The content is accurate at the time of publication and is subject to change.

SoFi (short for SoFi Technologies, Inc.), a San Francisco-based online personal finance company and online bank, has been sweeping the lending industry since 2011. As pioneers in offering affordable student loan refinancing, they have now significantly broadened the range of financial products they offer. Since then, Sofi has become one of the largest online lending marketplaces, providing a full spectrum of products, including loans, refinancing, investing, banking services, and more.

TYPES OF PRODUCTS AND SERVICES AVAILABLE
  • SoFi Student Loan Refinancing
  • Student Loans
  • SoFi Checking and Savings
  • SoFi Credit Card
  • Personal Loans
  • Home Loans
  • SoFi Invest
  • SoFi Money
  • SoFi Protect - Insurance Products

SoFi aims to offer a wide range of products and services to help its members achieve financial independence and make smart decisions about their finances. Below, we've picked up some of SoFi's best offers, which may spark your interest in submitting an online application.

A variety of loan options

Although student loans are SoFi's core product, the company has a lot to offer its members. Some loan types available through SoFi are student loans, personal loans, small-business loans, and home loans.

SOFI STUDENT LOANS

There are two main types of student loans: private student loans and student loan refinancing. SoFi offers private loans for college, graduate school, law school, medical school, and business school students. You can borrow from a minimum of $1,000 and up to 100% of the full cost of your attendance. The entire application process is online, and there are no fees. That means there are no origination fees required, no prepayment penalty fees, and no late fees whatsoever.

Parents can also use SoFi to pay for their children's graduate and undergraduate education. The parent loan program works much like graduate and undergraduate loans, but there are only two repayment options: immediate and interest-only.

BASIC QUALIFICATION REQUIREMENTS:
  • Be a US citizen, permanent resident, or visa holder.
  • Be of 18 years or older and reside in one of the eligible states.
  • You must be employed or have a promise of employment within 90 days with sufficient income to make your payments.
  • Loan eligibility also depends on a number of additional factors, such as a responsible financial history, credit score, your monthly income vs. expenses, and professional experience.

SOFI STUDENT LOAN REFINANCING

If you are having a hard time paying off your student debts, you can apply for student loan refinancing. It was initially offered by SoFi, and it is still a sought-after offer today. You can apply for both fixed and variable interest rate loans, with loan terms ranging from 5 to 20 years.

It's possible to refinance either private or federal student loans. However, you should consider that federal loans do come with certain benefits, such as income-driven repayment plans and Public Service Loan Forgiveness (PSLF), which will be forfeited upon refinancing.

SOFI PERSONAL LOANS

If you have a decent income and a credit score of 680 or more, a SoFi personal loan (expired offer) can be a great option. To get a personal loan from SoFi, you need to be employed, starting a job in the next 90 days, or have an alternative source of income.

SoFi personal loans come with terms ranging from two to seven years and can be used for things like home improvements, medical bills, and everything else you need for yourself, your family, or home. But, like other lenders, SoFi imposes some restrictions on how the funds may be used. You can't use them for real estate, business purposes, investing, buying securities, post-secondary education, or short-term loans.

SOFI BUSINESS LOANS

SoFi does not offer business loans directly, but they can help you locate the loan your business needs through Lantern by SoFi. The marketplace helps business owners find and compare the best loans currently available. Small business loans can be used for a wide variety of reasons, whether you need to purchase equipment or expand to new locations, there are options available.

SOFI HOME LOANS

SoFi also offers home loans. These include conventional mortgages, mortgage refinances, cash-out refinance, jumbo mortgages, and home equity lines of credit (HELOCs) through its partner SpringEQ. The minimum loan amount for conventional mortgages is $100,000, while the maximum for jumbo loans is $3 million.

Borrowers can apply for their products online. SoFi also lets you get a pre-approval within minutes after you apply online.

SOFI BANKING

SoFi Bank, N.A. features checking and savings accounts that allow you to save, spend, and earn cash back. In addition to a higher interest rate and other features, they offer no-charge ATM access through the network, no-charge P2P payments, mobile check deposits, bill pay, and more.

SOFI INVESTING

SoFi members can start investing and grow their assets with different types of accounts, including automated investing.

With SoFi you can invest in ETFs, stocks, and crypto. Additionally, SoFi is one of the first companies to offer initial public offering (IPO) and special purpose acquisition company (SPAC) IPO investing to its members. Finally, they also offer margin trading.

SOME OF THE KEY FEATURES OF SOFI CREDIT PRODUCTS INCLUDE:
  • No-fees required. Most SoFi loan programs don't charge any fees. This means you won't be charged any origination or late fees. Moreover, if you decide to pay off a SoFi loan early, you won't have to worry about prepayment fees. The exception is SoFi's home loans, which do charge mortgage-related closing costs such as title charges, appraisals, transfer taxes, and escrow fees.
  • Low interest rates. Along with the top lenders, SoFi offers very competitive interest rates. They can brag about some of the lowest interest rates on student loan refinancing in the industry.
    Like other lenders, SoFi provides a 0.25% interest rate reduction for borrowers who set up an autopay from a savings or checking account on a monthly basis.
  • Soft credit check. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. Nevertheless, if you choose a product and proceed with your application, the lender will request your full credit report from one or more consumer reporting agencies.

Other services

Besides its core financial products, SoFi offers several additional services to provide added value to its members.

SOFI INSURANCE PRODUCTS

As a SoFi member, you'll be able to purchase insurance through various SoFi third-party partners, which include life insurance, auto insurance, homeowner's insurance, and renter's insurance.

When you join SoFi, you become a SoFi member, and get numerous member benefits.

SOFI SERVICE MEMBER BENEFITS
  • Career Coaching: members interested in one-on-one sessions can be paired with a coach to discuss any career and job-related topics like job search and career change strategy, networking assistance, interview and resume preparation, negotiation guidance, and personal brand review with your career coach.
  • Financial Planning: complimentary 30-minute calls and appointments with a financial planner who can help you with understanding your finances and setting up goals and a plan to help achieve them.
  • SoFi Referral Promotion: earn up to $10,000, depending on the product, by referring friends to SoFi. That includes friends applying for SoFi Credit Card, SoFi Money, Active Investing, Student Loan Refinancing, and Personal Loans.
  • The SoFi website offers multiple tools, including calculator to help you with student loan refinancing, mortgages, student loan payments, personal loans, retirement, student loan payoff, debt payoff and more. They also provide help centers for home loans and student loans, the medical school refinance guide, and other educational resources.
  • SoFi Relay: free money management app that allows you to track information about your assets, liabilities, and financial goals in one place. You can also set goals such as paying off debt, building an emergency fund, saving for the down payment on a house, or saving for retirement.
  • SoFi Unemployment Assistance: if you've had a funded personal loan, this type of protection allows you to stop payments for up to three months if you lose your job through no fault of your own, provided the loans are in good standing. Each unemployment assistance period lasts for three months. You may apply for extensions in three-month increments, up to a maximum of 12 months over the life of the loan. Plus, SoFi offers career counselors to help you find a job during this time.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.