ

Can you pay off a SoFi loan early?

Yes, you can pay off a SoFi loan early. The company doesn't issue prepayment penalties.

Will SoFi sue you?

Yes, the company has a right to sue you. SoFi will conduct a lawsuit if you violate the terms of the agreement.

Financial products
Rating by Finanso®
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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®
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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®
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SoFi
Unlimited Cash Back Credit Card
Rating by Finanso®
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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 %
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Rating by Finanso®
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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
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Loan term for the financial product

5 days – 3 months
Rating by Finanso®
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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 $
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Personal Loans
Rating by Finanso®
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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 $
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Effective interest rate on the product

6.34 – 35.89 %
Term
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Loan term for the financial product

2 months – 72 months
Rating by Finanso®
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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)
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300
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to 1500.00 $
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Effective interest rate on the product

to 160.00 %
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Recommended FinScore™
0
300
650
1000
Rate
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Effective interest rate on the product

6.00 – 6.28 %
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Loan term for the financial product

5 years – 30 years
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Rating by Finanso®
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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
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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®
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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
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Loan term for the financial product

up to 30 years
PennyMac
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Rating by Finanso®
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Recommended FinScore™
0
300
650
1000
from $50,000
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Effective interest rate on the product

from 3%
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Loan term for the financial product

up to 30 years
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Recommended FinScore™
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300
650
1000
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Effective interest rate on the product

18.24 – 28.24 %
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300
650
1000
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Effective interest rate on the product

19.24 – 27.99 %
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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 %
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Rating by Finanso®
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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
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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
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