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SoFi Loans and Investing Review

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securely through SoFi's website

1 Minute Review

SoFi’s mission is simple: to help reach clients like you reach their financial independence and realize their ambitions. SoFi knows that this independence comes from making decisions that help your money start to work for you in the long run. The brand helps individuals make these decisions through personal financial products such as personal loans, student loans and automated and active investing

The brand additionally provides in-person experiences such as educational and networking events, personalized guidance from experienced financial planners and one-on-one advising with professional career coaches. SoFi’s services have been highlighted in outlets such as Forbes, Medium, and CNBC’s Make It.

Best For

  • No-fee loans, even late payment fees
  • Cosigners accepted in just a few clicks
  • Borrowers can become members with special benefits

Pros

  • Held to high regulatory and compliance standards, just like a traditional bank
  • U.S.-based customer service
  • No-cost exclusive member benefits
  • Additional member-centered events and financial/career guidance with professionals
  • Highly-rated mobile app for iPhone and Android

Cons

  • No business information from the Consumer Financial Protection Bureau
  • Contacting customer service is required to delete member profiles
securely through SoFi's website

Lending and investing are two elemental factors of financial well-being that can bring you that much closer to reaching your goals. Keep reading Benzinga’s review of SoFi’s online products to learn about the quality of their lending and investing services.

SoFi Personal Loans

Personal loans through SoFi allow you to borrow funds for all sorts of uses such as consolidating credit card debt, paying for home renovations, assisting with relocating, helping with medical expenses, treating yourself to a vacation and much more. Like all SoFi loans, these loans come with no origination, late payment or insufficient fund fees. Period. You pay back the loan monthly (plus interest) at a pace that makes sense for your needs. 

Personal loans through SoFi are offered for terms from 2 to 7 years, and the company offers unemployment protection for those eligible, which can allow you to temporarily suspend monthly payments if you lose your job through no fault of your own. 

You can’t use SoFi’s personal loans for real estate, business purposes, investments, purchases of securities, post-secondary education and short-term bridge financing. Co-applicants are accepted on personal loans, which become co-borrowers who are equally responsible for the loan principal and monthly interest once the loan is officially approved, but they must live at the same address as the primary borrower to be accepted. SoFi doesn’t accept cosigners on personal loans. 

Lastly, only unsecured personal loans are offered through SoFi, which means though you don’t have to put down valuable property or bank accounts as collateral to get the loan, it might make it more difficult to obtain the loan if you don’t have a steady income and decent credit history. 

SoFi Student Loans

No-fee Private student loans through SoFi, launched in 2019, help you pay for school with competitive rates to save you money while you work hard to complete your degree. With a range of options from undergrad to parent loans, SoFi can help you and your family make beneficial financial decisions with transparency, tons of supportive resources and modern customer-first solutions. Once you’ve tried all of your options for federal student lending, SoFi can offer 100% school-certified coverage for tuition, food, books, supplies, room and board and even transportation around campus. 

You can borrow a flexible minimum of $5,000 to help you through the school year, and you can even start making payments before you’re out of the dorm room — and choose to either defer payments before graduation or make payments ASAP to help you save on long-term interest. 

SoFi requires students to make satisfactory academic progress (SAP) during the school certification process in order for them to receive private student loans. This means that students have to achieve satisfactory grades and complete enough credits to keep moving forward at a rate that’s deemed acceptable to the school. You might need to check your school’s SAP policy at the financial aid office and see if your academic performance measures up before being approved for a loan.

SoFi Automated Investing

Automated investing through SoFi is known as “hands-off investing that’s always on.” SoFi can help you set goals whether you’re saving for retirement, saving for a down payment or simply investing for later. The brand will rebalance your investments by adjusting your stock and bond funds quarterly and diversify your portfolio by allocating across several different investments and avoid as much risk as possible.

You can start investing through SoFi with as little as $1 and make 1-time or recurring payments depending on what works best for your goals. Investing through SoFi also gives you access to member benefits and discounts on other SoFi products.

SoFi Active Investing

Active investing through SoFi is the 2nd option for your investing goals, through which you can actively trade on a do-it-yourself basis and learn the market your way. With active investing, you can be much more connected with other SoFi investors while you learn together from news updates and educational tools, all on the SoFi mobile app. Start investing fractional shares of stocks and ETFs from your favorite companies with as little as $1 and enjoy the perk of $0 fees on every trade you make. SoFi knows that knowledge is power when it comes to trading, so you can stay up to date with real-time investing news, content and other relevant data by creating a personal watchlist to follow stocks that matter most to you. 

Customer Service

Customer service is elemental for every online service or company. Customer service at SoFi is accessible through the “About” and “Contact us” tabs made available on every page of its website. The customer service page is very organized and easy to read, including phone numbers for general support, home loans support, investing support and money support.

Available office hours are included for each phone number, as well as payment addresses for check writing on loans and company contributions. Various emails included are general customer service, press, investor relations, partnerships, SoFi Money, SoFi Invest and home loans. Locations for in-person help are in San Francisco and Healdsburg, California, and New York City. You can also tweet SoFi at its Twitter handle @SoFiSupport for short questions and concerns regarding all services. 

SoFi Overall Rating

After our assessment and analysis, SoFi’s online lending and investing services are high-quality and hard to beat. With a user-friendly, highly-rated mobile app available to iPhone and Android users featuring its 100% fee-free lending and investing services, SoFi is an online financial platform to remember.