Sofi Reviews
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Sofi is a personal finance platform that has been around for a few years now. Sofi loans are unsecured, meaning they don’t require any collateral. Sofi is one of the most popular personal loan companies on the internet, but is it a scam or is it legit? In this Sofi review, we will take a look at their interest rates, fees, and customer service to see if they are worth your time.

SoFi was under investigation by the Federal Trade Commission (FTC) in October 2018 for making false statements about its student loan refinancing program. The FTC alleged that they misrepresented how much borrowers could save by refinancing their student loans with the lender.

Sofi Fast Facts

Loan Amounts: $5,000 to $100,000
APR: 5.88% to 18.72%
Minimum Credit Score: 680

  • Loan Type: Multipurpose personal loans
  • Repayment Terms: 3 to 7 Years
  • Direct Lender or Marketplace: Marketplace
  • Turnaround Time: 24 Hours or more
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Sofi Pros & Cons


  • Preapproval without affecting credit score
  • No origination fees, prepayment fees, or late fees
  • Unemployment protection
  • Variety of personal loan types including student loan refinancing


  • Can take up to 30 days to get funded after approval
  • A good or Excellent credit score needed to apply
  • Approval can take longer than some competitors

What is Sofi?

Sofi is a personal finance platform that provides personal loans and other financial services. Sofi has been in business since 2011 and is headquartered in San Francisco, CA.

This company does not fund loans itself but instead connects borrowers with lenders. Sofi has a wide range of loan products, including personal loans for debt consolidation, home improvement, and more. Sofi also offers other financial services such as investing and wealth management.

Although Sofi personal loans can have some great benefits, there are also a lot of complaints about the company. Some common complaints include high-interest rates, poor customer service, and difficulty qualifying for a loan. Sofi has an A+ rating with the Better Business Bureau but has received over 509 complaints in the past three years.

If you’re considering taking out a personal loan with Sofi, be sure to do your research and compare offers from other lenders before you make a decision.

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How does Sofi work?

Sofi is a social finance platform that offers loans and other financial services. It is an online marketplace that does not directly fund loans. Sofi connects borrowers with lenders and investors. Borrowers can apply for loans through the Sofi website or mobile app. Lenders and investors can then review the loan applications and decide whether to fund the loan. If the loan is funded, Sofi will disburse the funds to the borrower and service the loan.

The Sofi social finance platform claims to be designed to be simple and transparent. There are no hidden fees or costs. All of the terms of the loan are disclosed upfront so there are no surprises down the road. However many complaints from customers say otherwise with many customers stating they were unable to meet their loan repayments and had to default.

Sofi is a financial services platform with also one app that is best suited for those with good credit who are looking for a personal loan. However, borrowers should be aware of the potential risks involved with taking out a loan on this platform. There is always the possibility that you may not be able to repay your loan and end up defaulting, which could damage your credit score.

What kind of loans does SoFi offer?

Sofi offers personal loans, home improvement loans, credit card consolidation loans, mortgage refinancing and more. Sofi has a wide variety of loan options to choose from, which can be helpful if you’re looking to consolidate your debt or finance a large purchase.

However, the interest rates on this social finance are significantly higher than average, so you’ll want to be sure that you can afford the monthly payments before taking out a loan with them.

Additionally, Sofi does not offer co-signer release on their personal loans, which means that if you default on your loan, your cosigner will be responsible for repaying the debt.

For these reasons, we recommend that you explore all of your options before taking out a mba loans with Sofi.

