SoFi Personal Loans
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SoFi Personal Loans Review
- Large Loans At Low Rates
- Flexible Payment Options
- Unemployment Protection
- No Origination Fee
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SoFi Home Improvement Loans
SoFi is an established lender backed by many five-star loan reviews. Their services are designed for good credit borrowers seeking home improvement loans. SoFi highlights no origination fees required, no prepayment fees, and no late payment fees.
In addition, SoFi offers competitive interest rates, loan amounts up to $100,000, and long repayment terms. However, it can be difficult to qualify for a personal loan with SoFi. Your credit should not be affected by submitting an online application to see if you qualify.
SoFi is a top choice for home improvement personal loans because of their generous loan amounts. Home improvement loans can be a wise investment that can increase your home value.
Keep reading to learn more about SoFi home improvement personal loans.
What is SoFi?
SoFi (Social Finance, Inc.) is based out of San Francisco but serves primarily as an online personal finance company. SoFi offers student loans, refinancing, personal loans, mortgages, and banking and investing services.
Originally the company was founded in 2011 by four students who met at the Stanford Graduate School of Business. Its original mission was to provide a more affordable solution for students taking on student loan debt.
Since then the company has flourished and grown to help students, contractors, homeowners, families, and more. During SoFi's underwriting and approval process borrowers' credit scores, cash flow, professional history, and education, and bill payment history can be evaluated.
Is SoFi Legit?
Although SoFi is not considered an official bank, SoFi is a legitimate lending source and money management company. SoFi highlights no fees required, flexible loan terms, and outstanding customer support. If you have good to excellent credit and want to avoid hidden fees, you should look into SoFi for a home improvement personal loan.
In order to maintain low-interest rates and fees, SoFi strives to obtain good to excellent credit borrowers. During the approval process, you may be asked to submit pay stubs, proof of identification, or other documents. You can confidently submit the requested documents knowing SoFi is a legitimate lender.
How Does a SoFi Personal Loan Work for Home Improvement?
SoFi personal loans for home improvement are easy to use. You can find out if you qualify within just two minutes online. To get started you will need to submit an online application. Once approved and required documents are submitted you should receive funds quickly. Once you receive funds you can dive into your home improvement projects. The personal loan funds can be used for just about anything you need, similar to cash. If you make home improvements and sell your home to recoup the money you can pay off the SoFi personal loan early without penalty.
Who Are SoFi Personal Loans Best For?
SoFi personal loans are best for homeowners with good to excellent credit looking for a home improvement loan. Borrowers with good credit should receive better interest rates and fewer fees since they are less risky for lenders to work with. SoFi's home improvement loans are designed to cater to good credit borrowers.
What Are the Rates for SoFi Personal Loans?
SoFi offers personal loans with interest rates starting at 8.99%. If you choose to go with a longer-term you may have a higher interest rate. SoFi advertises the following rates for the listed term.
- 2 years (8.99% – 17.00%)
- 3 years (8.99% – 17.22%)
- 4 years (8.99% – 18.13%)
- 5 years (8.99% – 18.83%)
- 6 years (9.23% – 15.31%)
- 7 years (10.53% – 15.93%)
How Long Does It Take SoFi to Approve a Loan?
In most cases, funds should be available within a few days of your SoFi approval. To help expedite the process you can have the following information ready to go upon submitting an application.
- Proof of Identity (government ID or SS card)
- Proof of Address
- Proof of Income
Can You Pay off a SoFi Loan Early?
Yes! SoFi does not have prepayment penalties for fixed loans. Paying off your loan early can help you save a lot of money. Increasing your monthly payment by just 20% can save you hundreds of dollars or more.
Are There Any Fees or Penalties With SoFi Loans for Home Improvement?
One of the biggest upsides to using SoFi home improvement loans is no origination fee required, no prepayment fee, and no late payment fee. Having no origination fee required can save you at least 2% – 3% right off the bat.
Does a SoFi Loan Hurt Your Credit?
The pre-qualifying process should not affect your credit. If you choose to move forward after pre-qualifying your credit may be affected but not necessarily hurt. Taking on more debt can either increase or decrease your credit score. In most cases, SoFi does a hard credit pull before releasing funds. This credit check can show up on your credit report but it should not stay there forever.
Pros & Cons for a SoFi Personal Loan
Before using a SoFi personal loan you should consider the pros and cons. Let?s take a look?
Pros
High loan amounts and low rates
SoFi offers personal loans up to $100,000 with rates as low as 8.99%. You can score an interest rate discount for setting up automatic payments. SoFi offers terms up to 7 years. However, going with a longer-term will result in a higher interest rate in most cases.
Flexible payment options
SoFi offers its customers flexible payment options including the ability to change the payment due date once a year. Borrowers can take advantage of the user-friend SoFi application to manage payments. SoFi does not charge late fees for missed payments.
Unemployment protection
Life is full of unforeseen circumstances, such as losing your job. If you lose your job through no fault of your own, SoFi has you covered. You can apply for forbearance which allows for your payments to be temporarily suspended for 3 months at a time.
No Origination Fee
Most personal loan lenders charge origination fees between 2% – 3%. However, SoFi does not charge origination fees, prepayment fees, or late payment fees.
Cons
Difficult to qualify
SoFi personal loans are geared toward good to excellent credit borrowers. During the approval process, many other factors can be considered such as debt-to-income ratios, age of credit, income, and more. Although SoFi is a desirable lender that many borrowers want to work with, it can be difficult to qualify for their personal loans.
Time to receive funds
Borrowers can find out if they qualify for a SoFi personal loan within two minutes. However, the underwriting, approval, and funding time can be longer than other lenders. If you need funds right away you should find a lender that offers same-day funding.
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