[2023 Ultimate Guide] SoFi Personal Loans Review

You have financial woes and heard that SoFi offers personal loans.

With numerous financial services companies offering loans in the market, selecting the most suitable one is not easy.

Is SoFi the best option for you?

Let's start by saying that SoFi isn't the best option for those with bad credit, low incomes, or seeking small loans. If you fall into those categories, there are some other more suitable loan options.

This article will evaluate SoFi Personal loans from several perspectives to help you make an informed decision.

SoFi Company Overview

SoFi is coined from Social Finance, inc, the company's full registered name. Students from Stanford Business School founded it in August 2011 to connect recent graduates with alumni in their area using an alumni-funded model.

As of May 2012, SoFi began refinancing federal and private student loans, making it the first company to do so.

By 2020, SoFi had launched a student loan refinancing product for medical residents, mortgages, personal loans, SoFi at Work program, SoFi money, and SoFi invest.

Now, in 2023, the company has 4 million plus followers and has funded people with over $50 billion over the years. In addition to the loan, refinancing, and investment product offers, SoFi members benefit from its educational programs, such as estate planning and career coaching.

SoFi Personal Loans Highlights

APR： 7.99% – 23.43%
Loan amounts： $5,000 – $100,000
Loan term： 2 to 7 years
Fees：
- Origination fee: $0
- Late fee: $0
- Prepayment penalty: $0
Time to fund: As soon as the same day
Min. credit score: 680
Minimum annual income: $45,000
Co-applicants permitted: Yes
Loan availability: Loans are available in every state except Mississippi
Best for: Borrowers with strong credit and need large loan amounts

Pros

No extra fees
Same-day Funding
Relatively Low APR and High Loan Limits
Flexible Loan Terms
Interest-rate Discount for Automatic Repayments
Paused Payment For Unemployed Borrowers
Mobile Application To Access loans on The Go
Perks for members
Due Date Adjustment
Co-applicants Loan Application Acceptable
Good Customer Feedback

Cons

High Credit Score Requirement
High Minimum Loan Amount
No Secured Loan
Delay in Decision For Self-Employed Borrowers
Checking Rates Online Requires Borrower To Open An Account

Overall Satisfaction Rating

5 star
4 star
3 star
2 star
1 star

Bottom Line

SoFi Personal Loans are one of the products that attract borrowers to the company. Although the minimum credit score requirement is pretty high, other benefits make up for it, like low APR, reasonable loan terms, fast funding, and a high loan limit.

Where SoFi Personal Loans Stand Out

No extra fees

SoFi does not charge additional fees like origination, prepayment, or late payment fees on its personal loans. The total cost of borrowing from the company is mainly the interest rate.

Same-day Funding

SoFi provides fast funding to all its borrowers, usually on the same day the loan gets approved. If you don't receive the deposit on the day of approval, there is a high chance that you will receive it on the next business day.

Relatively Low APR and High Loan Limits

SoFi offers a lower APR on its personal loan than other popular loan companies in the industry. It also gives large loan amounts of up to $100,000 to borrowers who qualify for it.

Flexible Loan Terms

SoFi allows borrowers to repay their loans within two to seven years. Because of the flexible term, you can select the most suitable term based on your ability.

You can also decide to go for a short term to access a lower total interest rate or choose an extended period to get lower monthly payments.

Interest-rate Discount for Automatic Repayments

Borrowers who opt for autopay via their bank account can easily secure a 0.25% discount on the interest rate of their loans. Note that this only applies to those who set up a direct deposit of at least $1000 to a SoFi checking account.

Paused Payment For Unemployed Borrowers

If you lose your job while still paying back a SoFi loan, the company has an unemployment protection program that allows you to pause your monthly payment.

Once you apply and it gets approved, SoFi will modify your monthly payment and add your loan to forbearance. You can opt for interest-only payment during the pause period since the rates will continue to add up. That helps to prevent an increase in the total debt.

