Sara Routhier

Sr. Director of Content

Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

Sr. Director of Content

Joel Ohman

Founder, CFP®

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

Founder, CFP®

UPDATED: Oct 4, 2022

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Company Details
Address: 234 1st Street
City: San Francisco
State: CA
ZIP Code: 94105
Phone Number: (855) 456-7634
Year Founded: 2011
AM Best Rating:
Company Rating 0 (0 reviews)

If you’re looking for a personal loan, it can be stressful and time-consuming to research all the possible lenders. Our SoFi company review will discuss its products and offerings to help you determine if it’s the right fit for you.

Before jumping into our SoFi company review, use our FREE quote tool to compare lenders quickly by entering your ZIP code above.

What products does SoFi offer?

SoFi’s main products consist of student loan refinancing, private student loans, personal loans, and home loans. The company also offers SoFi Invest, SoFi Credit Card, SoFi Money, SoFi Relay, SoFi Protect, and SoFi for business.

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What are the pros of using SoFi?

Getting a personal loan from SoFi comes with a few benefits. Let’s take a look at some of them below.

SoFi offers a wide range of loan amounts.

Loan amounts range between $5,000 and $100,000, so you can fund many different types of purchases.

There are no fees.

SoFi personal loans don’t have origination fees, late fees, or prepayment fees. While it may be relatively easy to find a company that doesn’t charge one of these fees, finding one that doesn’t charge any can be challenging.

There are more options for term customization.

SoFi offers loan terms between two and seven years, which is more than what most other online lenders offer. This makes it easier to choose between paying larger monthly payments with less interest or smaller monthly payments with more interest.

You can receive funds quickly.

SoFi claims that you can receive your funds within a few days of approval.

You can add a co-signer or get a joint loan.

In case you’re worried about qualifying for a personal loan, SoFi allows you to add a co-signer with better credit to improve your chances. You may also apply for a joint loan where both borrowers would have access to the loan money.

You may qualify for the unemployment protection program.

SoFi’s unemployment protection program allows you to put your loans into forbearance as long as you lost your job through no fault of your own and your loan is in good standing. Interest will still accrue, but you can make interest-only payments if you choose to do so.

Putting your loans in forbearance may show on your credit report and deter other lenders, but it should not affect your credit score.

Everything is online.

The entire loan process takes place online. SoFi also has a mobile app that makes it easy to apply for a loan, make payments, and check rates.

Members get access to financial advising.

SoFi offers members extra benefits that include free financial advising. Financial planners can help build budgets, create investment plans, choose insurance, and more.

Other benefits include career coaching, referral bonuses, estate planning resources, and more.

What are the cons of using SoFi?

While SoFi offers many benefits, potential customers should be aware of the following.

The minimum loan amount may be too high.

While SoFi does offer a good range for loan amounts, if you want a loan for less than $5,000, you will not be able to get it.

You can not get a secured loan.

Loans secured with some type of collateral, such as a car or savings account, may qualify for a lower annual percentage rate. However, SoFi doe not offer secured loans.

You must qualify based on your credit score.

To qualify for a loan from SoFi, your credit score must be 680 or higher.

Some SoFi customer reviews complain about customer service.

While numerous SoFi reviews and SoFi ratings commend the company for having excellent customer service, some SoFi customer reviews complain about issues with being able to get in touch with knowledgeable customer service representatives.

What is SoFi?

SoFi began as Social Finance, Inc. in 2011. The company was founded by Stanford business school students that aimed to connect recent graduates with alumni.

In 2012, SoFi became the first company to refinance government and private student loans. In 2014, it began offering mortgages. In 2015, it began offering personal loans. Finally, in 2016, it started its Work at Home program for business lending and services.

As of January 2020, SoFi has 1,000,000 members.

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How can I contact SoFi?

SoFi’s website is

Most customers and those with questions about specific questions can call SoFi’s main customer service phone number, (855) 456-7634. However, home loan customers must call (844) 763-4466.

You can use different addresses to send in payments. You can send payments for personal loans to SoFi Lending Corp Personal Loans, PO Box 654158, Dallas, TX 75265.

Who should use SoFi financial services?

If you’re looking for any of the products that SoFi offers, and you also have a good credit score, you may want to consider using SoFi for your lending needs.

SoFi may also be a good choice for those who prefer to manage their finances online, convenient for on-the-go people.

SoFi can also help get other aspects of your finances, as well as your career, in order if you’re looking for advice or help planning.

Now that you’ve finished this SoFi company review, if you need help finding a lender that is right for you, enter your ZIP code into our free comparison tool below.