In-Depth Analysis

SoFi Review 2024

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Written By
I. Mitic
May 15, 2024
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SoFi - short for Social Finance - is an online lender that can meet your needs whether you’re interested in student loans, student loan refinancing, personal loans, or another financial product, such as a bank account.

After thoroughly testing SoFi’s features to determine its pros and cons and comparing SoFi reviews by customers, we came to the conclusion that this company’s wide range of services has something for every prospective borrower out there.

Loan Amounts:
$5,000 - $100,000

Minimal Credit Score: 680

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

$5,000 - $100,000
Minimal Credit Score:
Starts at 2.49%
2-30 years
A+ (not accredited)
pros thumb up Strengths
  • No additional fees
  • Flexible loan repayment terms
  • Fully digital features
  • Free stock and ETF trading
  • One-on-one customer experience
  • Mobile app
pros thumb up Weaknesses
  • High minimum loan amount
  • No secured loan options

SoFi Overview

SoFi was founded in 2011 and has since become one of the largest online lending marketplaces offering a range of personal loans and other products and services. Its trademarked catchphrase is “Get your money right,” and the company will do its best to help you get the funds you need and use them in the most efficient way. 

In our research, we found plenty of reviews of SoFi loans from customers who used the lender’s versatile funding options. Even though SoFi isn’t a bank, its products include lending, banking, credit score monitoring, cryptocurrency, stock, and ETF trading.

How Does SoFi Compare to Other Lenders?

SoFi Logo
APR Range:

Starts at 2.49%

Min. Credit Score:


Lendio Logo
APR Range:

Starts at 0%

Min. Credit Score:


Fundbox Logo
APR Range:

10.1% - 79.8%

Min. Credit Score:


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.

SoFi’s loan types include:

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

SoFi Student Loans

The average student loan debt exceeds $37,000, 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.

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.

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 student loan refinancing reviews reveal that more than 375,000 customers have used this feature since the company was founded, making it one of the increasingly popular lenders that offer student loan refinancing.

SoFi Personal Loans

If you’re a borrower with a decent income and a credit score of 680 or more, 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 SoFi offers. 

Excellent credit history is an advantage, of course. Also, make sure to read some SoFi personal loan reviews to acquaint yourself better with the lender.

The SoFi 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 US citizen or permanent resident to be eligible for SoFi’s loan approval.

Becoming a SoFi user also has other advantages we need to acknowledge: In these unpredictable times, you can make use of its Unemployment Protection program if you lose your job through no fault of your own. 

If you apply for unemployment protection on time and get laid off, SoFi suspends your monthly loan payments for three months. This forbearance can also be extended to 12 months for the whole loan period.

SoFi personal loans reviews show that the company has considerable members-only discounts. A SoFi member can expect a 0.125% interest rate reduction on one additional SoFi product, so long as it’s a different type of loan. The discount applies to both fixed and variable rates.

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. SoFi customer reviews show that one-on-one career coaching makes customers feel safe and contributes to a better SoFi experience.

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.

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. SoFi reviews can help you consult previous customers and compare goals to make your decision easier. You should also make sure that you can afford the loan payment, whatever you want it for.

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. You can choose between several timeframes for paying off your mortgage - e.g., 30-year fixed, 20-year fixed, 15-year fixed, and 10-year fixed payments.

Judging from the SoFi mortgage-refinance reviews and 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. To access it, you would need to make an account on SoFi, but you will not be obligated to use any of its services if they do not suit you.

Sofi Invest

SoFi investing reviews will tell you this feature is a part of the SoFi app, and you can use it to trade stocks, cryptocurrencies, and ETFs. It is designed mostly for beginners, but it operates quickly and gives you full insight into your account. If you want to stop using it, there are no inactivity or withdrawal fees.

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 estimates your potential income by calculating your initial investment and monthly contribution, too.

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 also has no management or administrative fees, and it sometimes offers bonuses to clients, depending on what promotions are currently active. The Sofi robo advisor, launched in 2017, has an account minimum of $1 and no management fees, which sets it apart from some more established robo advisor platforms.

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.

SoFi 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.

Further Reading

Find the optimal financial product for your needs

SoFi Application Process

A serious candidate, prior to applying for a SoFi 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 SoFi loan. And if you have a credit score of 680 and higher, you should have no trouble getting approved for a personal loan.

Before starting this process, we advise you to check SoFi’s ratings and reviews for yourself to ensure that this is the right company for you.

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 SoFi personal loan. The process itself is quick and conducted via SoFi’s user-friendly online form.

SoFi, as a 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 the SoFi personal loans and other financing products. 

Once approved, you’ll receive a call from a SoFi representative so they can double-check your address. After that, the personal loan funds should be in your account within just a few days.

SoFi Ratings and Customer Service

As can be expected with a huge number of clients, SoFi’s reviews on BBB vary in warmth. Even so, this company has received few complaints, and the ones we did find mostly came from customers who got declined for a loan.

You can reach SoFi’s customer service seven days a week through a toll-free number or email. One of SoFi’s high-quality 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 SoFi reviews on Better Business Bureau have mentioned not getting a prompt response from the lender’s customer service. On Trustpilot, the company has a rating of four out of five stars across more than 3,000 reviews.

Bottom Line

Whether you need a quick personal loan, a student loan, or a small-business loan, 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.”


Is SoFi legit?


SoFi stands for Social Finance and is not an actual bank. It is a secure financial institution with more than 700,000 members and 7.5 million registered users. According to the reviews of SoFi on the Better Business Bureau website, complaints mostly refer to the fact that it sometimes takes a long time to get approved for a loan.

Does SoFi hurt your credit score?


If you decide to perform a check when looking into SoFi’s rates and terms, don’t be afraid - this will not affect your credit score. SoFi will just perform a soft check of your credit history to give you some estimates.

However, after you get pre-qualified, the company reviews your application in full and does a hard pull of your credit reports, which does affect your credit scores.

What credit score do you need for SoFi?


SoFi requires a credit score of 680 or higher. It is also important to emphasize that the minimum loan amount is $5,000, which can go up to $100,000.

Can you pay off a SoFi loan early?


Yes, you can. However, we would advise you to check your loan agreement to see if it comes with some prepayment penalty or not. SoFi reviews can also give you an insight into previous customers' experiences in this field.