SoFi - Reviewed & Compared


Getting a personal loan can be a little daunting. Worries about being asked “why do you need to money" come about, as does the “will I get approved" question. SoFi looks to alleviate these with a social-based approach to lending that looks at the person as much as the numbers in making a decision. Are they for you? Let's find out:

Company Overview

SoFi stands for Social Finance, and indeed, the company started in 2011 as a way for alumni to help finance student's education (with lending more based on character, education, and earning potential over a current credit score.)

The company has expanded to a more traditional lending model, but still uses a component of the "look at the person" criteria when making lending decisions, making them a clear choice for many people looking for a personal loan.

MORE: Is Getting a Personal Loan Right for You?

What SoFi Does Best

They help people who may not have ideal “numbers" get a personal loan. Essentially, the idea is this: SoFi will bank on a borrower's education, cash flow, and income potential. This is good news for younger borrowers or those with fairly light credit histories. This is a unique approach in an industry that has otherwise turned more to algorithms and hard numbers.

I also liked their main website – there was a friendly vibe, a FAQ section, a loan calculator, and more. It made me feel welcome.

MORE: Is Getting a Personal Loan Right for You?

Any Negatives?

Not really. Unless you are someone who wants “face to face". SoFi is an online-only service, so they do not have brick and mortar locations. But in today's day and age, that's seen as a plus by a great many people.

What Others Are Saying

SoFi has an A+ BBB rating, and a wealth of member stories by real people should make anyone feel comfortable.

Our Final Verdict: 0/10

There's a lot to like with SoFi when it comes to personal loans. SoFi is unique in that they look at the person as well as the numbers, which is good news for responsible borrowers, and they have all of the loan products you would want, at very competitive rates. They earn high marks from me, and should be on your list to check out.

Terms and Conditions Apply. See for more details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636.

Information presented is current as of June 8, 2017.

Compensation Disclosure: The offer that appears on this site is from a third-party advertiser from which Comparisons.Org receives compensation.

  • A social-based lender who utilizes unique criteria to base lending decisions
  • Some of the lowest personal loan rates in the industry
  • Solid, easy to use website with lots of information and tools
  • Easy, no-obligation application process