Get ready for some fun facts on SoFi® Personal Loans!
So, hold your horses! The game is about to begin. Let’s dive deep into the curious world of SoFi® Personal Loans. I hear you folks asking, “Hasn’t SoFi® been up and running since 2011?” Yup! You hit the nail on the head. And guess what? That’s precisely why we couldn’t help but rack SoFi® up as one of our top personal loan recommendations!
Here’s a smooth walkthrough into all the nitty-gritty features of SoFi Personal Loans. Let this be your roadmap to identify whether this lender is your knight in financial armor or just another poppycock.
Table of Contents
- SoFi: The Star of Online Lenders for Personal Loans
- The Good, the Bad and the Ugly of SoFi Personal Loans
- Checking Out SoFi Personal Loan Products
- How to Bag a SoFi Personal Loan
- Is SoFi Financially Sturdy?
- Are You Eligible for SoFi Personal Loans? Figure It Out!
- Ratings, Reviews, and All that Jazz of SoFi
- No Idea about SoFi? FAQs to the Rescue!
- Our Approach to Judging SoFi Personal Loans
SOFI: THE STAR OF ONLINE LENDERS FOR PERSONAL LOANS
Fast, prompt, expedient – that’s SoFi in a nutshell. If you’re on a quest for a hassle-free personal loan, there’s absolutely no way you can ignore SoFi. Offering an eye-popping borrowing limit of $100,000 and customer support throughout the week, they’re definitely playing hard to get!
Fret not, if you lose the race alone, you can always tag a partner. It’ll take a bit longer, but hey, “all good things to those who wait,” right?
With so many feathers in its cap, not to mention the enviable title of best online lender for personal loans from Money, SoFi can’t help but make heads turn. But is everything all hunky-dory? Let’s dig a little deeper, shall we?
THE GOOD, THE BAD, AND THE UGLY OF SOFI PERSONAL LOANS
Pros
- Instantaneous funding
- They don’t just obsess over credit scores
- Bye-bye late fees. Yup, they don’t exist here
Cons
- Minimum loan amount might hang heavy
- Co-borrowers are like shadows, they stick ’til the end
Golden Bits About SoFi
Rapid Same-Day Funding
No kidding! No more of those long, grim waits. With SoFi, your personal loan application can be wrapped up online within a few mouse clicks or touchscreen taps. With no change to your credit score (phew), you might even see funds lounging in your bank account on the same day. They’re like those first respond-ers, always ready to assist you out of your financial pitfalls. Take it from me, SoFi is no sloth!
Not All About Your Credit
Unlike those credit score sticklers, SoFi looks beyond just that magic number. They evaluate you on other arrows in your quiver—like income, cash flow and your work history. A major sigh of relief for all you folks hitting the 670 mark on FICO score, you’ve got great chances of landing a sweet deal here.
No More Frowning Over Late Fees
Nope, your eyes aren’t playing tricks. SoFi indeed does not impose any late payment fees. However, a missed payment may still add up interest and could cast a dark cloud over your credit score.
SoFi’s Sticky Wickets
Bulging Minimum Loan Requirement
The lender sets a lofty minimum line at $5,000, which might be a downer when you’re only after a relatively smaller amount. Need less green? Other lenders might be your saving grace.
Irremovable Co-Borrower
Like that unwelcome house guest, once you bring a co-borrower into the equation, they’re there for good. Neither you nor they can wave goodbye until the fat lady sings—that is, until the loan is paid off in full (unless, of course, the Heaven’s clamor for them).
CHECKING OUT SOFI PERSONAL LOAN PRODUCTS
SoFi personal loans are perfect pocket-sized solutions to tackle a great range of uses, be it consolidating your high-interest debt, jazzing up your home, or getting that medical emergency under control. Just remember, steer clear if you’re thinking about higher education expenses, business ventures, or real estate investing. SoFi has its own bucket of student loans too; and for those educated gambles or house flipping dreams—better keep looking.
Fitting the eligibility bill for SoFi Loans
- So only if you’re 18 years or older (varies by state)
- You’re a U.S. citizen, permanent resident, or hold a qualifying visa
- You live in one of the 29 states or Washington, D.C., where SoFi operates
- You have a current job, a job offer in 3 months, or have convincing income from other sources
The Fine Print of Loan Terms
- APRs are fixed, usually below credit card rates, ranging between 8.74% and 35.49%—depending on how risky of a fella you are.
- Borrow anything from $5,000 (except where states require less) up to a whopping $100,000.
- Choose your own adventure, err, repayment plan from two up to seven years.
Sitting on a FICO score of less than 670? Check out our best loans for bad credit or maybe rope in a co-borrower to beef up your loan application.
