Sofi Personal Loan | Sofi Personal Loan Rates

Overview of the Company

Social Finance, Inc., or Sofi, is a fintech company founded in 2011 by Stanford Business School students. Sofi, headquartered in San Francisco, began by refinancing student loans but has since expanded to include mortgages, personal loans, and cryptocurrency trading. The company went public in 2021 and currently has over 2,500,000 members.

Why Sofi Personal Loan?

Sofi’s personal loans have all of the features you’d expect from a five-star lender: no fees, a wide range of loan amounts, and flexible repayment terms.

However, this lender outperforms the competition with a slew of unique benefits. Borrowers with Sofi have access to free career and financial counselling, unemployment insurance, estate planning discounts, referral bonuses, and a mobile app.

Sofi Personal Loan Rates | Interest Rates

Sofi loan interest rates are determined by a number of factors, including credit score, income, and debt. Rates change over time, so speak with a Sofi representative to learn about the company’s current rates. The following are the Sofi interest rates and costs:
Personal loans have APRs ranging from 7.99% to 23.43% (after all discounts) and terms ranging from two to seven years. Loans can have fixed or variable interest rates. Sofi also does not charge late fees or penalties for paying off a loan early.

Sofi Personal Loan Requirements

Sofi loans can be applied for online. You can apply by phone with a qualified co-borrower if you are not a US citizen, permanent resident, or visa holder. To apply, call 877-936-2269.

Also Read: US Bank Personal Loan, US Bank Personal Loan Pre-qualification, US Bank Personal Loan Calculator

Here Are The Steps To Take:

  1. Pre-qualify yourself: To pre-qualify, enter your email address and contact information, as well as your loan preferences, such as loan amount, loan purpose, and whether or not you have a co-applicant. At this point, Sofi will perform a soft pull on your Experian credit report.
  2. Review your loan terms: The next step is to go over your loan terms. If you want to proceed with the application, you can select a product and submit an official application.
  3. Submit an application: At this point, you must provide additional personal information as well as bank account information for verification.
  4. Sign your final documents: After you sign your final documents, Sofi will begin the process of disbursing your funds, which may take one or more business days.
    How to qualify for Sofi Personal Loan/ Apply for a Sofi Personal Loan
    Most lenders have basic application requirements, and some have financial requirements or recommendations in order to qualify.

You must be the following to apply for a Sofi personal loan:

  • You must be at least 18 years old.
  • A citizen, permanent resident, or non-permanent resident of the United States, including DACA recipients and asylum seekers.
  • Employed, have a sufficient income, or have a job offer to begin within the next 90 days.
  • Sofi does not have any credit or income requirements for applicants. The lender evaluates your overall cash flow, financial history, credit history, and other factors in order to qualify you.
  • The average Sofi borrower has at least a 700-credit score, and the most common loan purposes are credit card consolidation, home repairs, and emergencies.

Sofi Personal Loan Calculator

Why My Sofi Personal Loan Denied ?

If your application is rejected, you will receive a decline notice, also known as a “adverse action,” from Sofi within 30 days of the application date. This will give you an overview of why you were denied. This document should be thoroughly read. Knowing the precise reason why your application was rejected will increase your chances of being approved by the same lender or by another company if you make the necessary credit improvements.

You can reapply for a Sofi personal loan with a co-applicant, but you and the co-applicant must share the same address.

How long does Sofi take to Deposit money for personal loan? | Time to Receive Funds

Borrowers can expect to receive their funds within a few days after signing the loan application and confirming their address with a Sofi representative—or as soon as the next business day after approval and acceptance of terms. Customer reviews confirm that borrowers typically receive money quickly and are pleased with the overall turnaround time from application to funding.

Sofi personal loan prepayment Penalty and Fees

Sofi personal loans have no fees. It’s one of the few online lenders without an origination fee, and there are no prepayment penalties if you pay off your loan early. Sofi does not charge late fees, but missing payments will accrue more interest and may have a negative impact on your credit.

Sofi distinguishes itself from other lenders by providing unemployment insurance. If you lose your job, you can request that your loan payments be suspended without negatively impacting your credit. You can pause your loan payments for up to 12 months, but interest will continue to accrue on the balance.

To activate this payment, pause, you must demonstrate that you are receiving unemployment benefits and actively looking for work, as well as agree to work with Sofi’s career strategy services to assist you in your search.

Sofi Personal Loan Pre approval | How to Obtain Pre-approval:

Sofi personal loan pre-approval is available through the Sofi website. Sofi pre-approval shows you your chances of approval for a Sofi personal loan, as well as your potential interest rate, and the process has no impact on your credit score.

