Friday, January 17th
2025 Personal Loan Reviews
SoFi®
- Loans available from $5,000 to $100,000
- Rates may include origination fees of up to 7%
- Flexible repayment terms spanning from 2 to 7 years
- Most loans funded same or next day
- Available in all states except Mississippi
- Live customer support 7 days a week
- "A+” BBB rating
- Thousands of 5-star ratings from happy clients
Need a personal loan to take care of some upcoming expenses? SoFi might have the solution for you. With over two million members and a staggering $50 billion in funded loans, SoFi has solidified its position as a reputable player in the financial sector.
Borrow up to $100K for up to 7 years
SoFi offers personal loans that can be utilized for various purposes, including home improvements. These loans range from $5,000 to $100,000, boasting competitive APRs. With flexible repayment terms spanning from 2 to 7 years, you have the freedom to manage your loan repayment comfortably. Plus, most loans are funded either on the same day or the next day, ensuring you have timely access to the funds you need. While SoFi boasts competitive rates, be sure to review the terms and conditions thoroughly, as origination fees up to 7% may apply, despite some places on the website that make assurances to the contrary.
Save with autopay and direct deposit
One standout feature of SoFi is the potential to save on your interest rate. By enrolling in autopay for your loan, you could typically receive a 0.25% APR discount. Additionally, setting up direct deposit to your SoFi account may grant you an extra half-percentage point discount on your interest rate.
Plenty of positive feedback from borrowers
SoFi has been awarded an "A+" rating from the Better Business Bureau and has received over 7,000 five-star ratings on Trustpilot, indicating its reputation as a trustworthy lender. While some complaints have been filed against SoFi, they have been adequately addressed, and many are unrelated to personal loan products.
Definitely worth considering
SoFi presents a compelling option for financing your personal projects, offering convenience, flexibility, and borrower protections. While they may not offer the absolute best rates and terms, their commitment to customer satisfaction and innovative features make them a lender worth exploring. If you're in need of funds for various expenses, SoFi could be the personal loan solution you're looking for.
More Personal Loan Reviews
The 11 Best Personal Loans
Where Can You Find the Best Personal Loans?
Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.
Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.
Personal Loan FAQ
Continued from above...
First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.
Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.
Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.
Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.
Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:
Can the lender offer you the amount you're thinking of borrowing? Some personal loan providers only go up to $10K, while others go as high as $100K. - Rates and fees. It's important to know not only how much you'll be paying in interest but also in fees (like origination). Fees are often taken out of the loan money before it hits your account, which can affect the amount of the loan you need to request.
- Funding timeframe. How long will it take for your loan money to get to you? Can you get it deposited into your bank account in a day or less? If you need the money quickly, choose a lender that can get it done fast.
- Reputation. Does the lender or referral service have a good reputation? Do people who have used it to borrow money recommend it? Has the Better Business Bureau given the company a good grade?
To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!
Compare Personal Loans
Select any 2 Personal Loans to compare them head to head
Personal Loan Articles
Trending Personal Loan News
Related Personal Loan Reviews
Since you're interested in Personal Loans, here are some other reviews you might find interesting.
Newest Reviews
