SoFi
SoFi was founded in 2011 and worked to be viewed as a modern take on finances. Based out of San Francisco, they provide a digital experience on their products through a desktop interface or mobile app. They continually innovate to make their online experience seamless and easy for the customer. Their goal is to help people get their money right and achieve financial independence. They offer a wide array of products to help people reach their goals.
Those products include personal loans, home loans, investing, debit accounts, credit cards, insurance, and estate planning. They also offer resources to help with credit scores and budgeting and calculators so a consumer can determine their estimated monthly payment before applying for a loan.
Get a rate in minutes with SoFi.
Overall Rating
3.5/5 (Fair)
No hidden fees
Convenient mobile app
Complimentary member benefits
Easy online application
Other financial products/services
About SoFi
Their loan program has many benefits, which has helped make them one of the top lenders in the industry. They offer low rates, no additional fees, and they offer unemployment protection. This is a unique feature that can give customers a sense of relief if they lose their job while paying off their debts.
Though SoFi does offer similar products and services as banking financial institutions, they are not a bank. They are held to regulatory and compliance standards and take the protection of customers’ information and finances seriously.
Program Options
SoFi wants your money to work for you. Whether that means being debt-free, saving for a house or large purchase, or working towards other financial goals, they have the tools in place to get you started.
Debt consolidation
Debt management
Debt relief
Person, debt, & auto loans
Installment calculators
Credit score education
Reputation
SoFi was named the Best Personal Loan of 2021 by Forbes Advisor due to the benefits they offer. Having loaned over $6 million in personal loans, SoFi has become one of the biggest marketplace lenders.
10+ years in business
U.S.-based customer service
Cost & Other Highlights
SoFi has no fees on their personal loans; a consumer is only responsible for paying interest. This is one of the most significant benefits of SoFi. Additionally, they also offer unemployment protection. If consumers lose their job, they will temporarily pause their payments and help them find a new job.
SoFi also offers member benefits that can all be navigated easily through their mobile app.