SoFi Qualification

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  • US citizen or permanent resident
  • You must be at least 18 years of age
  • Not a resident of Mississippi
  • A minimum credit score of 680

To apply for SoFi you need to have access to the following information as well:

  • A government-issued ID
  • Income or employment information
  • Proof of residence
  • Valid bank account

After you’ve met all the qualifications, you can get started by following these few steps:

  • Click the Check my rate button on this page
  • Enter your full name, and email, and create a password. Click Continue
  • Enter your loan amount and loan purpose, then enter your preferred monthly payment. Click Next
  • Enter your basic personal information. Click Next. 
  • Select your current living arrangement and your annual income. Click Next
  • Select if you would like to apply with a co-applicant. If yes, enter their information. Click Check My Rate

Once you use SoFi technologies to fill your application, they will conduct a soft pull on your credit report, which will not impact your credit score. It may take several days to fund your loan, some borrowers complained of having to wait up to 30 days for their application to be approved, however, most loans are funded within a week.

Sofi’s Loan Cost

They offer flexible multipurpose personal loans or home loans ranging from $5,000 to $100,000, and competitive rates that range from 6.99% to 35.99%. Sofi’s repayment options are ranging from 2 years up to 7 years. And they do not charge any account fees of any kind, including late and overdraft fees – what you see if what you get.

What is the interest rate on Sofi?

The interest rate on is high. Many people have complained about the high-interest rates charged by Sofi. Some people have even called it a “scam” because of the high rates. If you’re considering taking out a loan, be sure to shop around and compare rates first. You may be able to find a better deal elsewhere.

How do you pay back Sofi?

This social finance is not a direct lender, which means that you will not be able to pay back your loan directly to them. Instead, you will make monthly payments to the company that funded your loan. The total funding amount will be divided into equal monthly payments, and you will be responsible for paying this amount each month. If you miss a payment, you may be charged a late fee.

What happens if you don’t pay Sofi?

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If you don’t pay them, your account will go into collections. This means that a third-party company will be hired to collect the debt from you. The collection agency may contact you by phone, email, or mail.

They may also report the debt to the credit agencies, which can damage your credit score. If you don’t pay the debt, the collection agency may take legal action against you. This could include wage garnishment or seizure of assets.

It will also charge you late fees and interest on the unpaid balance. If you’re having trouble making payments, you should contact Sofi to discuss your options. There may be programs available to help you.

What is the minimum credit score for a Sofi loan?

If you’re looking to take out a loan with this finance company, you’ll need a minimum credit score of 680. This can be a challenge for some borrowers, as it’s not always easy to maintain a high credit score. If your credit score is lower than 680, you may still be able to qualify for a loan from Sofi, but you may have to pay a higher interest rate.

How does Sofi affect your credit?

Sofi is a personal finance company that offers student loan refinancing, mortgages, and personal loans. It reports your payment history to the credit bureaus, which means late payments can hurt your credit score. Sofi also hard pulls your credit report when you apply for a loan, which can temporarily lower your score.

Place close attention to your payment due dates and try to avoid late payments. If you have any questions about your account, reach out to its customer service for assistance.

Sofi BBB Reviews and Ratings

SoFi has an A+, but the company isn’t BBB accredited. It only has a 1-star rating. And if you’re looking for customer reviews, you’ll find plenty–509 closed complaints in the last three years, to be exact. 331 of those complaints were closed in the previous 12 months.

So what are customers saying? The vast majority of complaints seem to revolve around customer service – specifically, difficulty reaching a customer service representative and unhelpful representatives when customers are finally able to get through. There are also quite a few complaints about billing and payments, with some customers claiming they’ve been charged hidden fees or that their payments have been misapplied.

All in all, it seems that this company has some serious customer service issues to deal with. If you’re considering doing business with the company, you may want to think twice – or at least be prepared for some frustration.

Here ase some Sofi BBB Reviews:

Complaint Type: Problems with Product/Service 06/23/2022

This company recently ran a promotion partnering with the life insurance company “Ladder”. The deal was, sign up for ************** and earn 10k ($100) rewards points. I read through the rules in the email, and everything sounded good. I proceeded to sign up and make my payment. After not being credited, I contacted support and at first I was told because the program only applied to customers who have a Sofi Invest account. I told the agent this was not in the email terms to which they asked for a screenshot.