The Fee Table
You won’t have to pay anything extra for paying early or late. Phew!
- Origination Fee: You have the option to pay up to 7% of the loan amount upfront to get an interest rate to die for.
Wanna Knock Down SoFi Personal Loan APRs?
Two straightforward hacks can shove down your SoFi Personal Loan APR by a good 0.5%:
- Autopay Discount: Set up automatic payments from your bank account, and get a 0.25% rate haircut. Easy-peasy!
- Direct Deposit Discount: Have a SoFi bank account? Set up $1,000 monthly direct deposits, and witness another 0.25% smash off your rate.
HOW TO BAG A SOFI PERSONAL LOAN
Start by checking your rate within a minute and with a soft credit pull. Select a term between two and seven years that suits your budget and make a hard credit inquiry by submitting your application. Once you dot the I’s and cross the T’s on all the paperwork, you might find your approved loan sum sitting snugly in your bank account as soon as the next business day.
IS SOFI FINANCIALLY STURDY?
Choosing a lender for a personal loan isn’t just about the coolest features or lowest rates. Financial strength comes first. And boy, does SoFi pack some muscle! Strong backing from big names like SoftBank and Silver Lake since its inception in 2011 endorses SoFi’s good health. So, don’t fret about their ability to offer competitive rates and robust features. They’ve been bench pressing pretty well!
ARE YOU ELIGIBLE FOR SOFI PERSONAL LOANS? FIGURE IT OUT!
Think you’ve got a busy schedule? SoFi’s got a busier one. Although having round-the-clock customer service is not in the cards, you can always count on them every day of the week. And hey, for all you nocturnal beings, an online virtual assistant serves queries on a 24/7 basis. How’s that for proactivity?
Availability
- Customer Support Hours: Monday–Thursday: 5 a.m.–7 p.m. PT; Friday–Sunday: 5 a.m.–5 p.m. PT
With weekend support, SoFi wins extra brownie points. Spoiler alert: the competition doesn’t offer this. Now isn’t that a cherry on top?
One more thing: you can submit your loan application anytime online and see your personalized interest rate quicker than you can say “SoFi”!
Getting in Touch
- Phone: 855-456-7634
- Online Chat: SoFi Login/Chat Support
- Mail: SoFi Lending Corp., PO Box 654158, Dallas, TX 75265-4158
- Twitter: @SoFiSupport
Customer Experience
With over 8,000 reviews to salt and pepper it up, SoFi has bagged a 4.6/5 rating on TrustPilot. Plus, they have that desirable A+ grade from the Better Business Bureau, even with a lower 1.61 out of 5 customer ratings. That said, SoFi doesn’t subscribe to the BBB accreditation program.
SOFI PERSONAL LOANS CUSTOMER SATISFACTION
Lining up four-star ratings on several review platforms and enjoying an A+ with the BBB, SoFi indeed is in it for the long haul. What’s the secret? It could be their impeccable processing speed and top-notch customer service. SoFi cranked up its features and performance to secure third place on J.D. Power’s 2023 U.S. Consumer Lending Satisfaction Study. Now, isn’t that spectacular?
NO IDEA ABOUT SOFI? FAQs TO THE RESCUE!
Is SoFi a reputable personal loan provider?
Rest assured, SoFi is a reliable and trustworthy companion for personal loans, boasting a strong track record of customer satisfaction since 2011.
Should I pick SoFi for personal loans?
If competitive rates, exceptionally high loan limits of $100,000, and a quick application process float your boat, SoFi is your go-to lender for quick finance.
Can I take out more than one SoFi personal loan?
Yes, after ramping up three consecutive on-time payments on your initial SoFi personal loan, you’re eligible to apply for a second.
HOW WE REVIEWED SOFI PERSONAL LOANS
We took a 360-degree view of important factors:
- Interest rates and associated fees
- Simple application process
- Special discounts and features
- Additional privileges and perks
- Customer feedback and reputation
- Ease of use on the SoFi website and mobile apps
Need immediate funding from a lender you can put your faith in?
Look no further—SoFi has got you covered. Borrow up to $100,000, and if you qualify, expect same-day deposit! Testimonials have it that the application process is seamless and absolutely user-friendly. Remember, you need a good or excellent credit score, generally 670 or greater, to tiptoe your way to the best rates. Eager to know if you’ve got what it takes to lock in your personalized offer? Check out your eligibility with SoFi now—it’s free and won’t bite a piece off your credit score! If your credit story is less than stellar, consider the co-borrower option to boost up your chances of approval.
Whether you have a major expense on the horizon or just need some extra cash, SoFi Personal Loans are a terrific wallet-friendly option. Why wait? Find out if you make the cut for a SoFi Personal Loan today!