Mobile Application To Access loans on The Go

SoFi has a mobile app that allows you to manage your loans, savings, and investments easily anytime and anywhere. You can carry out any transactions via the app, from rate calculation to loan application and account management.

Perks for members

SoFi offers loans to its customers and gives them free access to career coaching, financial planning, and discounts for using estate planning services. Members can have free entry to different events organized at the Member Lounge at SoFi stadium.

Due Date Adjustment

When your account is in good standing, you can apply to change the due date of your monthly payment to any day between the 1st and 25th of that same month. However, you must have made one payment before accessing this perk.

Co-applicants Loan Application Acceptable

SoFi allows co-applicants to take out joint loans. A co-applicant shares the same responsibility for a loan as the primary applicant, meaning they are both fully liable for the debt.

To apply, the primary applicant had to add the co-applicant’s employment, income, educational information, and address (must be the same as the primary applicant's).

An implication of adding a co-applicant is that the loan processing may be extended by a week or two. Therefore, it is important to plan ahead of this.

Another thing you should know about co-borrowing is that you cannot remove the co-applicant from the loan regardless of an improvement in your credit score or payment history.

If you remove their name, you may have to pay off the debt completely or refinance with a new loan borrowed in your name.

Note: SoFi does not accept cosigners for personal loans.

There is a huge difference between a co-signer and a co-applicant. While a co-applicant shares joint responsibilities and loan ownership with the applicant, a co-signer does not.

A cosigner simply acts as a guarantor for a borrower and is liable when such a person defaults. Such a person does not have to live at the same address as the applicant too.

Good Customer Feedback

SoFi has a good reputation with consumer watchdogs and their customers. In addition, they are very transparent, more so than many competing lenders. Based on the feedback from customers, most are satisfied with SoFi loan services generally.

For instance, SoFi has a 3.2 out of 5 stars on Trustpilot, which is a good score. Most of the members like the easy application, fast funding, and helpful customer support.

There are also negative reviews and complaints about the delays in customer support responsiveness, qualification requirements, high APRs, and approval process.

On BBB also, SoFi gets an A+ review from the platform itself and some of the customers. On the other end, some customers expressed their displeasure about fund seizure, unresponsive customer support, held bonuses, and lag in delivery time.

Note that not all the feedback was about SoFi loan products. Some are for their banking services.

Where SoFi Personal Loans Fall Short

High Credit Score Requirement

The minimum credit score requirement on SoFi is 680, meaning people who have bad credit don't stand a chance of getting their loans approved.

High Minimum Loan Amount

SoFi's starting loan amount is a whooping $5000, which is usually much more than what some borrowers need. So, for anyone who wants to borrow an amount less than $5k, they'd have to seek other means regardless of their qualification.

No Secured Loan

SoFi does not offer borrowers secured loan options. Instead, it relies on their credit score, payment history, and income to determine their qualifications for loans. So, unlike other personal loan lenders that allow collateral, SoFi does not allow it.

Delay in Decision For Self-Employed Borrowers

SoFi bases its qualification on a borrower's income, so self-employed people may find it more difficult to secure a loan than people with traditional jobs and regular paychecks.

Such people have to go the extra mile to prove their income, extending the loan processing time up to 15 days. They may need to submit extra documents like tax statements, bank statements, profit and loss statements, court-ordered agreements, and more.

Checking Rates Online Requires Borrower To Open An Account

Pre-qualification is an essential step for people planning to borrow on SoFi. However, you must open an account before you can check SoFi rates. You cannot do a quick check without first creating an account with them.

Compare Sofi with Other Lenders

SoFi may be a better option if;

You have a strong credit score and income to access the lowest rates.
You don't want to pay origination or late fees
You require a large loan amount.
You want a more flexible loan term.

LendingClub may be a better option if;

You require a smaller loan.
You have a lower credit score.

