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.
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.
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?