SoFi Review: Personal Loans & Student Loan Refinancing

With the online lending space now jam-packed with loan providers, it’s crucial that you shop around to find the best deal possible.

One such provider that prides itself on competitively priced lending rates is that of SoFi. The U.S. based lender specializes in both personal loans and student loan refinancing.

If you’re currently in the market for one of these, then we would suggest that you first our comprehensive SoFi review to ascertain whether or not the lender is right your individual needs.

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What is SoFi?

Launched in 2012, SoFi is a San Francisco based online personal finance company that offers U.S. consumers a range of loans, refinancing products, and investment channels. The company is run by the ex-COO of Twitter Anthony Noto.

By focusing exclusively on the online market, SoFi claims to offer some of the lowest interest rates in the lending circle. As such, the entire end-to-end loan application process is facilitated online, and thus, SoFi does not have any physical branches.

While SoFi has since expanded to a number of side-products, the two hallmark services it offers are personal loans and student refinancing loans. The platform has a strong preference for those with a strong credit score and high income, which further allows SoFi to offer industry-leading loan rates.

Although somewhat unusual, if you are eligible for a SoFi loan, the company runs a number of social events and dinners throughout the year, as well as an online forum that allows loanees to discuss financial matters.

On top of this, loanees are offered coaching to assist with career progression, as well as a selection of online calculators for financial planning.

Since the company was officially launched in 2012, SoFi has since served more than 7.5 millions users, and it currently boasts more than 700,000 members.

So now that you have a better idea as to what SoFi is, in the next section we are going to explore who is eligible for its personal loans.

SoFi Loans: Am I Eligible?

As noted above, the vast majority of those that use the SoFi platform are regarded as having a high income, and a strong credit score. This means that the platform’s eligibility requirements are going to be a lot stricter in comparison to other online lenders.

In order to apply for a loan, you must be a U.S. resident with a valid social security number, or a U.S. citizen living overseas.

You will also need to be at least 18 years of age, although, in some states, this might be higher. Alongside the District of Columbia, all 50 U.S. states are serviced, apart from Montana and Mississippi.

You will also need to be employed, and at the very least, have a firm job offer in place. When it comes to your income, SoFi does not explicitly state what the minimum requirement is. However, the general consensus is that in most cases, those applying for a SoFi loan have an annual household income of at least $100,000.

In terms of the required credit profile, you will need to have a score of at least 680. However, most SoFi loanees have well in excess of 700+.