Personal Loans™ may be a better option if;

You have a bad credit score
You want to consolidate your debts
You want fast funding

4.7 Sofi GET RATE	4.5 LendingClub GET RATE	4.5 Personal Loans™ GET RATE
7.99%–23.43%	EST. APR 6.34%–35.89%	5.99%-35.99%
$5,000–$100,000	Loan Amounts $1,000–$40,000	$1,000-$35,000
2 to 7 years	Loan Term 3 or 5 years	3 months-6 years
Origination fee: $0 Late fee: $0 Prepayment penalty: $0	Fees Origination fee: 2%-6% Late fee: 15% of the payment amount Prepayment penalty: $0	Origination fees: 1%-5% Prepayment penalty: $0
As soon as the same day	Time to fund Usually takes about 2 days	one business day
680	Min. credit score 600	600 for peer-to-peer loans 580 for personal installment loans and bank personal loans
$45,000	Minimum annual income None	Not Disclosed
Yes	Co-applicants permitted Yes	Not Disclosed
Loans is available in every state except Mississippi	Loan availability Loan applications are accepted from all states except Lowa and the U.S territories	Not Disclosed
Borrowers with strong credit Large loan amounts	Best for Borrowers with fair credit	Borrowers with bad credit and want debt consolidation

Compare Rate

Requirements for Sofi Personal Loans

Minimum Credit Score: You must have a minimum FICO score of 680 to be considered for a loan on SoFi. Those with a 700 score or higher have a higher chance of getting their loans approved.

Employment: You must be employed (traditional job or self-employment), have sufficient income, or have an employment offer that will start within the next 90 days.

Income Requirements: You must have a minimum annual income of $45000, but higher is better. SoFi also calculates the debt-to-income ratio of applicants to see how much of their income goes into debt payment already.

If the remaining income left after paying debt and monthly expenses is not up to $1500, such an applicant has a slim chance of getting a personal loan on SoFi.

Age: You must be at least 18 years old before applying for a SoFi personal loan.

Citizenship: You must be a U.S. citizen, permanent resident, or immigration visa holder to qualify for a loan. You must have at least two years left before your permanent resident or immigration visa expires, or you must have filed for an extension or renewal.

Identification: SoFi requires a government-issued means of identification which may be a Social Security Number, Individual Taxpayer Identification Number, or Passport.

Apply For A SoFi Personal Loan Online Within 3 Steps

1. Pre-qualify

Before applying for a loan, you should pre-qualify on SoFi's mobile app or site. You will input how much you'd like to borrow, the loan purpose, personal details, income, and employment to preview the loan offers.

This will help you determine the rates you qualify for with your credit score, income, and other requirements. The whole process takes less than three minutes, with the decision time being 60 seconds.

During this process, there will be no hard pull, meaning your credit score will not be affected.

2. Preview Loan Offers, Select One and Fill Out An Application Form

Compare the loan offers and accept the one that suits your needs the most. Once you accept an offer, you'll have to complete your application by filling out a personal loan form. You will be asked for extra documents as proof of all the information filled in during earlier pre-qualification.

Some of those documents include W-2, bank statements, and pay stubs. Then, a hard credit check will be done by SoFi to evaluate your credit report (your credit score may be affected depending on how frequently hard pulls are done).

3. Receive Your Fund and Make Repayment Plans

Once your loan is approved, the loan amount will be deposited into your account that same day or the next business day. Then, you will begin repaying the debt about 40 days after receipt.

Ensure you make adequate plans for repayment because SoFi reports defaulters to three major credit bureaus. Missing payments will be detrimental to your credit score and history.

How CreditYelp rates SoFi

Overall Score	4.7	Explanation
Requirements & Application	4.3	The application process and requirements are clear and straightforward
Loan flexibility	4.5	SoFi allows you to change your due date.
Rates, Fees & Other Terms	4.5	SoFi does not charge additional fees like origination, prepayment, or late payment fees on its personal loans.
Customer experience	4.7	SoFi has good customer reviews across different platforms.
Transparency	4.7	SoFi is transparent about its rates and allows users to prequalify online to preview potential loan offers.

Sofi FAQs

What Can A SoFi Personal Loan Be Used For?

