Established in 2011, Social Finance, SoFi is offering a $300 bonus with a SoFi’s personal loan and say goodbye to high-interest debt or finance home improvements with $0 fees, low fixed rates, and same day funding. The application process only takes but a few minutes to check loan rates and terms. Apply today!
(Visit SoFi for more details)
SoFi Personal Loan Eligibility
SoFi has various qualifications depending on what kind of loan you want to apply for; however, for students, the general applicant should have completed or are a part of any of the following down below.
To qualify for a SoFi student loan, all applicants:
- Be at least 18 years or older
- Be a US citizen
- Should live in a state where SoFi Lending Corporation is authorized to lend
- Must be employed since you have to have a specific gross income to apply for a loan
- Are enrolled in school for at least part time
- Must meet Satisfactory Academic Progress (SAP) for their college
To qualify for a SoFi personal loan, all applicants:
- Must be a US citizen
- Be at least 18 years or older
- Should reside in a state where SoFi Lending Corporation is eligible for lending
- Must be employed and meet the gross minimum income.
The typical SoFi borrower has a high credit score and income, but their credit history is short. This is because SoFi does not care about long credit history, but is more interested about responsible bill payment, free cash flow, and career and education.
SoFi Student Loan $300 Bonus
Check your Student Loan Refinancing option and get $300 when your loan is funded.
($300 bonus signup)
SoFi Pros and Cons
- You don’t need to own a home to apply.
- The application is simple and easy to follow.
- You can have cosigners that will help you increase your chances in getting approved for a competitive rate
- Initial credit check will not affect your credit score. However when your loan is approved, it will show up on the report.
- There are no origination fees.
- When approved, funding takes as little as one business day.
- A personal loan from SoFi can be used towards small business, debt consolidation, home improvement, medical bills and other special occasions.
- If you have excellent credit score, your APR can be as low as 5.99%.
- They have live customer support that is available 24 hours, 7 days a week.
- If you happen to lose your job, you can pause your payments on your loans and SoFi can possibly even help you find a new job.
- You’ll get access to SoFi member events (community events) (i.e. happy hours or panel sessions) where borrowers can meet, mingle, & network.
- SoFi prefer those who have a good credit score and high income to borrow with them.
- It might take up to 7 days until funds can be distributed.
- SoFi is not available in Mississippi
- SoFi is only available to apply to online. There are no physical locations where you can speak to a customer representative in person.
There is no minimum annual income requirement and no debt-to-income ratio requirement.
How To Apply For a SoFi Personal Loan
- Fill out a brief personal loan application on SoFi’s website for the desired loan amount.
- Get a copy of your credit report (720 or higher as a credit score)
- Present a proof of income; minimum $114,000.
SoFi Terms & Fees
|Loan Amounts||$5,000 – $100,000. The minimum is $10,000 for California residents.|
|Loan Terms||2 to 7 years|
|APR||Fixed: 5.99% to 18.85% APR (with AutoPay)|
|NSF /Returned Payment||None|
SoFi members receive high credit standards and members-only events, making their membership an exclusive experience. Applying is a quick process, with or without a cosigner, and it won’t hurt your credit score. SoFi’s rates are competitive with no origination, prepayment, late or NSF (Non-Sufficient Funds) fees.
Below is a personal loan APR rate with the Autopay Discount (0.25%). Your actual interest rate may be different than the rate in this example and will be based on term of loan, your financial history and other factors. State restrictions may apply.
|Loan Terms||48 months|
Overall, SoFi is recommended mostly to students who are struggling to pay back their student loans and other college expenses. They have competitive rates with no fees, but you also will need a pretty higher than average credit score in order to qualify for a loan. View the latest SoFi Promotions.
As time passes by, you will also see improved credit scores with on time payments, as well as access to live 24/7 customer support, community events and even unemployment protection.
Are you interested in this personal loan from this lender? Please let us know in the comment section below on your experience!
If you want to search for more options on taking out the best personal loan, check out our full list of Best Personal Loans.
See the Student Loan Refinancing and Personal Loans bonus offers from Credible and SoFi.
*Fixed rates from 2.74% APR to 6.74% APR (with autopay). Variable rates from 2.25% APR to 6.39% APR (with autopay). All variable rates are based on the 1-month LIBOR and may increase after consummation if LIBOR increases; see more at SoFi.com/legal/#1. If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Thanks for sharing this SoFi Review. This article gives me a lot of ideas. Thanks for sharing this very helpful site. I will consider SoFi for my personal finance.
Stephanie Woods says
I was 57 with a credit score of 830 when I applied to refinance my loan with SoFi. Despite my earning over $70,000 a year and having a pension of $25,000 a year and assets of over $300,000, I was turned down. I had paid off $25,000 of the $45,000 private loan I was seeking to refinance. I have a law degree, have been steadily self-employed for 10 years, and carry no debt on my credit cards. I asked to speak to speak to a supervisor, but no matter-I was still deemed a poor credit risk. If I am a poor credit risk, I have no idea who they consider who a good credit risk is. SoFi sounds great, but I found the program to be a pig’s ear dressed as a silk purse. And the application takes more than 3-4 minutes if you are self-employed. According to SoFi, $300,000 of assets mean nothing as far as you meaning a safe credit risk or not.
Azuri Trust says
Today, lenders have started offering nearly all varieties of loans for people with poor credit record.They are also introducing many new loan products meant for this group. Now people with poor credit can get the same choices as those with the good or mediocre credit.
A credit score of 830 is not poor from our own point of view and assessment. We have had unsecured loans approved for a much lower credit score with our ground-breaking 4.75 FIXED APR.