Sofi Personal Loans Review
Sofi Personal Loans is one of the leading online lenders in the US. It offers fixed-rate, unsecured loans with competitive rates and terms. If you’re considering a loan from Sofi, this review will help you make an informed decision. We’ll cover the loan amounts and terms, interest rates, customer reviews, and more to help you decide if Sofi is the right lender for your needs. With this comprehensive review of Sofi Personal Loans, you’ll be able to make a well-informed decision about whether or not it’s right for you.
Sofi Personal Loans is a great option if you are looking for a loan with low-interest rates and flexible repayment terms. You can check your rate without affecting your credit score, and there are no origination fees or prepayment penalties. Sofi also offers unemployment protection, which can make your loan payments temporarily suspended if you lose your job.
| Website | https://www.sofi.com/personal-loans/ |
| Loan Amount | Up to $100,000 |
| Loan Terms | From 24 to 84 months |
| APRs | From 7.99% to 23.43% |
| Origination Fee | No |
| Prepayment Fee | No |
| Immigration Status Considered | U.S. citizen, permanent resident or non-permanent resident |
| Employment Statuses Considered | Employed, have sufficient income, or have an offer of employment to start within the next 90 days |
| Intended Use | Credit card consolidation, Home improvements, Family planning, Wedding planning |
| Joint Loan Applications Accepted | No |
| Verification Documents Required | Tax returns, pay stubs, and for non-U.S residents a green card |
| Late Fee | No |
| Minimum Credit Score | 680 |
| Minimum Income | $45,000+ |
| Loan Purpose | Personal use |
| Supported Income Types | All |
| How Long To Get Funds | 1 business day |
| Other Prerequisites | Must be over 18 years old. |
SoFi Overview
SoFi is a personal finance company that offers student loan refinancing, private student loans, personal loans, and mortgages. The company was founded in 2011 by three Stanford Business School graduates and is headquartered in San Francisco, California. SoFi has attracted $1.9 billion in venture capital investment, and its products have been praised by publications such as Forbes, The Wall Street Journal, and TechCrunch.
They also offer competitive rates and flexible repayment terms for their personal loans, which can be used for a variety of purposes including debt consolidation, home improvement, or major purchases. The company also offers unique benefits such as unemployment protection and career coaching. Overall, SoFi is a great option for borrowers who want low rates and flexible repayment terms on their personal loans.
And in case you were wondering if SoFi personal loans are legit and good, well the simple answer is yes. So, if you are looking for a legit lender who has good interest rates, we do suggest you apply for a loan with SoFi.
SoFi Personal Loans Fees and Penalties
When it comes to personal loans, SoFi is a great option with low-interest rates and no fees. Here is the breakdown of all charges and penalties this lender has.
- Late fees – There are no penalties borrowers must pay in case they are late with the payment.
- Origination fee – The lender does not charge any fee for originating the loan.
- Prepayment fee – This is a fee some lenders charge in case you want to pay off your outstanding balance ahead of time. As for SoFi personal loans, there is no such fee so you can go ahead and make early payments without penalty.
- Annual fee – the lender has a fee that ranges from 7.99% to 23.43%. Keep in mind that this is not the same thing as the interest rate and does include some additional fees.
Types of Personal Loans Offered by SoFi
There are three main types of personal loans offered by SoFi: fixed rate, variable rate, and co-signed loans.
Fixed-rate loans have interest rates that stay the same throughout the life of the loan, while variable-rate loans have rates that can fluctuate. Co-signed loans require a cosigner in order to be approved, and typically have lower interest rates than unsecured loans.
SoFi offers competitive interest rates on all of their personal loan products and provides a number of resources to help borrowers find the right loan for their needs.
Pros and Cons of Sofi Personal Loans
When it comes to SoFi personal loans, there are a number of pros and cons that prospective borrowers should be aware of. On the plus side, SoFi offers competitive interest rates, flexible repayment terms, and a streamlined application process.
Additionally, SoFi does not charge origination fees or prepayment penalties.
On the downside, SoFi personal loans are only available to borrowers with excellent credit scores. Additionally, SoFi loans are not available in all 50 states. Lastly, some customers have complained about difficulties when trying to communicate with customer service.
Overall, SoFi personal loans can be a good option for borrowers with excellent credit who are looking for competitive rates and flexible repayment terms. However, before taking out a loan with SoFi, be sure to understand the eligibility requirements and read customer reviews to get a sense of the company’s customer service.
| Pros | Cons |
| There are no origination fees, prepayment fees or late fees. | Can be hard to get approved for a loan |
| Unemployment assistance | Minimum loan amount is $5,000 |
| Fast funding time | There are no physical branches |
| Lengthy loan terms | Good credit score required |
How to Qualify for a SoFi Personal Loan
To qualify for a SoFi Personal Loan, you must be a U.S. citizen or permanent resident in good standing with a credit score of at least 680. You must also have a verifiable source of income and employment history. Additionally, you cannot have any delinquent federal student loans or be in default on any loans from SoFi or another financial institution.
Here is a step-by-step guide on how to qualify for a SoFI personal loan:
- Prequalify
- To apply for a SoFi personal loan, visit the SoFi website or mobile app to find out what APR you may qualify for in as little as two minutes.
- Complete online application
- When you’re ready to apply for a personal loan, complete an application online or through the SoFi app.
- Wait for approval
- In general, application review and approval takes between two and four days.
- If approved, Sign the loan agreement.
- Receive funds.
- Make payments
- After loan funds are disbursed, borrowers can find their first due date in their final disclosure and first billing statement.
Is My Personal and Loan Information Secure with SoFi?
When you apply for a loan with SoFi, you can be assured that your personal and financial information is safe and secure. They use industry-leading security measures to protect your data, and their website is encrypted to ensure that your information remains confidential.
On top of that, they also take measures to protect your privacy. SoFi will never sell or share your personal information with third parties without your consent. And, they will only use the information you provide to us to process your loan application and help you find the best loan options for your needs.
All in all, SoFi is a very protected online lender that is also a reputable one. All of your data will be safe with them.
Is SoFi a Reputable Company?
SoFi is a personal finance company that offers student loan refinancing, private student loans, and personal loans. The company was founded in 2011 by four Stanford graduates who were looking for a better way to finance their own student loans. SoFi has since helped over 500,000 people save money on their student loans and other debt.
The company has an A+ rating from the Better Business Bureau and is accredited by the National Association of Personal Financial Advisors. They have also been named one of Forbes’ America’s Most Promising Companies and one of CNBC’s Top 50 Disruptors.
Overall, SoFi is a reputable company with a good track record. They are accredited and have received awards from well-known organizations. If you’re considering refinancing your student loans or taking out a personal loan, SoFi is a good option to consider.
Summary of SoFi Personal Loans
- SoFi is one of the leading online lenders in the U.S. which offers fixed-rate, unsecured loans with competitive rates and terms.
- The company has been in business since 2011 but still has no physical branches.
- With this lender, you can borrow from $5,000 up to $100,000.
- They do not offer a co-signer option for personal loans.
SoFi Personal Loans FAQs
1. How much can I borrow with a SoFi personal loan?
You can borrow from $5,000 to $100,000 with SoFi personal loans.
2. Who is eligible for a SoFi personal loan?
All of those older than 18 years old, who are either U.S. citizens, permanent residents, or non-permanent residents, and who have a credit score above 680 can qualify.
3. Can I apply for a SoFi personal loan if I have a cosigner?
According to their website, you can’t apply for a personal loan with a co-signer.