Permitted uses

Credit Card consolidation

Home improvements

Family planning

Wedding planning

Moving

Medical bills

Travel or vacation expenses

Funeral expenses

Prohibited uses

Business purposes

Security acquisition

All kinds of investments

Post-secondary school educational expenses

Short-term bridge Financing

Is SoFi Legit?

SoFi is a registered bank which makes its operation legitimate. It offers different financial management products and services, including Personal loans, student refinancing, investment, savings, insurance, home loans, private student loans, and banking services.

Apart from interest, SoFi does not charge additional fees. It offers a flexible loan term, low APR, and helpful customer service. A company like SoFi can provide you with high loan limits at a low cost, especially if you have good credit and a steady income source.

Can I Take Out Multiple SoFi Personal Loans At the Same Time?

All borrowers except Michigan residents may take an additional SoFi loan if eligible. You must have made three consecutive scheduled payments on your existing loan to apply.

If you don't qualify initially for a second loan, you can reapply with a co-applicant who lives at your address. Once approved, you will both be liable for the debt until payment is made in full or a refinance happens.

How Do I Contact SoFi?

For personal loan inquiries and complaints, you can talk to a SoFi customer rep by calling 855-456-7634 anytime from 5 a.m. to 7 p.m. Monday to Thursday and 5 a.m. to 5 p.m. Friday to Sunday. You can also chat with their customer support or get help from their virtual assistant.

SoFi Reviews

The review data come from Trustpilot, ConsumerAffairs, and WalletHub.

Trustpilot
4.4

(4000)
WalletHub
2.3

(99)
ConsumerAffairs
1.7

(121)
CreditYelp
0

(0)

4.4 stars based on 200 reviews
- D
  
  Douglas Crittendon
  5.0
  
  Fast,afficient and professional. In the loan process.Keep up the Great Work!
- N
  
  N. Capel
  5.0
  
  The loan request was very user friendly. The approval was fast and I was given an update on each process. Very pleased with the results.
- J
  
  Jennifer Harris
  5.0
  
  Quick and easy!
- N
  
  Natalie Numa
  5.0
  
  The process was really easy.
- S
  
  Sam
  5.0
  
  It was so easy and quick to get through the loan approval process and I couldn't be happier. SoFi's online process was extremely easy to use.
- A
  
  Alex Nguyen
  5.0
  
  Swift, efficient application process, rapid response. Excellent experience.
- M
  
  Mike Farides
  5.0
  
  everything went fast and they did what said they were going to do. Definitely would recommend them to anyone looking for a loan
- K
  
  Kevin Carlyle
  5.0
  
  easy to get done
- L
  
  Letty
  5.0
  
  I was looking for an unsecured personal loan and after checking apr’s with Prosper and Lending Club, I was very disappointed. Then I came across Sofi and obtained a decent apr and a next day approval. Hours later, I received a notification that the loan funded. I can’t tell you how long it takes to see it in your account because all this happened within 48 hrs and I’m already rating them. Great experience altogether.
- D
  
  DK
  1.0
  
  They decided to freeze my credit card for 2 months while they were investigating my account and misplayed the documents I mailed to them upon request. After a lot of messing about and wasting hours on the phone with totally inexperienced people, they decided to close my account because I am overseas working for a few months. They have not released my money yet from my checking and savings accounts. Should be interesting to see if or when I get MY money back. Shocking customer service.
/20
1.7 stars based on 121 reviews
- M
  
  Michael
  1.0
  
  Horrible. They steal your identity and make it impossible to talk to a human. Never ever give any information to these people. I have made multiple calls demanding they remove my information, and yet I am still getting fraudulent emails from them.
- J
  
