SoFi Review for 2026

Types of Financing Available

Although it is not a traditional financial institution, SoFi provides loans, refinancing, investing, and banking services through a desktop interface and mobile app.

The types of loans include:

• Student loans 
• Personal loans
• Small-business loans
• Mortgage refinancing
• Investing
• Credit-card consolidation

Student Loans

The average student loan debt exceeds $39,000 for federal borrowers, depending on the source and cohort measured, so getting the best student loan offer by familiarizing yourself with all of the requirements and benefits is essential.

Some loan types available through SoFi are Undergraduate, Graduate, Law & MBA, and Parent loans. Private student loans are originated by SoFi Bank, N.A.

With a parent loan, a parent takes full responsibility for payments, and any potential mishaps won’t affect the student’s credit report. Cosigning may lower the rate for the student.

You can also reduce the student loan’s overall cost by getting a rate reduction if you sign up for auto pay to enable automatic payments from your checking or savings account. The autopay discount is 0.25%.

If you don't have enough funds to repay your student debts, you can apply for a student loan deferment to reduce your loan payments or stop them completely.

Another option is to refinance your loan, but you would need to graduate from an approved university and have a job or an offer for a job that would start within the next 90 days.

SoFi Plus members are eligible for a 0.125% rate reduction on student loan refinancing rather than the 0.25% personal-loan member discount used elsewhere on the platform.

Personal Loans

If you’re a borrower with a decent income and a credit score of good or better, a SoFi personal loan could be a great option.

You would need to be actively employed, starting a job within the next 90 days, or have an alternative source of sufficient income to qualify for one of the personal loans offered here.

Excellent credit history is an advantage, of course. Also, make sure to read some customer testimonials to acquaint yourself better with the lender.

Personal loans come with terms ranging from two to seven years and can be used for home improvements, medical procedures, to consolidate credit card debt, or some other purpose.

As is the case with many lenders, you have to be a U.S. citizen, permanent resident, or non-permanent resident in an eligible state to be eligible for loan approval.

Becoming a SoFi user also has other advantages we need to acknowledge: members can access financial planning and other SoFi Plus benefits.

SoFi also advertises a 0.25% autopay discount and a 0.25% member rate discount on eligible personal loans.

Members also gain access to career coaching, where a personal coach works with you on your professional goals and offers guidance for writing your resume and learning how to make your own brand.

Financial Planning remains clearly listed as a member benefit, but the older career-coaching language is no longer a prominent core benefit on SoFi’s main member-benefits pages.

Another member perk you would get is something called a Referral Bonus: By encouraging friends to use SoFi, you can get up to $10,000 in bonuses once they sign up.

Referral promotions vary, so exact bonus amounts depend on the active offer.

Small-Business Loans

These loans are a good match if:

• You are trying to build business credit and possibly qualify for larger loans in the future.
• You want to upgrade your business with new equipment.
• You want to scale up your business.
• You want to hire more employees.

Before taking this step, you should define your future goals. You should also make sure that you can afford the loan payment, whatever you want it for.

SoFi now offers small-business financing through its marketplace, where users can compare options such as SBA loans, term loans, and lines of credit from lending partners rather than getting a direct SoFi small-business loan.

Mortgage Refinancing

SoFi offers multiple options to those struggling with paying off their mortgage. The three common types of refinancing used for this are refinance, cash-out refinance, and student loan cash-out refinance, with the minimum loan amount being $75,000.

Judging from the website itself, the thing all these possibilities have in common is that you would have fixed payments and a constant interest rate throughout the whole repayment period.

And if you want to see approximately how much those would be before even starting the application process, SoFi’s calculator can do that for you.

You can also check your rate without affecting your credit score.

SoFi Invest

SoFi Invest is a feature of the app, and you can use it to trade stocks, ETFs, options, IPOs, fractional shares, and invest through automated accounts.

It is designed mostly for beginners, but it operates quickly and gives you full insight into your account.

Self-directed stock and ETF trades are commission-free, but SoFi Invest does have a fee schedule and automated investing carries a 0.25% annual advisory fee.

There is no minimum investment amount, either, so you can get started even if you do not have that much to trade with, which is really great for people that are trying out investing for the first time. SoFi’s Invest page says you can start with just $5.

SoFi Invest also offers traditional and roth individual retirement accounts. If you go with SoFi for a roth IRA, there will be no required minimum contributions or age limit on contributions to worry about, while withdrawals will be tax-free.

SoFi Automated Investing now charges a 0.25% annual advisory fee. The platform now focuses on self-directed investing, robo investing, and IRAs.

Only US residents can use the app and talk to a certified financial planner without additional fees. Arranging a call with one of SoFi’s planners means a professional can help you analyze your financial situation and think of options you might not know about to make the best of it.

Credit-Card Consolidation

If you are looking for a way to manage your debt more efficiently, you can consider credit card consolidation. This might help you get a lower interest rate, keep monthly payment amounts under control, or even repay your credit card debt sooner than expected. 

Consolidating debt entails combining your existing credit card balances with less competitive interest rates and servicing the debt via fresh loan funds. With SoFi, you can expect no application fees, prepayment penalties, or origination fees.  

Consolidating multiple monthly payments into a single combined payment simplifies financial planning. It works best for customers who wish to no longer deal with various credit card companies.

Application Process

A serious candidate, prior to applying for a loan, reviews the company’s strengths and weaknesses, as well as their own. For example, there are some demographic requirements you would need to meet, such as being considered an adult by the laws of your state.

Other prerequisites include having a job or some other source of income. In case you have an offer for a job that would start within the next 90 days, that also qualifies you for a loan.

When applying for any of the personal loans with SoFi, you will be asked to provide the following information:

Personal information: full name, address, phone number, email address, Social Security number, passport number, drivers’ license number;

Employment information: employer name, employment duration, average monthly income

Come prepared with all the required information, and you shouldn’t face any difficulty applying for a personal loan. The process itself is quick and conducted via SoFi’s user-friendly online form.

The company reviews your information before processing your application, but it doesn’t take long to get back to you for the next step. Various factors - primarily your credit score, monthly income, and financial history - determine your eligibility for personal loans and other financing products.

Most personal loan borrowers receive same-day funding when approved and signed by 5:30 p.m. ET on a business day, though funding is not guaranteed.

Customer Service and User Satisfaction

SoFi has received few complaints compared to other large companies, and the ones we did find mostly came from customers who got declined for a loan. That broad claim is difficult to verify cleanly and is better softened or removed.

You can reach the customer service seven days a week through a toll-free number or chat, depending on the product. One of SoFi’s representatives will make sure to help you with what you need.

You can also ask for a specialized one-on-one consultation if you have specific questions regarding your current status.

Some comments on the Better Business Bureau have mentioned not getting a prompt response from the lender’s customer service. On Trustpilot, the company has a rating of about 4.0/5 stars across 10,700+ reviews, though that number can change frequently.

Our Verdict

Whether you need a quick personal loan, a student loan, or a small-business financing option through a marketplace, this company can help you.

When looking for the right SoFi offer, reviews will help you get familiar with the company and its assets to pick the most suitable one.

Considering that SoFi has an online calculator, you can look into various scenarios to ensure that you’ve selected the best one for your needs. As SoFi’s motto would say - “Get your money right.”