How to Obtain Pre-approval for a Sofi Personal Loan

  • Browse to the Sofi website.
  • Select Find my rate.
  • Enter the loan amount, the loan purpose, your date of birth, your preferred monthly payment, your housing situation, your citizenship, and your annual income.
  • Click the Register button.
  • You can choose whether or not to submit an application after receiving your Sofi pre-approval status.

Getting pre-approved does not guarantee that you will be approved if you apply, but your chances of approval will be very high.

Sofi Personal Loan Early Payoff :

A lender is unlikely to refuse an early loan payoff, so you can pay off a personal loan early. What you must determine is whether doing so is financially advantageous. If paying off a personal loan early incurs a prepayment penalty, it may not make financial sense.

Is It Possible To Refinance A Personal Loan With Sofi?

Yes, you can use Sofi to refinance a personal loan. Co-borrowers, on the other hand, are ineligible to refinance. To qualify for a refinance on your Sofi personal loan, you must meet the following criteria:

  • Any existing Sofi loans must be current.
  • Your last three payments were all made on time.
  • You meet the requirements for Sofi personal loans.

Sofi personal loan Pros and Cons

Sofi Personal Loan Pros

  • There are no fees.
  • Option for a joint loan
  • Rate reduction for autopay.
  • Borrowers in need can benefit from a hardship programme.
  • Loan management mobile app.

Sofi Personal Loan Cons

  • There is no option to select the initial payment date.
  • A large minimum loan amount.
  • There are no co-signer options.

Also Read: US Bank Personal Loan, US Bank Personal Loan Pre-qualification, US Bank Personal Loan Calculator

Sofi Personal Loan Review | Sofi Personal Loan BBB Review

Clients say they are pleased with the ease of the application process, the speed of funding, and the helpfulness of customer support at Sofi.

Negative reviews express concerns about turnaround time and customer support responsiveness, and are mostly related to Sofi’s home mortgage products rather than personal loans. Some loan applicants and borrowers, however, expressed dissatisfaction with the qualification requirements, the approval process, and the available APRs.

For borrowers with a credit score of 680 or higher, a personal loan from Sofi is one of the best options available. The most significant advantage is Sofi’s extremely low APR range of 7.99% – 23.43%. Sofi’s personal loans also allow for large amounts of funding and long payback periods. You can borrow between $5,000 and $100,000 for terms ranging from 24 to 84 months. Furthermore, there is no origination fee and no late fee.

However, because Sofi loans are so low-cost, they are a little more difficult to obtain than the average personal loan. When it comes to loan funding, Sofi isn’t as quick as some lenders. Funding can take up to 11 business days, though it may be faster for some customers.

Highlights of the Sofi Personal Loan Review:

  • Sofi rates range from 7.99% to 23.43%.
  • Loan amounts range from $5,000 to $100,000.
  • Timeline for repayment: 24 to 84 months
  • There is no origination fee.
  • There is no late fee.
  • Co-applicants are permitted.
  • Funding timeline: You could be approved the same day.
  • Pre-qualification: Register for an account to view your rates online.
  • Sofi personal loan specifications: 680 or higher credit score; 18 or older; US citizen/permanent resident/immigrant visa holder; SSN/ITIN/passport
  • Customer fulfilment: Sofi is not Bbb accredited, but they do have an A+ rating.

Sofi is a personal loan option that anyone with a good credit score should look into. Their combination of low rates, low fees, a large amount of funding, and long payoff periods is difficult to beat.

Sofi Personal Loan Terms

SoFi is an online lender that offers personal loans with competitive rates and flexible terms. Here are some of the general terms you can expect from a SoFi personal loan:

  • Loan amounts: $5,000 to $100,000
  • Loan terms: 2 to 7 years
  • Interest rates: Fixed rates starting at 5.99% APR and variable rates starting at 4.80% APR (as of September 2021)
  • Fees: No application fees, origination fees, or prepayment penalties
  • Credit score requirement: Good to excellent credit (typically 680 or higher)
  • Income requirement: No specific income requirement, but SoFi generally looks for borrowers with stable income and employment
  • Collateral: Unsecured, meaning no collateral is required to secure the loan
  • Application process: Online application with quick approval decision and funding within a few business days

SoFi personal loans can be a good option for borrowers with strong credit and income who want to consolidate debt, pay for home improvements, or cover other large expenses.

Sofi Personal Loan Phone number | Customer Support

You can call 855-456-7634 for a free consultation before applying for a Sofi loan. For personal loan assistance, log into your Sofi account and use chat, or call (855) 456-SOFI to speak with a live agent (7634). Monday through Thursday, 5 a.m. to 7 p.m. PT, and Friday through Sunday, 5 a.m. to 5 p.m. PT.

Sofi personal loan credit score/ what credit score do I need for Sofi personal loan
Sofi requires a minimum FICO credit score of 680 but does not disclose other loan qualification information, such as debt-to-income ratio, credit history, or income.

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