How do SoFi Personal loans work?

Keep reading to find out: How it works, fees, loan amounts, and much more.

Founded in 2011, SoFi is a finance company and an online bank that offers high-quality financial services.

With more than 4 million members and more than 50 billion loans financed, SoFi has become a great option for those looking for benefits, flexibility, and more easier borrowing.

SoFi offers various financial services such as investments, credit cards, insurance, bank account, loans, and much more.

In this post, we will talk a little more about the loan from this super lender.

How do SoFi Personal loans work?

SoFi is a great option for borrowers who have an excellent/good credit history since SoFi Personal loan offer no fees and low-interest rates.

The lender will release very attractive amounts, which can reach up to $100,000. In addition, it offers a long payment period, and it is possible to get exclusive discounts, that is, a 0.25% rate discount if you set up automatic loan payments from your bank account.

One of the great advantages of SoFi is the possibility to pause your monthly payments if you lose your job. And it doesn’t stop there, SoFi also offers an app to customers, which allows them to manage their SoFi Invest account and SoFi checking, savings, and loan accounts.

How much can I borrow with SoFi?

It is possible to take out loans from $5,000 up to $100,000.

Does it have fees?

• Loan amounts: $5,000 to $100,000.
• APR range:99%–23.43%.
• Minimum credit score:
• Loan terms: 24 to 84 months.
• Fees: No origination fee, prepayment fee, or late fee.

How to qualify for a SoFi Personal loan?

Several factors can cause your application to be denied or approved. Each lender has its requirements, but there are some basic requirements to have a chance of being approved. Below are the main requirements:

• Minimum FICO credit score of 680;
• An annual income of at least $45,000;
• Must be a U.S. citizen, permanent resident, or visa holder;
• Must be employed.

SoFi Personal loan is intended for people who have a good credit history, however, meeting these key requirements does not guarantee approval.

How to apply for it?

First of all, you need to access SoFi’s website, then it will be necessary to fill a formulary with the following information:

• Personal information: name, date of birth, social security number, citizenship status.
• Contact information: address, telephone number, email address, etc.
• Employment and income information: gross monthly income, name of your employer, and mortgage or rent payment.

In addition, you will have to provide some details about the loan you want. Then, you’ll be shown loan offers you qualify for.

How long does it take to be approved by SoFi?

It can take 2 to 4 business days.

Frequently asked question:

Does SoFi use a FICO score?

Yes, it does. SoFi uses FICO Scores or VantageScore as part of our lending decisions.

How long does the SoFi deposit take?

It is normally available within 15 min of the transaction, but it can take up to 2 hours.

How reliable is SoFi?

SoFi has an A+ rating with the Better Business Bureau.