SoFi is a legitimate, licensed lender. They are registered with state financial regulators, use 256-bit SSL encryption, and are accredited with the Better Business Bureau. While they have some customer complaints (as most lenders do), there are no major fraud patterns or regulatory actions that would indicate a scam.
Trust Signals We Verified
Things to Know Before Applying
- Requires good to excellent credit (650+)
- Minimum loan of $5,000
- No co-signer option
- Some complaints about strict approval requirements
SoFi Loan Details
| APR Range | 8.99% – 29.99% |
| Loan Amounts | $5,000 – $100,000 |
| Loan Terms | 2 – 7 years |
| Min. Credit Score | 650 |
| Origination Fee | None (optional fee to lower rate) |
| Time to Fund | Same day possible |
Looking for a Strong Alternative?
If SoFi declined your application or you have a credit score below 650, Upstart is an excellent alternative. Upstart has no minimum credit score, uses AI-based underwriting that considers education and work history, and funds in 1 business day. Check your rate with no credit impact.
Check Upstart Rate — No Credit Impact →Frequently Asked Questions
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Upstart