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.

SoFi Personal Loans Pros and Cons

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.

Here are some additional pros you should know about:

• There are no origination fees, prepayment fees or late fees.
• Unemployment assistance
• Fast funding time
• Lengthy loan terms

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.

And here are some additional cons to consider:

• Can be hard to get approved for a loan
• The minimum loan amount is $5,000
• There are no physical branches
• Good credit score required

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.

How to Qualify for SoFi Personal Loans

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 an 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.

How Much Can You Borrow with a SoFi Personal Loan?

When it comes to the borrowing amount, there are many factors that come into play. The lender will check your credit score, your credit history, your debt to income and many other factors.

In the case of SoFi, the maximum allowed borrowing amount is $100,000. Of course, once you apply for their loan it’s best to consult with your loan officer to see how much you will be able to get.

What Are the Interest Rates for SoFi Personal Loans?

In regards to the rates, Soffi offers competitive rates in comparison to other lenders of this type. Thor APR goes from 7.99% to 23.43%.

Overall, this is an average range of APR and of course, the better your credit score is the better terms you will get. With this said, we do advise you to keep your credit score in top shape.

What Is the Repayment Period for SoFi Personal Loans?

In regards to the loan terms, it’s important to understand that all lenders offer different terms. With that said, SoFi offers loan terms from 24 to 84 months. Generally speaking, this is considering an average loan term in comparison to other lenders of this type. 

Overall, we do advise you to see with your loan officer what the ideal loan terms are for you in comparison to the loan amount you are borrowing.

Is there an Origination Fee for SoFi Personal Loans?

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.

SoFi stands out among other lenders by offering unemployment protection. If you lose your job, you can apply to have your loan payments suspended without affecting your credit. You can pause your loan payments for up to 12 months, although you’ll continue to accrue interest on the balance.

Can I Use a SoFi Personal Loan for Any Purpose?

When it comes to loan purposes, you can’t really use them for just anything. Here is the list of what you can use them for:

• Wedding expenses
• Travel expenses
• Medical and dental procedures
• Relocation assistance
• Credit card consolidation

You can’t use them for the following:

• Real estate
• Business purposes
• Investments
• Purchases of securities
• Postsecondary education
• Short-term bridge financing

Is SoFi a Good Option for Personal Loans?

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 so we would consider them a good option for personal loans. They are also accredited and have received awards from well-known organizations. 

If you’re considering refinancing your student loans or taking out a personal loan, SoFi might be one of the best options to consider.

SoFi Personal Loans Summary

• 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.
• Their personal loans can be used for various purposes such as debt consolidation, wedding expenses, and medical or unexpected expenses.
• They do not offer a co-signer option for personal loans.

About SoFi Personal Loans

1. How long does it take to receive funds from a SoFi personal loan?

It takes up to 1 business day to get the funds deposited into your bank account after you have been approved for a loan.

2. What credit score is needed for a SoFi personal loan?

The minimum credit score requirement in order to apply for a SoFi personal loan is 680.

3. How do I apply for a SoFi personal loan?

You can apply for a SoFi personal loan on their website, but just be sure you fulfill all the requirements first.