Review of SoFi
What is SoFi?
This is an American online personal finance company that offers financial products and services such as loans, investing, and banking. It is known for its user-friendly digital platform, competitive interest rates, and unique features such as career coaching and community events.
It is headquartered in San Francisco and has grown rapidly in recent years to become one of the largest fintech companies in the United States, with over 2 million members and more than $90 billion in funded loans.
SoFi Money is an interest-bearing checking account that makes it easy for you to manage your money. With no account fees and a competitive interest rate, it is a great option for anyone who wants to save more money. You can easily transfer funds between your SoFi Money account and other external accounts, making it simple to manage all your money in one place.
The SoFi Card is a credit card that offers great rewards to its users. With cashback rewards on all purchases, including dining out, entertainment, and travel, the Sofi Card is a great way to earn extra money while you spend. Plus, there are no annual or foreign transaction fees, making it an excellent option for people who frequently travel abroad.
The SoFi App makes it easy to manage your finances from anywhere. With the app, you can quickly check your account balances, transfer money between accounts, and even apply for loans or credit cards. Plus, the app is user-friendly and easy to navigate, making it a great option for people who prefer to manage their finances on their mobile devices.
The app is available for both iOS and Android devices and can be downloaded for free from the App Store or Google Play.
SoFi Customer Service
If you ever have questions or concerns about your bank account from this lending partner, its customer service team is always here to help. It offers fast and friendly support via phone, email, or chat, so you can get the answers you need when you need them. You can reach customer support at 855-456-7634 Monday through Thursday from 5 a.m. to 7 p.m. PT and Friday through Sunday from 5 a.m. to 5 p.m. PT.
Sofi personal loan
Sofi personal loan rates and term
This lender provides a borrowing range from $5,000 to $100,000, and repayment terms can range from two to seven years. Sofi personal loan rates are from 8.99% to 23.43%.
To qualify for a SoFi personal loan, you will need to have a good credit score (typically above 680), a stable income, and a low debt-to-income ratio.
Sofi personal loan requirements
Do you wonder How hard is it to get approved by SoFi personal loan? To be eligible for a personal loan, you must typically fulfill the following requirements:
- Being at or over the age of majority in your state, typically at least 18 years old.
- Being employed or having an offer of employment good within 90 days, or having another reliable source of income.
Can non-US citizens use SoFi? Yes. Borrowers can be U.S. citizens, permanent residents, or non-permanent residents.
What credit score does SoFi require? You should have a credit score of 680 or higher.
If you are rejected for the personal loan and believe that your financial standing is strong enough, it is recommended that you consider asking this lender’s customer service for clarification or use the SoFi app to check your eligibility and apply for a loan. The explanation for the rejection could be as simple as a processing error, or there may be a negative mark on your credit report that requires further investigation.
Bad Credit Loans Guaranteed Approval Direct Lenders:
If you have a poor credit score, getting approved for a loan can be a daunting task. However, Sofi Bank is here to help. It offers bad credit loans guaranteed approval by direct lenders, which means you can get the money you need even if you have a less-than-perfect credit score. With flexible repayment terms and competitive interest rates, these loans are a great option for anyone who needs quick cash.
What SoFi doesn’t allow loan funds to be used for
Borrowers are not permitted to use their loan proceeds for business purposes or to acquire securities, real estate, or other investments. Short-term bridge financing and postsecondary educational expenses are also prohibited uses of loan funds.
Fees and penalties
SoFi personal loans have no fees, which sets them apart from many other online lenders. They don’t charge origination fees or prepayment penalties, and they don’t charge late fees, although missing payments can have negative effects on your credit score and result in more interest accrual.
What makes SoFi stand out, even more, is its unemployment protection program. If you lose your job, you can apply to pause your loan payments for up to 12 months without impacting your credit, although interest will still accrue during this time. To qualify for this program, you need to be receiving unemployment benefits and actively looking for a job, and you must agree to work with SoFi’s career strategy services.
