SoFi is an American startup that offers credit card, banking, investing, personal loans and mortgages. It was founded by Mike Cagney, Dan Macklin, James Finnigan and Ian Brady. SoFi provides personal loans to high-income earners at low rates. SoFi considers free cash flow and credit score when giving personal loans. There are flexible payments and no late or origination fees. This is a review of SoFi personal loans.
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How to Apply For a SoFi Personal Loan
To apply for SoFi personal loan, you can use the web or the mobile app. Follow these simple steps:
- Fill in information online. You need to provide details like your name, state and email address. You then need to create a password for your account.
- Enter the amount you want to borrow. Remember that you can only borrow between $5,000 and $100,000. Indicate how you intend to use the money.
- Select the desired monthly payment amount. You need to provide the amount you will be paying towards the loan every month.
- Provide other details like the date of birth and whether you are a permanent resident or U.S citizen. You also need to provide your home address.
- Choose whether it is an individual loan application or it is a joint loan application. You will be prompted to provide the details of the co-signer.
- Check your rate and then review the terms of the loan. With that, you can continue with the loan application.
Once your loan is approved, you need to sign the agreement electronically so that you can get the money in your account.
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Eligibility for SoFi Personal Loans
SoFi offers personal loans at competitive rates and you have to meet the following requirements to qualify for a loan.
- Have a minimum income of $50,000
- A monthly free cash flow of $5,696
- Average FICO score of 753
- Average loan of $31,634
Interest Rates for SoFi Personal Loans
SoFi provides loans with both fixed and variable interest rates. The fixed interest rates are between 5.99% and 18.83% while the loan term is between 3 to 7 years. You can get a loan of between $5,000 and $100,000. You can use the loan for personal use, family use or household use. You will get the loan in your account within 3 business days. The loan does not have a prepayment penalty or origination fee.
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Features of SoFi Personal Loan
SoFi personal loans have the following features.
- Unemployment protection. You can get loan forbearance for a period of 3 months in case you lose your job. You can suspend your loan repayment up to four times within the loan lifetime. That means that you can get up to 12 months loan forbearance.
- Joint application. You can co-sign a loan with a person you share the same address. If any of you is unable to repay the loan, it can damage the other person's credit score.
- Mobile app. You can download SoFi mobile app available for Android and iOS users. You can use the app to apply for a loan, make payment and review your loan balance.
- SoFi membership. You can become a SoFi member when your loan application is approved. When you become a member, you enjoy benefits like free financial planning, career services. You also get access to members' events.
Can I refinance a Personal Loan?
With SoFi, you cannot refinance a personal loan. However, if you meet the requirements, you can take a second loan and use it to repay the first loan.
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SoFi Personal Loans Pros
- You can change your payment dates
- Provides unemployment protection if you lose your job
- Offers soft credit
SoFi Personal Loans Cons
- Do not offer loan refinance option
- No direct payments to debt consolidation creditors