SoFi Personal Loans Review

SoFi Personal Loans can be defined as a reputable marketplace lender, specializing in providing low-interest loans to customers with relatively high incomes, to say nothing of perfect credit.

Loans from SoFi could be of great service to graduates, who’d like to refinance their student loans, but still struggling with their mortgage and installment loans.

Keep reading this review to learn more. In spite of the fact, this San-Francisco based company is a relatively new player in this market niche, it’s already dominating online lending. If bad credit isn’t about you, feel free to use this option.

About SoFi Loans

We’ve just told above that only folks with good credit and high incomes can count on loans from SoFi.

SoFi Personal Loans

In order to illustrate this point, we draw attention to the fact that an average credit score of the lender’s customers is 780, while their average income is a about $150,000.

As you see, the sum is huge, but on the other hand, the bank offers low interest.

To apply for SoFi, a borrower is expected to create an account. Well, once all the necessary information gets verified, the lender provides its applicant with a rich choice of available loans.

After this, the borrower should pick up which loan really meets his or her needs, then sign the loan agreement electronically and get the available funds within a couple of days.

In addition to personal loans, the bank also provides student loans along with mortgage loans.

SoFi’s Interest rates

  • The interest rates of this financial institution range from 5.95% to 12.49%.
  • Variable rates fluctuate from 4.73% to 10.83%.
  • The given rates come with a 0.25% discount for those enrolled in autopay. So, if you are eager to make use of autopay, you should add this percentage – 0,25%.

As a potential client of SoFi, you can count on loan amounts $5,000-$100,000 with terms 3-7 years.

SoFi Loans are available in all US states except Lousiana, Idaho, Nevada, Mississippi and Tennessee.

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Your application process

To your great luck the entire application process is amazingly simple, while this can’t be said about getting approved.

As an applicant, you’re expected to create an account and also provide your personal information as well as income details.

After this, the bank will carry out a soft credit pull, however, it can’t hurt your credit. If the loan gets accepted, a complete credit check is needed.

Apart from high income and excellent credit, SoFi also boasts productive work with student loans.

Why you should opt for SoFi

SoFi offers provides decent installment loans at surprisingly low interest rates to super-prime and prime borrowers. The overall process is very fast and simple.

When dealing with loans from SoFi you won’t come across these nasty origination fees, prepayment penalties or closing costs. Loan terms could be extended to about 7 years.

Consider: Suntrust personal loan requirements

By the way, personal loans from this bank come with unemployment protection. This means, your monthly loan payments will be paused if you lose your job.

This sounds tempting, doesn’t it?

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
  1. John says

    Since my credit history was excellent and the credit score quite high, I was told that SoFi personal loan will be the best option for me possible. The company offers interest rates that vary from 5.95% to 12.49%, depending on multiple features. Thus, I took $70,000 for 6 years with APR 7.35%.

  2. Matthew says

    Since the interest rates, terms and conditions of SoFi Loans seemed beneficial, I decided to apply for one of them. The personal loan I took has the smallest rate, equal to 5,95%, since I will have to pay it back within 7 years and my credit history is perfect. Additionally, I got 0,25% discount from the autopay option. Generally, I am completely satisfied with the loan, so far, since no fees and penalties have been engaged so far. No problems and pitfalls.

  3. Charles says

    Considering the personal loan, which was necessary due to certain financial problems, I started searching the Internet for the best option. I came across hundreds of positive SoFi reviews, which convinced me to apply for that loan. To tell you the truth, there are no regrets. The best lender I have ever worked with. Competitive interest rates, flexible money sums and terms, beneficial privacy policy and other perfect conditions.

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