They offer loans with low-interest rates and flexible repayment plans. Its mission is to provide financial relief for those who need it most while providing a better borrowing experience than traditional lenders. No wonder why the company has received praise for its customer service and its transparent lending practices.
But as opposed to the many beneficial things SoFi can give, a lot of people says that the company should have a joint loan option to secure a good term loan. The company is also getting complaints about its high minimum loan amount which is $5,000 – an amount that is not ideal for borrowers who only need money to fund a small project or minor expense.
SoFi Personal Loan Interest Rates and Fees
Interest Rate: The interest rates of SoFi can vary between 6.99% to 22.23%. This is moderately high compared to other traditional bank loans. A borrower can get the lowest interest rate possible depending on the FICO credit score they will provide. Also, SoFi offers interest rate discounts for autopayments.
Fees: SoFi Personal Loans don’t charge any origination fees, late fees, and prepayment penalty fees to borrowers – which is rare for an online lending company.
Qualifying for a SoFi Personal Loan
The SoFi personal loan process is simple and straightforward. In fact, the company has built a reputation for being one of the easiest lenders to qualify for.
Credit Score Required: SoFi requires borrowers to have at least a 680 credit score. This is too high since other applicants rely on online lenders like SoFi because bank loans require high credit scores as well. Anyhow, because of the co-signer feature of SoFi, the borrower can look for a person with a high credit score and help with the FICO requirements.
Other requirements: Unlike any other online lender, SoFi is not fond of disclosing such requirements as specific income or the name of the employer. But the following are other requirements a borrower might need before qualifying to acquire a SoFi personal loan.
- Legally adult or 21-year-old above.
- Must be a U.S. citizen, permanent resident, or visa holder.
- Must be employed, have sufficient income, or have an offer of employment to start within the next 90 days.
How to apply for Sofi Personal Loans?
Sofi is a personal loan company that provides its customers with the best loans in the market. To apply for Sofi Personal Loans, borrowers will have to visit their website and fill out a form.
The form necessitates personal information such as:
- Full Name
- Preferred Loan Terms
- Employer or Future Employer Information
Once done, the website will show the possible loan terms and amounts available. The borrower will then choose the best on the list and wait for SoFi’s approval of the application.
Frequently Asked Questions:
When will I receive the borrowed funds from SoFi?
SoFi’s approval can take a few business days after the final contract is signed. To be specific, it can take 6 to 15 days depending on the amount of the loan you borrowed. The timeline includes 2 to 4 business days for approval, and 4 to 11 business days to receive the funds after contract signing.
What happens if a late payment occurred?
SoFi personal loans don’t charge late payment fees. But the worst thing that can happen if a late payment happens is the reflection of it on your credit report. Once the damage is done, it will negatively impact your credit score and will make you less creditworthy.
Online lending companies are growing in popularity due to the convenience they offer. They are also seen as a safer alternative to traditional lending agencies, which have been under scrutiny due to their high-interest rates and lack of transparency.
The popularity of these online lending companies has increased in recent years because of the increased demand for financial services. As more and more people turn towards digital means for their financial needs, online lending companies are becoming a preferred choice for many people.
SoFi is one of the leading companies that offer online applications for personal loans. The process they offer is much easier and faster than going through the traditional loan application process. So make sure to finance your dreams through SoFi because they are also considered to be a good option for people who need short-term financial help and want to avoid the hassle of dealing with a bank.