SoFi review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

SoFi suits US borrowers who want fee-free lending from a direct lender, covering personal, student, car, business and debt consolidation loans plus purchase and remortgage mortgages. Fees run at 0 and 0%, borrowing reaches up to $100,000, the term ceiling is up to 84 and the bank licence is FDIC cert 26881.

Key facts

Best for
US borrowers wanting fee-free personal, student, car, business or debt consolidation loans from a direct lender.
Loan amount
up to $100,000 (Source, checked September 26, 2026)
Term
up to 84 months (Source, checked September 26, 2026)
Arrangement fee
0 (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Origination fee (%)
0% (Source, checked September 26, 2026)
Loan types
Personal, Student, Debt-consolidation, Car, Business (Source, checked September 26, 2026)
Legal entity
SoFi Bank, National Association (Source, checked September 26, 2026)
Headquarters
United States (Source, checked September 26, 2026)
Founded
2011 (Source, checked September 26, 2026)
Official website
sofi.com

Mortgages

Purpose
Purchase, Remortgage (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Legal entity
SoFi Bank, National Association (Source, checked September 26, 2026)
Headquarters
United States (Source, checked September 26, 2026)
Founded
2011 (Source, checked September 26, 2026)

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaX

Pros and cons

Pros

  • Fees of 0 and 0% on the loans listed
  • Lends directly rather than through a broker, on direct lender terms
  • Borrowing of up to $100,000 with a term ceiling of up to 84
  • Covers personal, student and debt consolidation loans plus purchase and remortgage mortgages

Cons

  • Terms stop at up to 84, shorter than the 480 seen across the wider personal loan field
  • Lends in the US only, so the £10,000 to £35,000 and €100 to €5,000 ranges sit outside its reach
SoFi

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Scored 9.2 / 10 by BorrowCue.

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Who it suits

  • US residents borrowing for one of the personal, student and debt consolidation purposes
  • Anyone who wants purchase and remortgage mortgages from a bank holding FDIC cert 26881
  • Borrowers who prefer a fee-free arrangement, since fees are 0 and 0%

Who should look elsewhere

  • Borrowers wanting terms beyond up to 84, which is well short of the 480 in the wider market
  • Anyone outside the US, where Monzo Flex lends £10,000 to £35,000 in sterling
  • Small euro borrowers, who can borrow €100 to €5,000 through Cashspace ES instead

How your money is protected

SoFi lends as a direct lender, and the money side is backed by a US bank licence: FDIC cert 26881. Deposits held with the bank sit inside the FDIC arrangement rather than with an intermediary, so the protection sits with the regulator named on the licence. A single licence means one scheme to read, and the US deposit insurance limit applies to eligible deposits.

The company behind it

The lender is SoFi Bank, National Association, a bank chartered in the US and dated to 2011. It operates as a direct lender rather than a broker, and it holds FDIC cert 26881. The same entity issues the personal, student, car, business and debt consolidation loans, and lends for purchase and remortgage.

How SoFi compares

Where SoFi is available

Available
United States
Licence in United States
FDIC (FDIC cert 26881), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What fees does SoFi charge?+

SoFi charges fees of 0 on the personal and student loans, and the percentage fee is 0%. For car and business loans the same pattern holds. The cost you pay is therefore the interest on the balance, not a set-up charge added on top.

How much can I borrow from SoFi?+

The borrowing cap is up to $100,000. SoFi lends it as personal, student, debt consolidation, car and business loans, and also for purchase and remortgage mortgages. Only SoFi reaches that top figure in this comparison.

How long can a SoFi loan run?+

The longest term SoFi offers is up to 84. That is the shortest ceiling here, and the wider personal loan field stretches to 480. Anyone wanting a longer repayment window has to look elsewhere.

Is SoFi a broker or a direct lender?+

SoFi is a direct lender, meaning you deal with the lender itself rather than a broker passing your application on. Its range covers personal, student and debt consolidation. A direct arrangement usually means one set of terms to read.

Is my money protected at SoFi?+

SoFi holds FDIC cert 26881, so deposits sit with a chartered US bank rather than an intermediary. The licence is the place to check what protection applies to your balance. A bank licence is a stronger footing than an unregulated lending site.

Which company is behind SoFi?+

The lender is SoFi Bank, National Association, a US bank founded in 2011 and based in the US. The same entity issues the loans it advertises, including the personal, student and debt consolidation ranges and purchase and remortgage mortgages.

Can anyone in Europe get a SoFi loan?+

SoFi lends in the US, so it is not a route for European borrowers. Cashspace ES lends €100 to €5,000 in euro and Cashspace lends PHP 500 to PHP 25,000, which is where a euro or peso borrower should start.

Does SoFi lend for cars and student loans?+

Yes. The listed loan types are personal, student and debt consolidation, which cover car finance and student borrowing as well as personal and debt consolidation. Purpose-built lending for a car or a course sits alongside the general personal loan.

Sources

Compiled from 2 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: APR, Credit check, Funding time, Representative example.

SoFi

SoFi

US borrowers wanting fee-free personal, student, car, business or debt consolidation loans from a direct lender.

9.2/10See alternatives

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