SoFi is a finance company that has a easy approach when it comes to taking loans. Whether you’re looking to buy a home, jump start your business, or save on student loans, SoFi works to help you accomplish the goal you set. What makes SoFi different is that it’s social based, meaning they will provide a great community experience. They also have a great program named “Unemployment Protection” which in the case that you somehow lose your job, they stop the payments for you. Getting approved from SoFi isn’t hard, and their rates are impeccable compared to some other rates. They are not a bank, so don’t feel any pressure taking loans from them.
Editor Note: Personally I think SoFi is a great company, and their loans are acceptable. Take advantage of this offer while it’s still good!
SoFi General Information:
- Minimum credit score required: None
- Minimum gross income required: None
- Limitations: High income, good credit history
- Maximum debt-to-income ratio: None
- Fixed-rate loan: 3.375% to 6.740% with AutoPay
- Variable-rate loan: 2.575% to 6.500% with AutoPay
- Loan amount: $5,000 – $100,000
- Duration: 3 Years – 7 Years
- Additional Information: SoFi offers a great program that’s hard to pass up called the Unemployment Protection Program which stops your payments for up to 12 months when you become unemployed, although your interest still occurs, you’ll be relieved from payments for awhile.
SoFi Loan Eligibility:
To be considered eligible for a SoFi loan, you must meet these requirements:
- 18 years old
- US Citizen
- No felony convictions
- No declarations of bankruptcy in the last three years
Additionally, if you want to join the student loan refinancing, you must be a graduate from one of the 2,000 Universities that SoFi supports. Also, SoFi does no refinance loans for residents of Alabama, Delaware, Idaho, Mississippi, Montana, Nevada, North Dakota, South Dakota, Rhode Island, or Vermont. Minimum loan balance is higher in Arizona, Massachusetts and Pennsylvania due to state laws.
SoFi is a fast growing company that is suitable for nearly anyone who applies. If I was approved by them, I would take any offer they gave me. They are different from other banks and credit unions because their desire to help improve other peoples lives. Take advantage of their two promotions going on current as they might disappear without notice. SoFi is a great way to save money, and if you want more ways to save money, check out our full list of ways to save money.