Loans
December 5, 2018

SoFi Review

Simple. Thrifty. Living.

Consumers have a lot of loan options; apply for one loan service, and you may find that your inbox is inundated with offers for months. If you’re interested in doing everything online, working with SoFi is one possible route to a successful loan or refinance. Here are some of the basics about SoFi loans and refinancing offers — because an informed decision is always the best decision.

SoFi Loans Review

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Best For: SoFi is best for people looking to refinance their student loans. Since the company offers loans to lower credit (650 and up), it makes these loans accessible to more people.

Interest rates: Rates vary depending on the type of loan. Typical student loan refinancing rates: Fixed, 4.25 percent to 7.75 percent APR and variable, 2.97 percent to 6.15 percent APR.

Loan types: SoFi offers student loan refinancing, which they’re best known for, but they also offer the student loans themselves, plus mortgage and personal loans as well.

Unemployment protection: A great feature from SoFi is 12 months of protection from having to repay the loan if you lose your job.

Customer Service: Great customer service. Plus, SoFi is well known for making loans accessible to a wider range of people.

SoFi doesn’t have brick and mortar stores, so everything you need to submit and sign is handled digitally. You’ll submit your application online and it will be processed by one of SoFi’s teams in California or Utah. You can also reach out to those teams for customer service support throughout the process. Approvals are based on a variety of factors, including credit scores, debt-to-income ratios, estimated cashflow, career, and education. If you are approved for a loan and later lose your job, SoFi may allow you to pause your repayment schedule.

Based on almost 2,000 reviews on the Trustpilot website, SoFi has an average review of 9 out of 10 stars (85% of reviewers say their loan experience was “excellent”). Reviewers most commonly call out the ease and speed of obtaining a loan through SoFi.

So, how can you know if SoFi is the right loan servicer for your financial needs? Consider the following factors:
  • Online applications. You don’t have to go in person to a bank to complete the loan process.
  • No fees. SoFi loans don’t have origination fees or late fees associated with their loans.
  • Fixed rates. SoFi loans have a fixed interest rate.
  • Interest rates. Personal loans have a fixed rate between 7.24 -15.24%.
  • Loan terms. Repayment terms for personal loans are between 3 – 7 years.
  • Down payments. Home mortgage down payments begin at 10%.
  • Fund acquisition. Loan funds are direct deposited into your bank account.

Choosing a personal loan, mortgage, or refinance is a big deal. If you decide SoFi is right for you, you can begin the loan process from their website.

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Sofi
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