SoFi Loans Reviews | Green Day Online
SoFi personal loans are an excellent choice for those with a good credit rating and a decent income. You won’t be penalized if you pay your balance early.
Features of SoFi
Here are some benefits and drawbacks to personal loans from SoFi.
Pros
- There are no fees
- The amount of the loan
- Digital experience
- Joint applications
Cons
- Creditworthiness is a must
- Time to get funds
You get low rates and no fees when you sign up for a SoFi loan. Additionally, you have access to financial advisors and career coaches and invitations to exclusive virtual events.
If:
- Good to excellent credit is required for personal loans.
- Your credit history is not extensive. SoFi cares more about how responsible you are at paying your bills.
- You desire an entirely online experience. The entire process, from applying for a loan through approval, can be done virtually.
The pros and cons of personal loans from SoFi
Here are some benefits and drawbacks to personal loans from SoFi.
Pros
- No fees: SoFi does not charge origination fees or prepayment fees. It also doesn’t charge late payment fees.
- Loan amount: The SoFi loan amounts can range from $5,000 to 0,000. This makes it an excellent option to finance a variety of purchases or to pay off high-interest credit cards debt.
- Digital experience: All of the processes can be done online. SoFi also offers an app that allows you to apply for a loan and check your balances. You can also manage your payments.
- Joint applications: SoFi allows you and a co-applicant to apply for loans if you cannot get one.
Cons
- Good credit required: To be approved for a personal loan, you must have good credit. SoFi requires that your credit score not exceed 680.
- The time it takes to receive funds: Borrowers will receive their funds in a matter of days after SoFi approves them.
Lending terms
The loan amounts can range from $5,000 to $100,000. The minimum loan amount for residents in Arizona, Massachusetts, and New Hampshire is $10,001. In Kentucky, it’s $15,001. Mississippi does not offer SoFi loans.
The interest rates range from 5.99 percent to 20.69% and are based upon a 0.25 percent reduction in autopay. You agree to monthly payments being automatically taken from your savings or checking account as a borrower.
The maximum interest rates in 12 states where residents are eligible for a SoFi loan are lower: Alaska, Colorado, Connecticut, Hawaii, Illinois. Kansas, Maine. Oklahoma. South Carolina. Texas. Virginia. Wyoming.
Personal loans from SoFi are available for repayment over two to seven-year periods.
Penalties and fees
Personal loans from SoFi are free of fees. SoFi personal loans are one of few online lenders that do not charge an origination fee. There are also no prepayment penalties if you pay your loan early.
SoFi does not charge late fees. However, it warns borrowers that you will accumulate more interest if you miss payments, and your credit report may reflect late payments.
SoFi is unique among lenders because it offers unemployment protection. You can request to have your loan payments suspended if you lose your job. This will not affect your credit score. Your loan payments can be halted for as long as 12 months. However, interest will still accrue.
You must prove you are receiving unemployment benefits and actively looking for a job eligible for this payment pause. Additionally, you must agree to use SoFi’s career strategies services to assist you in your job search.
SoFi – How to Apply for a Loan
SoFi makes it easy to apply. To see if your application is approved, create a username and password. Although the application can be made online, SoFi offers customer support numbers should you require assistance.
SoFi will perform a credit check before you finalize your loan. This can negatively impact your credit score. SoFi states that you should get funds within a few business days of signing the document.
If you have been denied a SoFi personal loan and feel your financial situation is sufficient, you should ask for clarification. You may have a processing error or a negative credit mark.
Consider applying for a personal loan through Avant, OneMain Financial, or a credit union if your credit score is less than 700. There may be lower lending restrictions and more favorable rates. You can use our reviews to help you make the right decision.