  James
  1.0
  
  I made a payment weeks ago that is still "Pending." I cannot make another payment while there is one pending. Neither the robots or the support persons can fix the problem. I've been hung up on twice while on hold. Credit card balance is a high impact factor on credit scores. This software defect is affecting my credit score. In a few more weeks I'll be paying interest on this balance that I can't pay down do to no fault of my own. Unlike other financial institutions (every other one that I've worked with), with SoFi you cannot download your transactions for use in accounting software. The website is slow. The App is slow.Reward points can only be redeemed via the App. If you'd like to use them to purchase Stocks, the stocks that you'd like to purchase have a high chance of not being available to select. I don't know what the reason is but I could not even select SoFi's own stock to redeem points into. The next time I was able to... it's just random which I assume to be more software bugs. There are other bugs with points redemption that are likely giving out twice what was intended in some circumstances. I'd like to report the bug but support is VERY limited. The hold music is distorted due to it being turned up to 11 and then amplified again by the phone system. If the hold music goes away, it will hang up on you after a minute or so. Get used to this happening. You'll never make it to the next level support... if that even exists. I'm now resorting to public humiliation to get support. Please do not give me the toll free number that is clearly useless.
- M
  
  Matthew
  1.0
  
  After reporting fraudulent activity on a debit card I can no longer - retrieve money from any atm (Allpoint is unresponsive for virtual transactions with SoFi "partners"), cannot make online purchases, pay a few of my bills, or complete majority of any day-to-day purchases if merchants do not have a POS system that takes Apple pay. Having no physical card, I tried getting the number to help complete these transactions but no one at SoFi will provide me the debit card number. Unbelievably to top it off, SoFi refuses to expedite a card so you will wait 10 BUSINESS DAYS to do any of the above. Not to leave out that any transfers from this account to an external account will take at minimum 2-3 business days. This seems like an attempt to sabotage themselves as a reliable bank. I would not recommend contacting support immediately with a problem until you move your money out of the account because otherwise it's held hostage and you can be responsible for the rest.
- P
  
  Paul
  1.0
  
  *SoFi-Fails Summary version - Affiliate links make people a lot of money to recommend SoFi - BUT SoFi seems extremely risky to trust with your money. SoFi's business & support practices were so broken they refused to take my millions of dollars due to flaws with THEIR processes. If SoFi processes are so bad they can't manage to take my money, what happens when their systems and processes don't work trying to manage or move my money out?*Long version - Intro - I'm a software developer getting older and wanted to get my retirement and financial institution situation cleaned up. Between my spouse and I we have accounts with Vanguard, Fidelity, Schwab, Merrill Lynch, Janus Henderson, USAA, and more. Being someone immersed in Development & IT none of these other companies' platforms impressed me. They were clunky, fragmented, and so when I saw SoFi's vision about trying to have a modern platform, with a comprehensive portfolio of financial services to INCLUDE banking/checking/bill pay, that actually paid interest??? I'm all in, let's do the bank account, invest account, credit card, see what they quote for insurance, setup SoFi Relay the whole deal.*Chapter 2 - I set up the SoFi relay service and it worked pretty well. I linked in almost all my accounts and credit cards and liked what I saw for features. There's my credit score(812), 3.5 million in assets. All linked in, nice. *Chapter 3 SHTF Time - Bank account time - Name, address, DOB, SS# - apply... Denied. Ok no big deal. I've had this happen with other financial institutions online. Let me call support. Robot support... Great, enter my SS#... And 'your application has been denied' hang up... Not even a person. I go online scraping through their support section... What to do if you're denied. Nothing.2.) Less tech companies gave me a paper form to have filled out at my local bank via the 'Medallion Signature Guarantee' process where my local bank Manager will look at all the forms of identification requested and say, yes this person in front of me is who they say they are and put an official stamp on the documentation to postal mail.*Ok I'm stonewalled, just for the moment right? They can't be this terrible to have no way to open an account. Time is money here, my wife fills out the bank application who has the same credit score, address, all shared finances for 22 years - While we sort out whatever the SoFi's system issue is with my info. Approved - Bank account opened in her name. *Lies, lies & dead-end - So my wife (retired - thank goodness she was able to waste hours of time here...) is now a customer with a bank account. Ok, I changed my direct deposit info to the account... done. My spouse calls support and gets routed to a PERSON (non-native English speaker). How can we resolve the deny? Support person (reads things on website we can see already) and ultimately - can't help, good bye, go away.*Chapter 4 - 3 weeks later - $6000 in direct deposits in the account now, and 5 support people later. Very consistently support has told us, there is no way to escalate or resolve, and some of them straight up lied to us any way they could to get us to hang up. I so wanted to love SoFi and consolidate all my mess of finances to them. I'm thankful I didn't move millions over now knowing if their systems fail or have issues, too bad, you're just stuck. *Bonus Fail - During the timeline I also tried opening an Invest account with them...they failed to ACH transfer $ from the same bank/account my wife used to open the SoFi bank account after 15 days, same error icon, and no communications or path to resolve whatever the problem is with THEIR system yet again. At least they're consistent right? --Wish me luck getting my money out now!
- J
  
