SoFi Personal Loans

Information verified correct on June 27th, 2017

Great Rates. Great Benefits l SoFi

SoFi is a modern finance company. We partner with members to offer great service and low rates for student loan refinancing, mortgages and personal loans.

SoFi is a new kind of finance company taking a radical approach to lending and wealth management. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result.

SoFi’s products

Student Loan Refinancing: SoFi is the leading provider of student loan refinancing—saving our members an average of $288 a month.

Mortgage Loans: Get into the home of your dreams, sooner. Put as little as 10% down with a SoFi mortgage—no hidden fees, no borrower-paid PMI.

Mortgage Refinancing: Get a competitive rate without the headache (or the fees). SoFi makes mortgage refinancing easy, so you can start saving on your home right away.

Personal Loans: Whether you want to pay off high-interest debt or finance a home renovation, our personal loans offer low rates and an incredibly simple process.

Parent Loans: Your kids have worked hard to get where they are. Finance their education with a low-rate parent loan.

Wealth Management:  SoFi Wealth pairs smart technology with live expert advisors to offer a modern approach to investment management. Invest your first $10,000—free of SoFi fees.

Parent PLUS Refinancing: Save money and simplify your payments by consolidating (and saving on) your  Federal Parent PLUS loans with SoFi. 

Life Insurance: In partnership with Protective Life, SoFi life insurance offers a quick application with low rates on coverage up to $1MM.

Product NameSoFi Personal Loans
Min Loan Amount$5000
Max. Loan Amount$100000
Loan Term1095 - 2555 days
Turnaround Time1 business day(s)
Bad Credit LoansNo
Direct LenderYes
ProductsMortgages, Personal Loans
RatesFixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 4.99% APR to 11.14% APR (with AutoPay). Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.99% APR assumes current 1-month LIBOR rate of 1.04% plus 4.20% margin minus 0.25% AutoPay discount.
Contacts 375 Healdsburg Avenue Suite 280 Healdsburg, CA 95448
(855) 456-SOFI (7634)
[email protected]
Social Accounts

Is SoFi Available In Your State?

SoFi is available in the following states: Alabama, California, DC, Delaware, Idaho, Indiana, Iowa, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Montana, North Dakota, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington.

How to Apply for a Loan from SoFi

Personal Loan Eligibility

  • You must be a U.S. citizen or permanent resident alien
  • You are at least the age of majority in your state
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
SoFi Personal Loans are not available to residents of MS and NV. Maximum interest rate on loans for residents of AK, OK, TX and WY is 9.99% APR, for residents of IL is 8.99% APR, for residents of ME is 12.24% APR and for residents of CO, CT, HI, KS, SC, VA is 11.99% APR. Personal loans not available to residents of Michigan who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Variable rates not available to residents of AK, IL, OK, TX, WY.

Student Loan Refinancing Eligibility

  • You are at least the age of majority in your state and able to enter into a binding contract.
  • You and your co-signer (if applicable) are US citizens or permanent residents.
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
  • You have graduated with a Bachelor’s degree or higher from a selection of Title IV accredited universities or graduate programs.
  • You are looking to refinance educational debt. Bar loans and residency loans are not eligible for refinancing at this time.

Parent Loan Eligibility

  • You are at least the age of majority in your state
  • You are a US citizen or permanent resident
  • You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.
  • Your child is a full-time student attending school from a selection of Title IV accredited universities or graduate programs

Mortgage Eligibility

  • You are at least the age of majority in your state
  • You (or any co-borrower or co-signer) are a U.S citizen, or an eligible permanent resident alien or non-permanent resident alien. Other restrictions and eligibility criteria apply to resident alien applicants and non-permanent resident alien applicants.
  • You are not financing an investment property
  • You are purchasing or refinancing a primary residence or second home in AL, AZ, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, MD, MN, MT, NJ, NY, NC, ND, OR, PA, RI, TN, TX, UT, VT, WA, WI or WY
  • The property you are purchasing or refinancing will be your primary residence or second home for at least 12 months
SoFi Lending Corp. does not originate mortgage loans in Alaska, Arkansas, Hawaii, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, Ohio, Oklahoma, South Carolina, South Dakota, Virginia, or West Virginia.

SoFi Business Ratings

SoFi has received 3.9 out of 5 stars based on 47 Customer Reviews and a BBB Rating of A+.

BBB Accreditation
This business is not BBB accredited.
Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

BBB File Opened: 09/12/2012
Business Started: 06/17/2011
Business Started Locally: 06/17/2011
Business Incorporated: 06/17/2011 in CA
Type of Entity: Corporation
Business Management: Mr. Scott Williams, Chief Compliance Officer, Mr. Christopher Parker, Director of Operations
Business Category: Loans
Service Area: This business service area covers: 41 States
Alternate Business Names: Social Finance, Inc., SoFi Lending Corp.

SoFi Company Information

SoFi originally utilized an alumni-funded lending model that connected students and recent graduates with alumni and institutional investors via school specific student loan funds. Investors received a financial return and borrowers received rates lower than the federal government offered. The company sought to minimize defaults by focusing on low-risk students and graduates.

As SoFi’s product offerings expanded to include mortgages, mortgage refinancing and personal loans, the company moved away from an alumni-funded model to a non-traditional underwriting approach focused on lending to financially responsible individuals. SoFi uses an underwriting model that examines free cash flow, professional history and education in addition to a history of responsible bill payment to evaluate its borrowers.

As of October 2016, SoFi has funded more than $12 billion in total loan volume and has 175,000 members. In February 2017, it was announced that Social Finance Inc. raised an additional $500 million from an investor group led by Silver Lake, and also including SoftBank, to help support global expansion.


SoFi Offices

San Francisco, One Letterman Drive, Building A, Suite 4700, San Francisco, CA 94129
New York City, 27 W. 24th Street, Suite 405, New York, NY 10010
Texas, 1095 Evergreen Circle, Suite 200, The Woodlands, TX 77380
Healdsburg, 375 Healdsburg Avenue, Suite 280, Healdsburg, CA 95448
DC/Virginia, 10701 Parkridge Blvd, Suite 120, Reston, VA 20191
Montana, 1200 N. Montana Ave, Helena, MT 59601
Salt Lake City, 2750 E Cottonwood Pkwy, Salt Lake City, UT 84121

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