Personal loans

SoFi Personal Loans Review 2022 | American News

You can use a SoFi personal loan for a variety of purposes. If you’re looking to start a family, for example, SoFi’s personal loans can fund in vitro fertilization, adoption, surrogacy, and pregnancy expenses. If you want to repair your home, SoFi covers landscaping, roof installation, remodeling, and building decks or patios.

You can also use SoFi personal loans to:

  • Wedding expenses.
  • Trip costs.
  • Medical and dental procedures.
  • Moving assistance.
  • Credit card consolidation.

Borrowers cannot use loan funds to:

  • Immovable.
  • Commercial purpose.
  • Investments.
  • Purchases of securities.
  • Post-secondary education.
  • Short-term bridging financing.

You can prequalify for a SoFi personal loan without hurting your credit score. After seeing the terms you qualify for, you can apply online in minutes with the help of a SoFi loan consultant.

After you submit your application, SoFi makes a firm credit application, which may affect your credit. When you are accepted for the loan, SoFi sends you a loan agreement to sign. Your funds are available within days.

SoFi offers fixed rate personal loans from $5,000 to $100,000. Repayment terms range from two to seven years.

SoFi charges no fees, which means there are no setup fees, late fees, or prepayment penalties. You can get a 0.25 percentage point reduction on your interest rate if you sign up for automatic payments. However, a no-fee loan may mean you’ll pay a higher interest rate, so be sure to compare the annual percentage rate before applying.

Borrowers in good standing can apply for unemployment protection. If you are approved, SoFi modifies your monthly loan payments and provides placement assistance during your forbearance period, up to 12 months.

Finally, when you get a personal loan with SoFi, you become a member, which comes with career coachingfinancial planning and event access benefits.

Select your desired loan amount and purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.

To qualify for a SoFi personal loan, you must be a U.S. citizen, permanent resident, or visa holder. You must also be considered an adult, according to the laws of your state. You must be employed, have an offer to start employment within the next 90 days, or have sufficient income from other sources. A good credit history also helps you qualify.

Co-borrowers are accepted, but they must reside at the same address as the primary borrower. The application process may also take an additional week or two.

SoFi requires a minimum FICO credit score of 680 but does not disclose other loan qualification data, including debt-to-income ratio, minimum credit history, or minimum income.

SoFi personal loans are not available in Mississippi.

SoFi has an A+ rating with the Better Business Bureau, but it is not BBB accredited. In 2021, the Consumer Financial Protection Bureau received 14 personal loan complaints about SoFi. The most common problems were related to obtaining a loan. SoFi provided a quick response to all but one complaint. Additionally, SoFi has an average rating of 2.8 on Trustpilot.

SoFi offers live customer support seven days a week. You can contact the site’s chat feature or call 855-456-7634 from 8 a.m. to 10 p.m. a.m. to 8 p.m., Friday through Sunday.

The entire SoFi loan process can be done online – pre-qualification, application, closing and account management. SoFi also offers an app for members to check loan rates, start investing, set up account alerts, and perform other loan-related tasks.

  • People who have very good or excellent credit.
  • People who don’t want to pay loan fees.
  • People who wish to apply with a co-borrower.