  Joshua
  1.0
  
  I called in to change my payment due date from the 5th to the 24th. Easy enough right? The customer service rep changed the due date. And then told me to turn off auto pay for my next payment due on the 5th. And then to turn it back on after passing the 5th. It would then come out on the 24th. So that's what I did. The 5th passes. I go to turn auto pay back on to see that my account is considered delinquent. And that I could not turn auto pay back on. So I call customer service. HERE is where things go real south. If your account is considered delinquent you get sent straight to collections no matter what. I've never been treated so badly. I explained to them what happened. They did not care. They cared about 1 thing. That was to get my payment... I asked to talk to a manager, or customer service. Or quite frankly ANYONE except for collections. And I was refused. They clearly did not care about me. They just wanted a payment and it's painfully obvious they have been trained to aggressively pursue a payment no matter what. So I made my supposed delinquent payment. And THEN asked to speak with another department. They told me it could take up to 5 days for the payment to go through. And until then I would be redirected to collections and could not talk to anyone else. That is actually insane... I would recommend staying far away from this company. When I told the collections agent that I was not satisfied. They began their end-of-call speil. "Thanks for calling Sofi and have a nice day etc..." They were the most aggressively rude people I have ever spoken with. I am beyond disappointed.
  
  Response from the owner
  Hi Joshua,We are sorry to hear about your issues with servicing your loan.Our mission is to help You Get Your Money Right with best-in-class customer service. We are disappointed to hear that this has fallen short.Please reach out to our [email protected] (subject line "trust pilot") so we can investigate your concerns and thoroughly address your comments. For an expedited response you can reach out, through your SoFi account, to our account managers using the contact forum titled "contact the CEO" and our dedicated team will be able to follow up with you.We value all feedback and will ensure to forward it to our servicing teams which will be used for training our agents.We look forward to hearing from you soon and appreciate you taking the time to provide your review.
- J
  
  Jeremy
  2.0
  
  I was excited when I learned about SoFi last month, because they offer some great products - in theory. In reality, I still haven't been able to enjoy some of the benefits I'm supposedly receiving. Pros: - SoFi Banking pays some of the best interest rates around: 1.5% (with direct deposit) as of July 2022. Bonus of up to $300 based on the amount direct deposited within first 30 days.- SoFi Credit Card pays 2% cash back on all transactions. There's a promo rate of 3% for the first year (or $12k spent, whichever comes first) if you have direct deposit to SoFi Banking.Cons: - For some reason my credit card application was duplicated - I received TWO cards, but this crashed the SoFi app/website so neither card shows up on my account. I can't view transactions or manage the card. Customer Service wasted a week telling me to just install the latest version of the app. Finally a rep cancelled one of the cards for me and put in a proper engineering ticket. Nearly a month has gone by and they still haven't fixed it. The Acct Manager confirmed that I'm not receiving any points, they'll have to credit them back once the problem is fixed. I asked to speak to someone more senior, but the Acct Manager says, "There is no one above me who is customer facing and would be able to speak with you." - Around June 26 I got a notification the Banking interest rate had increased - it was previously 1.25%. On June 30 they sent an email clarifying that the increase was announced prematurely, it didn't take effect until the 28th. - On June 29 I received an email saying they discovered that in early June, "The cashback rewards rate was erroneously reduced from 3% to 2%." They are going to credit everyone the difference in points that they should have received. If you want to risk doing business with SoFi, be sure to double- and triple-check all your accounts!!!
- M
  
