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SoFi Review

Monday, August 2nd

2021 Personal Loan Provider Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award SoFi Review 5 Star Rating

SoFi

5 Star Rating
  • Loan: From $5,000 to $100,000
Top Consumer Reviews Best-In-Class Blue Ribbon Award

SoFi, short for "Social Finance", bills itself as a modern personal finance company, and its clean, crisp, easy-to-use website definitely matches that description. And they're clearly making an impact in the lending industry. SoFi currently has a variety of products, including personal loans, mortgage loans and refinancing, student loan refinancing, and more.

Easy to apply

SoFi's application process is straightforward: enter your personal information, such as your name and address, current employer and annual wages/salary, and post-secondary education information, and if SoFi is able to confirm your information you'll be able to see the loan and terms for which you qualify. If they're not able to confirm your data, you will be asked to enter your Social Security Number.

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Competitive loan rates

We love that SoFi publishes its personal loan rates and that there are no prepayment penalties or origination fees: "what you see is what you get". Their loan rates are consistently very competitive with other loan companies.

Loan terms from 2 to 7 years were available for both fixed and variable interest rate loans, in amounts ranging from $5,000 to $100,000.

Unemployment protection

SoFi also has several unique perks that we like, from referral bonuses for new members referred by current borrowers (both parties get a cash benefit), to unemployment protection that suspends payments required from borrowers - for up to 12 months over the course of the repayment term - who lose their job through no fault of their own. SoFi even provides help through its Career Strategy department to assist borrowers in their search for a new job!

Upfront eligibility criteria

There is an easy-to-miss link at the bottom of the site called "Eligibility Criteria". There are state-specific details that you may be interested in, and some states are excluded from their personal loan program. Also, it states that personal loan recipients must be US citizens or permanent resident aliens, be of the age of majority in their state of residence, and must be currently employed.

Highest rating

If you're in the market for a personal loan, you'll definitely want to take a look at what SoFi has to offer. We give them a strong recommendation because of their low interest rates, transparency, and lack of loan fees. They earn our highest rating.

Are You in Need of Some Cash?

Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

The Best Personal Loan Providers Compare Personal Loan Providers Compare Personal Loan Provider Reviews What are the best Personal Loan Providers Best Personal Loan Provider Reviews

Personal Loan Provider FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
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Continued from above...

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

Compare Personal Loan Providers

Select any 2 Personal Loan Providers to compare them head to head

best-personal-loans
  • SoFi
  • Upstart
  • LendingTree
  • LendingClub
  • Avant
  • 100 Lenders
  • Prosper
  • Even
  • NetCredit
  • Personal Loans
  • OneMain Financial
  • LifeLoans
  • Leap Credit
  • Better Loans Mutual
SoFi vs Upstart SoFi vs LendingTree SoFi vs LendingClub SoFi vs Avant SoFi vs 100 Lenders SoFi vs Prosper SoFi vs Even SoFi vs NetCredit SoFi vs Personal Loans SoFi vs OneMain Financial SoFi vs LifeLoans SoFi vs Leap Credit SoFi vs Better Loans Mutual Upstart vs LendingTree Upstart vs LendingClub Upstart vs Avant Upstart vs 100 Lenders Upstart vs Prosper Upstart vs Even Upstart vs NetCredit Upstart vs Personal Loans Upstart vs OneMain Financial Upstart vs LifeLoans Upstart vs Leap Credit Upstart vs Better Loans Mutual LendingTree vs LendingClub LendingTree vs Avant LendingTree vs 100 Lenders LendingTree vs Prosper LendingTree vs Even LendingTree vs NetCredit LendingTree vs Personal Loans LendingTree vs OneMain Financial LendingTree vs LifeLoans LendingTree vs Leap Credit LendingTree vs Better Loans Mutual LendingClub vs Avant LendingClub vs 100 Lenders LendingClub vs Prosper LendingClub vs Even LendingClub vs NetCredit LendingClub vs Personal Loans LendingClub vs OneMain Financial LendingClub vs LifeLoans LendingClub vs Leap Credit LendingClub vs Better Loans Mutual Avant vs 100 Lenders Avant vs Prosper Avant vs Even Avant vs NetCredit Avant vs Personal Loans Avant vs OneMain Financial Avant vs LifeLoans Avant vs Leap Credit Avant vs Better Loans Mutual 100 Lenders vs Prosper 100 Lenders vs Even 100 Lenders vs NetCredit 100 Lenders vs Personal Loans 100 Lenders vs OneMain Financial 100 Lenders vs LifeLoans 100 Lenders vs Leap Credit 100 Lenders vs Better Loans Mutual Prosper vs Even Prosper vs NetCredit Prosper vs Personal Loans Prosper vs OneMain Financial Prosper vs LifeLoans Prosper vs Leap Credit Prosper vs Better Loans Mutual Even vs NetCredit Even vs Personal Loans Even vs OneMain Financial Even vs LifeLoans Even vs Leap Credit Even vs Better Loans Mutual NetCredit vs Personal Loans NetCredit vs OneMain Financial NetCredit vs LifeLoans NetCredit vs Leap Credit NetCredit vs Better Loans Mutual Personal Loans vs OneMain Financial Personal Loans vs LifeLoans Personal Loans vs Leap Credit Personal Loans vs Better Loans Mutual OneMain Financial vs LifeLoans OneMain Financial vs Leap Credit OneMain Financial vs Better Loans Mutual LifeLoans vs Leap Credit LifeLoans vs Better Loans Mutual Leap Credit vs Better Loans Mutual
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