SoFi personal loan review

Do you want to learn about all the features of the SoFi personal loan? At Responsible Economy, we present you with all the characteristics that SoFi loans offer, along with a comparison to the best personal loans for bad credit scores. Let’s get started!

Features

In this section, we analyze in detail all the features:

Fees

SoFi may charge you an origination fee of up to 6% when your loan is approved.

The good news is, you won’t have to worry about any prepayment fees.

Interest rate

The interest rate for the loan falls between 8.99% and 25.81% APR. Remember, this rate can change depending on things like your credit score, why you need the loan, and how much you’re asking for. While a higher interest rate might seem appealing, it’s better to aim for the lowest rate to make sure the loan stays favorable for you.

Terms

You have the option to repay the loan over a period of 2 to 7 years. SoFi provides favorable terms for loan repayment in this range.

Amount

The minimum amount of money that can be requested is $5,000, and the maximum amount is $100,000. While the maximum amount is quite high, the minimum requirement of $5,000 is relatively steep.

Credit score

SoFi does not provide information about a minimum credit score. You can apply for a soft credit to see your interest rate without it affecting your credit score.

Summary table

Here is a summary table with al features:

CharacteristicDescription
Fees– Origination Fee: may charge up to 6% as an origination fee upon loan approval. – No Prepayment Fees.
Interest Rate– Range: 8.99% to 25.81% APR. – Fluctuates based on factors like credit score, loan purpose, and amount. – Aim for the lowest rate for favorable loan terms.
Terms– Repayment Period: 2 to 7 years. – Favorable loan terms provided by SoFi within this range.
Amount– Minimum Loan Request: $5,000. – Maximum Loan Request: $100,000. – Note the relatively steep minimum requirement.
Credit Score– SoFi doesn’t provide a minimum credit score. – Soft credit inquiry to view interest rate without affecting your credit score.
Summary table of SoFi loan features:

Best personal loans

We have created a comparative table of SoFi with the best personal loans for bad credit score. You have the key features of each loan:

Logo SoFi loans
  • APR: 8.99-25.81%
  • Terms: 2-7 years
  • Amount: $5,000-$100,000
  • Credit Score: no
Logo LightStream loans
  • APR: 7.99-25.49%
  • Terms: 2-12 years
  • Amount: $5,000-$100,000
  • Credit Score: 660
Logo Upstart loan
  • APR: 6.50-35.99%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: no
Logo Happy Money loans
  • APR: 10.50-29.99%
  • Terms: 2-5 years
  • Amount: $5,000-$40,000
  • Credit Score: 640
Logo upgtrade loans
  • APR: 8.24-35.97%
  • Terms: 2-7 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Best Egg loan
  • APR: 8.99-35.99%
  • Terms: 3-5 years
  • Amount: $2,000-$50,000
  • Credit Score: 600
Logo Universal credit loans
  • APR: 11.69-35.93%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Logo Discover personal loans
  • APR: 6.99-24.99%
  • Terms: 3-7 years
  • Amount: $2,500-$40,000
  • Credit Score: 660
logo rocket loans
  • APR: 9.116-29.99%
  • Terms: 3-5 years
  • Amount: $2,000-$45,000
  • Credit Score: 640

Pros

We have compiled a list of all the advantages of SoFi loans:

  • Low minimum interest rate
  • Checking your rate won’t affect your credit score
  • No prepayment fees.
  • No required credit score.

Cons

You also have a list of all the negative features of SoFi loans:

  • Very high highest interest rate.
  • Relatively high minimum amount to request.

Requirements

The minimum requirements to obtain a personal loan with SoFi are:

  • Being a resident of the United States.
  • Being over 18 years old.
  • Completing the online process
  • Having stable and steady income.

Loan Calculator

We’ve created a custom loan calculator that offers a straightforward breakdown of your interest payments. This tool empowers you to conduct various calculations, allowing you to plan strategically and reduce your interest costs. This smart strategy could result in significant long-term interest savings.

SoFi Loan Calculator

SoFi Loan Calculator




Conclusion

Based on our analysis, we recommend considering SoFi only if you can secure the lowest available interest rate, as the higher rate may not be competitive. Additionally, it's crucial to take into account the origination fee, which has the potential to be relatively high.

Frequent questions

Here is a list of the most frequently asked questions about SoFi loans:

More information about SoFi

We have created a table with information about SoFi:

InformationDescription
Websitehttps://www.sofi.com/
Facebookhttps://www.facebook.com/SoFi
Twitterhttps://twitter.com/SoFi
Instagramhttps://www.instagram.com/sofi/
Linkedinhttps://www.linkedin.com/company/sofi/
Information about SoFi

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Updated the day 1 September, 2023 by Alfredo Barandiarán

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