  michael
  1.0
  
  SoFi solicited me for an unsecured loan. With my 805 credit score, I applied to them. Within 24 hours I was advised they were working on it. 48 hours later, they requested duplicate documentation of what was uploaded + an actual copy of my SS card. I complied. I was told it was approved and the final offer would be in my email within 48 hours. 4 days later, nothing. I call and long story short, 2 more weeks of asking for more and more documentation to the point they were asking for access to my IRS records.... for a small loan. I was not giving them any more access to the VERY sensitive information I had already. Went with a competitor company and was approved and funded for MORE money all within 72 hours. I wish I would have seen the reviews on this company before. Waste of time and impact on my inquiries.
- J
  
  John
  1.0
  
  Transfer money to pay our home loan off only to find out they can't do it. But if you're buying a home they can. This is not a real bank!!! Real banks can handle things like this. Very disappointing on this one.
- P
  
  Pamela
  1.0
  
  It is almost 5 weeks trying to get a $5,000 personal loan and these people continually ask for the same information. I have faxed to them repeated information, they will tell me they do not need anything else it is under review and then they ask for something else. Customer Service is nice but they do not know what they are doing. I am out of work for 3 months and during this time one employee will request when is my return for me to write a letter so I did and another employee ask me to have my company write a letter on a company letterhead. It is repeated information that they seem not to receive or they continually change their minds what they need. I have to make all the phone calls to them asking what else do they need and they will tell me nothing, it is under review and the next time I call they need something else. I would never deal with this place again. To date, I have received nothing. Are they afraid I will not pay their monthly payment since I am out of work for 3 months or are they afraid I am not returning to work? They are a waste of time. Never again calling them 2 times a day for 4 weeks getting different information every call.
- D
  
  D
  1.0
  
  Inquire on loan - simple. Get options and select to move forward - simple. Credit gets run - now you are impacted on your credit score. Offers come back - seems simple. Select offer that meets your needs - seems simple. Less than 12 hours later sent paperwork with disclosure statement that is not reflective of what you selected after credit was ran and your real options (not projected options) are offered. Call company. They say that this is what is available. Loan no longer meets needs but you are now stuck with a ding on your credit score for an inquiry. Not an honest and straightforward company. Customer care does not want to help. Just says this is what it is but cannot explain why it changed in less than 12 hours when I had asked to move forward with the loan offer and the last step was just to sign. Other companies provide better service and options! Steer clear!
/13
2.3 stars based on 99 reviews
- M
 
 markharris4444
 1.0
 
 First of all, I’m a Sofi investor and a Sofi plus member. I’m rooting for Sofi. I have had student loans and personal loans through Sofi both were great experiences. Beware of getting a Morgage through Sofi. This Review is not to complain but to possibly help future homeowners looking into using Sofi for a Morgage loan. I want to name names of those at Sofi involved but will chose not to in this review. Our loan officer got us pre approved and told us not to worry everything looks great and mentioned he double checked with the underwriting manager before and the underwriting manager said no issues were seen. We put in an offer for our home. The homeowners accepted our offer. We were really happy and excited to be on our way to get our first home. We spent money on this home with getting it appraised, inspected, etc. We had to reach out to our loan officer multiple times during the process and he reaffirmed to us everything looked great. TWO days that’s right TWO days before having to finalize our loan in order to get our first home we were told the loan is not going to be able to go through. I asked our loan officer please explain why not? He said he would get back to me the following day to have a more clear answer. He never called. We had 4 different loan processors, our loan officer was out of the office during part of this time and the whole process really was a disaster in every way. Lessons I learned from this: First I’ll NEVER go through SOFI for a Morgage. Second Always have a backup for a home loan no matter how good your experience has been with a company. As an investor, I should have known not to go through Sofi for a Morgage loan. Anthony Noto (Sofi’s CEO) himself has mentioned more than once during the quarterly earnings report that Sofi’s home loans department has underperformed. Underperformed is an understatement with the experience we had. Hopefully this review helps future homebuyers have the experience we had.
- D
 
 deeessay
 1.0
 
 They are merciless. They don’t offer any hardship options whatsoever. Even if you’ve been a long-time customer and have made excellent payments.
- J
 
