Discover SoFi’s Personal Loans

SoFi Personal Loans are designed to offer a flexible and low-cost way to borrow money. They are particularly popular for purposes like debt consolidation, home improvements, and covering medical expenses. One of the standout features is the absence of fee.

About the financial institution

SoFi, short for Social Finance Inc., was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. The company initially started with a focus on student loan refinancing, aiming to provide more affordable options for graduates burdened by debt. Headquartered in San Francisco, California, SoFi quickly gained traction among millennials and young professionals, thanks to its low-interest rates and customer-friendly approach.

Over the years, the company expanded its portfolio to include a wide range of financial services such as personal loans, home loans, investment management, insurance, and credit cards. In 2021, SoFi went public, marking a significant milestone in its journey. The company has raised over $2 billion in various funding rounds and continues to be a disruptive force in the fintech industry, regulated by various U.S. financial authorities.

Contact SoFi

Chat with Personal Loans Support
(855) 456-SOFI (7634)Phone number

• Monday–Thursday 5am–7pm PT
• Friday–Sunday 5am–5pm PT

About the loans

SoFi does not charge origination fees, prepayment penalties, or late fees, making it a more affordable option for many borrowers. Additionally, SoFi offers unemployment protection, which allows borrowers to temporarily pause their loan payments if they lose their job.

How SoFi Personal Loans Work

Please note that these rates and fees are subject to change and may vary based on your financial situation and creditworthiness.

Loans simulation

Example Scenario:

• Loan Amount: $30,000
• Loan Term: 60 months (5 years)
• APR: Between 12.95% – 25.03%
• Monthly Payment: $681.82 – $881.07
• Total Payments: $40,909.47 – $52,864.05

This simulation is based on the assumption that you qualify for the loan and meet all the prerequisites. The actual rates and terms you receive may vary based on your financial situation.

Prerequisites for SoFi Personal Loans

The prerequisites for applying for these loans are:

• Must be at least 18 years old
• U.S. citizen, permanent resident, or visa holder (certain visa types)
• Good to excellent credit score typically required
• Must be employed, have sufficient income, or have an offer of employment to start within the next 90 days
• Proof of income through pay stubs, tax returns, or bank statements
• A reasonable debt-to-income ratio to demonstrate ability to repay the loan
• Must specify the purpose of the loan (e.g., debt consolidation, home improvement, medical expenses)
• Must have a U.S. bank account in your name
• Must reside in an eligible U.S. state; some states may have restrictions

Please note that meeting these prerequisites does not guarantee loan approval, as SoFi will conduct a comprehensive review of your financial situation, including a credit check, to determine your eligibility.

Step by step to take out a loan

• Before applying, you can check your eligibility and potential interest rates without affecting your credit score.
• Submit an online application, which requires personal information, proof of income, and a credit check.
• After reviewing your application, SoFi will either approve or deny the loan. Approval is generally based on creditworthiness, employment status, and other financial factors.
• If approved, you’ll receive a loan offer detailing the amount, interest rate, and terms. You can choose between fixed and variable interest rates.
• Once you accept the loan offer, you’ll need to provide any additional required documentation.
• After all documentation is verified, the loan amount is disbursed directly into your bank account, usually within a few days.
• Monthly repayments begin as per the loan agreement. SoFi offers flexible repayment options and terms ranging from 2 to 7 years.
• If you lose your job, SoFi allows you to pause your payments temporarily, provided you meet certain conditions.
• You can pay off the loan early without incurring any prepayment penalties.
• Once all repayments are made, the loan is closed, and you’ll receive a statement confirming the loan has been paid in full.

SoFi aims to make the loan process as straightforward and transparent as possible. Their online platform allows for easy application and management of your loan, and their customer service is available to assist with any questions or issues you may have.

Benefits of SoFi – Personal Loans

Here are the top benefits of SoFi Personal Loans:

1. Competitive Interest Rates: SoFi offers a range of APRs, some of which are among the most competitive in the industry, especially for borrowers with good to excellent credit.
2. No Hidden Fees: One of the standout features is the absence of hidden fees. There are no origination fees, prepayment penalties, or late fees, making it a more transparent and affordable option.
3. Flexible Loan Amounts: Borrowers can request loan amounts typically ranging from $5,000 to $100,000, providing flexibility for various financial needs.
4. Various Repayment Terms: SoFi offers loan terms ranging from 2 to 7 years, allowing borrowers to choose a repayment schedule that fits their budget.
5. Quick Funding: Once approved, the loan amount is usually disbursed into your bank account within a few days, and in some cases, even on the same day.
6. Unemployment Protection: If you lose your job while repaying the loan, SoFi allows you to temporarily pause your payments, provided you meet certain conditions.
7. Rate Discounts: Borrowers can qualify for multiple discounts, such as a 0.25% discount for setting up autopay and another 0.25% for direct deposits, which can lower the overall interest rate.
8. Online Application and Management: The entire loan process, from application to repayment, can be managed online through SoFi’s user-friendly platform.
9. Financial and Career Advising: SoFi offers free career and financial advising to its members, adding value beyond just loan services.
10. Co-Borrower Option: SoFi allows the addition of a co-borrower to improve the chances of loan approval or to secure a lower interest rate.

Pros and cons of SoFi – Personal Loans

Customer service

SoFi is known for its strong customer service, which is accessible through various channels including phone, email, and chat. They offer personalized support and also provide free financial and career advising to their members, adding an extra layer of value to their services.

Why choose a SoFi loan?

Choosing a SoFi loan offers several key advantages, making it a compelling choice for many borrowers. With competitive interest rates and no hidden fees like origination or prepayment penalties, SoFi stands out for its transparency and affordability. The flexibility in loan amounts and terms allows borrowers to tailor the loan to their specific needs. Quick funding and the unique feature of unemployment protection add an extra layer of convenience and security. Additionally, SoFi’s online platform and free financial advising make the entire loan process streamlined and value-added. Overall, SoFi Personal Loans are a flexible, low-cost, and transparent lending option.

FAQ

Are SoFi loans secured?

No, SoFi Personal Loans are generally unsecured loans, meaning you don’t need to provide collateral like property or assets to obtain the loan.

Can you have 2 SoFi loans?

Yes, it is possible to have more than one SoFi loan, but approval for additional loans would depend on various factors like your creditworthiness, income, and existing debt obligations.

What other types of loans does SoFi offer?

In addition to personal loans, SoFi offers a range of other financial products including student loans, student loan refinancing, home loans, and even auto loan refinancing.

How long does it take for SoFi to approve a loan?

The approval process for a SoFi loan can vary, but generally, it’s quite quick. Once you’ve submitted all required documentation, you could receive approval within a few days. In some cases, funds can be disbursed on the same day as approval.

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