Sofi Personal Loan: see how it works

Have you heard about the SoFi Personal Loan and the benefits you can have by choosing this service? No? So we will tell you more about SoFi and the loan option they offer.

First we will need to know more about SoFi:

Discover more about SoFi, the company

SoFi, or Social Finance Inc, is a finance company that offers a huge variety of financial products and services, such as checking and saving accounts, investments, credit cards, insurance and we can’t forget about the main subject, the loans.

Loans offered by SoFi can be Student Loan and refinancing, Personal Loan, Auto Loan refinance or mortgage loan.

SoFi initially became popular for its student loan refinancing services. They provide options for refinancing both federal and private student loans, potentially offering lower interest rates and different repayment terms.

They also have an investment option, including commission free stock and ETF trading, with an automated investing robo advisory service.

They  have credit cards that come with various benefits, including cash back rewards and no annual fees.

If you want to use banking services they also have it, and their accounts come with features like high interest rates and fee free services.

And if you are a customer from SoFi, you can have access to financial education resources to discover how to better manage your money.

How does SoFi Personal Loan work?

A personal loan is one of various types of loan in which a bank, SoFi in this case, and different from others, a personal loan doesn’t need a collateral as backup.

Usually in this case the borrowers receive a lump of money upfront, and the loan amount is predetermined during the application process.

And the personal loan offered by SoFi has a 4.8 out of 5 rate in the Investopedia rating,so it’s a good one.

They are known for their low rate and no fees required, and also because of their easy application that can be done online.

They offer loans that go from $5K to $100K, and the funds come to your bank account on the same day.

During the application you can find conditions of terms of payment that starts in 2 years, and goes up to 7 years.

We can’t forget to mention the fixed rate loans, the interest rates start at 7.99% of the price and go up to 23.43% APR, that will be based on your creditworthiness.

As a benefit to their clients SoFi offers unemployment protection, so if you face difficult times and end up unemployed you still will have ways to pay. To that matter they modify the payments and even help you get a new job!

On their website you can go through a pre qualification process, where you’ll get an estimated rate and a monthly payment that won’t affect your credit score.

And during the application you will need to submit some basic information and financial details. The next step is to receive a decision if your application was or wasn’t accepted.