SoFi pros and cons:
- No fees or penalties for personal loans
- Competitive rates
- Fast application process and funding times
- Offers resources to improve financial health
- Flexible loan terms and repayment options
- High eligibility requirements
- Limited availability in some states
- Does not offer co-signed or secured loans
- May not be the best option for those with poor credit or financial history.
What we like and don’t like
What we like
- No fees: SoFi doesn’t charge origination, prepayment, or late payment fees.
- Range of loan amounts: SoFi offers loan amounts between $5,000 and $100,000, which can cover a variety of expenses and pay off high-interest debt.
- Digital experience: The entire process is online, including the ability to apply, manage your account, and make payments through their mobile app.
- Joint applications: SoFi permits co-applicants to apply for a loan, which can result in a lower interest rate or help qualify for approval.
What we don’t like:
- Good credit required: To be eligible for a personal loan from SoFi, you need a minimum credit score of 680.
- No cosigner option: While multiple borrowers can apply, SoFi does not offer loans with cosigners.
- Steep minimum loan amount: The smallest loan you can receive is $5,000, which may be more than necessary for smaller expenses or emergencies.
- No physical branches: Since SoFi operates entirely online, there are no brick-and-mortar locations for borrowers who prefer face-to-face interactions with loan officers.
Sofi personal loan process
Begin with prequalification:
You’ll need to provide some basic information and create a username and password at the website to see if you prequalify and view potential loan offers.
Complete the application:
You’ll fill out the online application and upload any requested documents that are necessary to make a lending decision. It will do a “hard” credit check, which can negatively impact your credit score. Once approved, you’ll review and sign the loan documents before the loan is funded.
Get your loan funds:
This lender states you could receive your funds the same day after confirming your address and signing the document.
Features and additional perks
One of the standout features is the Unemployment Protection Program, which provides a safety net for borrowers who experience unexpected job loss. If you are in good standing and lose your job, you can apply to have your loan placed into forbearance for up to three months, during which time you won’t have to make any loan payments. In addition, it offers job search assistance, which is free of charge, to help you get back on your feet and find new employment.
Another perk offered by this lending partner is the option to enroll in automatic payments, which can reduce your interest rate by 0.25 percent. This can add up to significant savings over the life of your loan. Additionally, it offers financial planning tools to help you better manage your money and plan for the future.
SoFi Private Student Loan
Besides personal loans, this lending partner offers undergraduate student loans starting at $5,000, with repayment terms of 5, 7, 10, or 15 years.
Interest rates range from 4.49% to 13.80%, and there are no fees or penalties for late payments.
Borrowers can choose from four repayment options, including immediate repayment, partial repayment, interest-only repayment, and deferred repayment.
This lender provides benefits such as co-signer release after 24 full, on-time monthly payments, and an Unemployment Protection Program that allows borrowers to put their loan into forbearance for up to 12 months and receive career counseling and resume help during this time.
SoFi frequently asked questions
Can you get preapproved for a loan with SoFi?
You can check your approval odds in just 60 seconds without hurting your credit score.
How much money can you borrow with SoFi?
Loan amounts are between $5,000 and $100,000. The amount you’re eligible for will depend on your financial history, credit score, and debt-to-income ratio.
Does SoFi have a credit score requirement?
You’ll need a credit score of 680 or higher to qualify for a personal loan with SoFi.
The loan calculator evaluates 15 criteria to identify the leading personal loan lenders, encompassing credit prerequisites, APR ranges, fees, and loan amounts – all of which aim to accommodate a broad range of credit profiles and budgets. After analyzing the number of lenders, the Loan calculator rates each of them using three groups:
- Availability: This category evaluates the minimum loan amounts, eligibility requirements, and turnaround times.
- Affordability: The interest rates, penalties, and fees are assessed in this section of the score, where lenders with lower rates, fewer fees, and penalties receive higher scores.
- Customer experience: This group assesses customer service hours, online application availability, mobile apps, and online account access
To learn more about loans, you can refer to this article: Upgrade Personal Loans: A Comprehensive Review for 2023