SoFi Personal Loans Review and Portal Guide 2021 Updates
In as much as you want to get due with your finances and you want all of it under control. Taking out personal loans isn’t a bad idea; it offers you quick access to finances which you might need urgently. So in this SoFi personal loans review, we will be giving you a concise look into SoFi Personal Loans and all it has to offers.
In this article, the following points were highlighted;
- SoFi Personal Loans Overview
- SoFi Personal Loans Application and Requirements
- How SoFi Compares to Other Lenders
SoFi is a strong option for good-credit consumers, offering low rates, no fees, and flexible payments. SoFi attracts high-income borrowers with low rates and member perks. It considers free cash flow in addition to credit score.
SoFi offers so many perks including; no origination fees, no late fees and you won’t be penalized for paying off your balance early.
SoFi Personal Loans Overview
It can be a great option if you’re looking for help with debt consolidation (like paying off your credit card debt), home improvement projects, and more.
SoFi offers fixed- and variable-rate personal loans to borrowers with good, very good, or excellent credit. Here are the most important features of SoFi personal loans.
|Loan amounts||$5,000 to $100,000|
|Loan terms||2 to 7 years|
|Time to fund||3 business days|
|Soft credit check||Yes|
|Loan use||Solely for personal, family, or household uses|
|Best for||Debt consolidation or home improvement|
You can use SoFi personal loans for personal, family, or household purposes. Common loan uses include:
- Debt consolidation
- Home improvements
- Medical expenses
- Auto refinancing
Borrowers can’t use loan funds for:
- Real estate
- Business purposes
- Purchases of securities
- Postsecondary education
- Short-term bridge financing
- Offers fixed and variable rates.
- Option to change your payment date.
- Offers unemployment protection.
- Does not offer direct payment to creditors with debt consolidation loans.
- Does not offer to refinance options.
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SoFi Personal Loans Application and Requirements
You can apply for a SoFi loan online or through its iOS or Android mobile app. You can start the application process by trying to prequalify — which usually only takes a few minutes.
You’ll need to be at least 18 years old; be a U.S. citizen, permanent resident, or visa holder; and live in an eligible state to be able to apply.
To speed up the process, SoFi recommends having this information handy.
- Social Security number
- Proof of address and personal identification
- Proof of income, including W-2s, tax returns, bank statements and pay stubs
- Documentation of monthly debt
- Employer contact information
- Address and phone number
- Whether you’re applying by yourself or with a co-borrower
SoFi may also ask about your career experience, as well as how much you want to borrow and how you plan to use the money.
The last step to apply for prequalification is agreeing to a soft credit inquiry — which won’t affect your credit scores — to get an idea of what rates you might qualify for.
If you’re approved, SoFi will send over a loan agreement for electronic signature. If you accept the offer, you’ll get a phone call to confirm your address. You should receive the funds within a few days.
While SoFi offers competitive loan rates to borrowers with great credit, qualifying for a loan depends on a variety of factors like your credit score, income, and responsible financial history. You also must be a U.S. citizen or permanent resident.
An analysis of a recent batch of $525 million in SoFi loans says a lot about the type of borrower SoFi is looking for:
- Average FICO score: 753
- Average gross income: $151,144
- Loan Average amount: $31,634
- Average monthly free cash flow: $5,696
How SoFi Compares to Other Lenders
Here’s how SoFi compares to two other lenders that also specialize in lending to borrowers with good credit.
How is a SoFi Personal Loans different from credit card debt?
SoFi Personal Loans have a fixed repayment term. Credit cards often have high variable rates and no set repayment term.
Will applying for a personal loans affect my credit?
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
How long does it take to receive the funds?
Once your application is complete and verified, if you are approved for a loan, you will receive a Loan Agreement for electronic signature. Once you’ve signed the document electronically; we will give you a call to confirm your address and welcome you to the SoFi Community. And then your funds should generally be available within a few days.
What if I’m late in making a payment?
Timely payment of your SoFi loans helps ensure we can continue to deliver great products and services to the SoFi community. As of April 18, 2018, SoFi doesn’t charge late fees on Personal Loans.
How are funds disbursed?
Funds are sent directly to your personal bank account under your name. You are responsible for paying toward the purpose of this loan thereafter.
Having funded loans to over 600,000 borrowers, SoFi is a safe lender for those with a decent credit history who are looking for lower APRs than other online competitors. Before choosing SoFi, be sure to explore your other personal loan options.
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