 Joe Kain
 1.0
 
 Received an unsolicited/unsought loan offer 4 days before Christmas Eve. I applied and was declined because I do not make enough money to borrow money, LOL. Merry Christmas you filthy finance entity.
- T
 
 thealexanders
 1.0
 
 In refinancing they substantially extended my terms coating me thousands of dollars. I also would prefer not doing things electronically, but getting a bill. I have been disappointed in the extra costs incurred and would not recommend or use in the future.
- W
 
 wuivan1016
 1.0
 
 If you don't drive you can't open an account. They declined my request for opening an account for the following reasons: "Our inability to verify certain information that is required under the Patriot Act. Data made available to us through public or private sources, which in this case does not include data obtained from any consumer credit reporting agency. Certain transaction(s) or attempted transaction(s) with us or an affiliate. " So I tried to talk to customer service, and their conclusion is that I need a Driver's License in order to continue with the process, and other ID just won't work.
- A
 
 Albert Cisneros Gonzalez
 1.0
 
 The customer service is the worst customer service ever. You get told different things by everybody, then on the last day of the review process, you get told the documentation does not work and you will need to submit new documentation and then they make you restart your 2-3 review process all over again. They all lie and are very rude.
- F
 
 Frank
 5.0
 
 Lots of access to financial info and easy loan process. Great interest rates. I’m able to get all this and invest and get updates on those investments
- A
 
 ajerakat
 1.0
 
 I was initially excited to get approved for a SoFi card for a CL of $7,500. Several months after having card and spending less than 48% credit utilization I received an email explaining my credit limit was lowered to $2,400 causing my account to fall past due -$1,900!!!. I spoke with SoFi rep and they couldn't due anything regarding my limit? But I was assured that if I could continue making minimum payments and that it would not be reported to credit. I was reported to credit 30 days past due. Can you imagine a card company approving your application, seeing a limit, and then lowering your limit to fall past due. Every rep I spoke agreed with me and yet nothing was ever done.
- G
 
 gyan760
 2.0
 
 Until today, I have been a very happy SoFi Credit Card customer. I use this card more than almost any other card in my wallet. This morning, they sent me a text message saying that there was a charge on my account that they thought was fraudulent. Indeed, it was not my charge. So, they cancelled that card and said they were going to send me out a new card that would arrive in 7-10 business days. The problem is that today is Friday and I'm leaving the country on Tuesday. So, I'm thinking, the must have a way to overnight the card to me. But the only thing they have is for $25 they'll 'expedite' it to 3-5 business days. They have no way to send out a card any faster than that. So, now I'll be out of the country for 3 months without access to my physical credit card. So, I would not depend on this card for an emergency (imagine you're on a trip and you get robbed, you have a hotel bill, restaurant bill, ground transportation expense, etc. and you needed your SoFi card to pay. Well, you're out of luck.)
- J
 
 jane_16
 1.0
 
 I made the mistake of putting some of my Parent Plus loans on an adjustable rate when the rates were low and when they skyrocketed, I asked for a fixed rate and despite the fact that I have a 746 credit score, have never been late, but for the fact that I'm in real estate (aka self-employed). They took 2 years of my income tax returns (count back two and you get to 2020 which happened to be a bad year for me - I only made half as much as I normally do), but no consideration to the fact that I normally make much more and that 2021 was a blowout year, they declined my request for a fixed rate - I would NEVER EVER recommend them.
/10