After reviewing the screenshot, I was then told it was denied because I didn’t make the payment via a Sofi direct debit, again I told the agent that this was not in the rules state, and they said it was in the “Full terms” (not in the email). Sofi has a discreet list of rules in the promotional email they send you, which leads you to believe that if you follow those, you’ve met ALL the qualifications.

However, to deny customers who they know ****% won’t go out of their way to find additional possible rules in the official terms and conditions has a convenient and hidden “out” to deny customers payment if they desire to do so. If Sofi has a list of rules that must be followed to qualify they should list ALL of the rules in the email or none of the rules in the email and direct the user to the full terms and ****** needs to honor this deal and not hide behind a weird clause buried in the terms.

Complaint Type: Billing/Collection Issues 06/23/2022

My husband and I both had a hard mortgage inquiry pull to our credit from this finance company. While we initially did give consent to pull the credit, the loan officer verbalized on the phone right after applying that the credit would NOT be pulled as a result of no products matching our needs. Then, our credit was randomly pulled two weeks later without our consent. I’m just wanting SOFI to do the right thing here and communicate with CREDCO to remove the hard pull from both my and my husbands credit reports.

After some back and forth, on February 7, 2022, we got this note from our loan officer:My agent processed the inquiry removal on the 31st. Credco has informed us in the past that they usually need a couple days to process each request; from there, the credit bureaus usually need another 1-2 days.

In other words, the inquiry should no longer be on the member’s report, provided a fresh copy is pulled. A few months have gone by, and it’s still on our credit report. After checking back in with the loan officer, she acted like this never happened and won’t follow up with anyone to get a status check, saying nothing else could be done. What changed from when you sent me this on February 7th to now? She is never followed up.

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Is Sofi Legit? Remember This…

  1. SoFi is an online multipurpose personal loan marketplace and does not fund loans. It instead exists to aid you in searching and deciding on a suitable lender, as well as helping you compare loans.
  2. This company was under investigation by the Federal Trade Commission (FTC) in October 2018 for making false statements about its student loan refinancing program. The FTC alleged that they misrepresented how much borrowers could save by refinancing their student loans with the lender.
  3. They are a financial services platform with an encryption system to help safeguard your personal and financial information. Its privacy policy covers how your information is collected. Though it might share your information with third parties— you can opt out by calling its customer service line at 855-456-7634.
  4. Completing the dividend yield website form will not affect your credit or save spend; however, you should expect them to eventually do a credit check, which will temporarily lower your credit score.
  5. If you become unemployed throughout your loan, you can enter the Unemployment Protection Program. They will pause your loan payments for three months.
  6. No hidden fees and no catch—just serious savings. GET YOUR MONEY RIGHT® WITH ZERO Account Fees Pay zero account fees with SoFi Checkings and Savings, which includes no annual, overdraft, or other account fees. 
  7. Make sure to contact them when you have any questions.

This financial services platform has been accused of bait and switch tactics by a lot of people. They lure customers in by promising low-interest rates and then change the terms later. This has led to a lot of complaints.

So, is it legit? It’s hard to say for sure. There are a lot of complaints out there, and bait and switch tactics are certainly not unheard of. You might want to think twice before doing business with Sofi.

There are other, more reputable companies out there that can offer you better terms. So, if you’re looking for a personal loan, you might want to consider another option.

Have you had a bad experience with Share your story in the comments below.

Thank you for Reading!

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Sofi Review

SoFi has a generally good reputation as a lender that offers high-quality loans for a variety of purposes, among them are student loan refinancing, personal loan, or home mortgage options.

However, SoFi was under investigation by the Federal Trade Commission (FTC) in October 2018 for making false statements about its student loan refinancing program. The FTC alleged that SoFi misrepresented how much borrowers could save by refinancing their student loans with the lender.

Furthermore, SoFi’s efforts to teach better personal finance skills and professional development resources make SoFi stand out. No to mention, its low-interest rates and unemployment protection.

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