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SoFi review

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

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

SoFi is a direct US lender with terms reaching up to 84 and savings, cards and loans run from a single online bank. It suits beginners who want the same app for everyday money, and its US licence keeps deposits with the FDIC.

Key facts

Best for
US beginners wanting a single direct lender for savings, cards and loans
Loan amount
up to $100,000↗
Term
up to 84 months↗
Arrangement fee
0↗
Rate type
Variable↗
Lender type
Direct lender↗
Origination fee (%)
0%↗
Loan types
Personal, Student, Debt-consolidation, Car, Business↗
Legal entity
SoFi Bank, National Association↗
Headquarters
United States↗
Founded
2011↗
Support channels
Help-centre↗
Pricing model
Commission-free
Features
Crypto, Fractional shares, Mobile app
Official website
sofi.com

Brokers

Minimum deposit
$0↗
Stock trade fee
$0↗
Account fee
$0↗
Inactivity fee
$0↗
Markets
Stocks, ETFs, Options, Crypto↗
Regulators
SIPC, FDIC↗
Investor protection
SIPC up to USD 500,000↗
Account types
IRA, Roth-IRA, Joint↗
Audience
Beginners

Savings

Deposit protection
FDIC insured (certificate 26881)↗
Access terms
Online-only direct bank, no physical branches; SoFi Savings bundled with SoFi Checking↗
Monthly fee
$0↗
Account kind
Easy access↗

Credit cards

Rewards type
Cashback↗
Card kind
Credit↗

Robo-advisors

Portfolio types
ETF, Cash, Crypto↗

Debit cards

Card type
Debit↗

Facts checked September 26, 2026, 4 sources

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaX

Pros and cons

Pros

  • Direct lender covering personal, student and debt consolidation
  • An account fee of $0 and an inactivity fee of $0
  • A US licence, FDIC cert 26881, behind an FDIC insured deposit
  • Savings bundled with checking, so money sits with the same bank

Cons

  • Support runs on help centre only
  • Borrowing stops at up to $100,000, so larger sums need a different lender
  • Savings rates are variable, so the cost of a balance can move
SoFi

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Scored 9.0 / 10 by SumCue.

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Who it suits

  • US beginners, since the audience is beginners
  • Borrowers who want savings and lending side by side, with an account fee of $0
  • Investors drawn to a commission free model and a stock trade fee of $0

Who should look elsewhere

  • Cashspace, if you would rather borrow in Philippine pesos than SoFi's up to $100,000
  • Creduma ES, if you would rather borrow in euros than SoFi's up to $100,000

Deposit protection

SoFi is a direct lender, so the same company handles the application through to repayment. Its US licence reads FDIC cert 26881, which places deposits inside US deposit insurance. For a reader weighing cost, safety of the money and how the account works, that cover carries the most weight.

The company behind it

The lender is SoFi Bank, National Association, a bank based in the United States and founded in 2011. Its US licence reads FDIC cert 26881. Support runs on help centre, so most questions are handled in writing through an online desk, and borrowers deal with the same named bank throughout.

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

How much can I borrow from SoFi?+

Borrowing reaches up to $100,000 in a direct lending arrangement. SoFi lends rather than brokering, and personal, student and debt consolidation cover personal, student, debt consolidation, car and business lending, so the size and the purpose can be matched.

What fees does SoFi charge?+

The origination fee is 0 and 0% on the amount, so borrowing itself carries no arrangement charge. The linked account charges an account fee of $0 and an inactivity fee of $0, and the savings account is bundled with checking.

How long can a loan run?+

Terms reach up to 84, which gives room to spread a balance over a longer period. The savings side is an easy access account, and SoFi Savings comes bundled with checking, so saving and repaying sit in the same place.

Is my money protected?+

The US licence reads FDIC cert 26881, and deposits are FDIC insured (certificate 26881). Investment balances are covered separately under SIPC up to USD 500,000, so cash in the bank and investments sit with different schemes.

Can I borrow without a branch?+

Yes. SoFi is an online only direct bank with no physical branches, and every service runs through the app, which appears in crypto, fractional shares and mobile app. Support is limited to help centre, so help is self service.

What can I invest through SoFi?+

Markets cover stocks, etfs and options with a commission free trading model, a stock trade fee of $0 and a minimum deposit of $0. Portfolios run across etf, cash and crypto, and ira, roth ira and joint accounts are available.

Who is SoFi aimed at?+

The audience is beginners, so the service targets people new to borrowing who want fees kept simple. Rates are variable, which means the cost of a balance can move over its life, and support runs on help centre.

What does SoFi charge for its cards?+

SoFi offers a debit card with a monthly fee of $0, and a credit card that pays rewards as cashback. Card and account help both run through help centre, so questions are answered online.

Sources

  • sipc.org/list-of-members checked September 26, 2026

    Backs: Investor protection, Regulators

  • banks.data.fdic.gov/bankfind-suite/bankfind/details/26881 checked September 26, 2026

    Backs: Deposit protection, Headquarters, Legal entity, Licences

    “CERT=26881; NAME=SoFi Bank, National Association; WEBADDR=www.sofi.com; ACTIVE=1”

  • en.wikipedia.org/wiki/SoFi checked September 26, 2026

    Backs: Access terms, Account kind, Account types, Loan amount, Audience, Card kind, Card type, Features, Founded, Lender type, Loan types, Markets, Monthly fee, Arrangement fee, Origination fee (%), Portfolio types, Rate type, Rewards type, Support channels, Term

    “focusing on digital banking methods, without operating physical branches”

  • sofi.com checked September 26, 2026

    Backs: Account fee, Inactivity fee, Minimum deposit, Pricing model, Stock trade fee

Compiled from 4 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 beginners wanting a single direct lender for savings, cards and loans

9.0/10See alternatives