SoFi Personal Loans

Get personalized rates in 60 seconds from SoFi & more with no impact to your credit score.
For HomeownersFor Contractors

How It Works

Check Offers With No Impact To Your Credit Score

Get Financed Quickly

Easy Monthly Payments

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SoFi Personal Loans

Large Loans At Low Rates

Flexible Payment Options

Unemployment Protection

No Origination Fee

How We're Different

Get Offers in Seconds

Get pre-qualified for multiple loan offers with an easy online form.

Won't Impact Your Credit

Receive pre-qualified offers with no impact to your credit scores.

Competitive Payment Options

Loans up to $100,000; Terms up to 12 years; APRs as low as 3.99%.

Receive Funds Quickly

In some cases, receive funds in as little as one business day.

See SoFi personal loan offers today

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SoFi Personal Loan Review for Home Improvement

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, 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, 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 5.99%. 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 (5.99% – 17.00%)

3 years (7.34% – 17.22%)

4 years (8.03% – 18.13%)

5 years (8.54% – 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.

#1. Proof of Identity (government ID or SS card)

#2. Proof of Address

#3. 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, no prepayment fee, and no late payment fee. Having no origination fee 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 5.99%. 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.

How Does SoFi Compare to Other Lenders?

Comparing SoFi to other lenders can be challenging due to their selective approval requirements. Since they do not take as many risks as some lenders they can offer approved borrowers more benefits. If you can qualify with SoFi you should definitely consider their offer a top pick. Before accepting a personal loan offer you should compare multiple offers. Acorn Finance makes comparing offers and securing the best deal easy peasy.

How Do You Apply for a SoFi Personal Loan?

The best way to apply for a personal loan with SoFi is through Acorn Finance. Acorn Finance offers a secure platform that you should take advantage of. Acorn Finance partners with multiple reliable lenders such as SoFi. If you have credit challenges we strongly encourage you to apply with Acorn Finance.

Acorn Finance offers personal loan solutions for all credit types. You can submit one application through Acorn Finance that will not affect your credit score. Within seconds you can receive multiple personalized personal loan offers. This gives you the opportunity to compare rates, terms, and offers and select the one that is best for your needs. Personal loans can be used for just about anything including home improvement and debt consolidation.

Follow the three simple steps below to get started with SoFi:

Step #1: Complete and submit a short loan application online

Step #2: Receive multiple pre-qualified offers from Prosper and more

Step #3: Get connected with lenders to obtain your pre-qualified loan

Is A SoFi Personal Loan Right For You?

Whether you are a homeowner or contractor you should check out Acorn Finance and consider using SoFi. Homeowners can use the Acorn Finance platform to secure the best personal loan offer for home improvement. Contractors can use Acorn Finance to help generate more revenue and business while offering customers an affordable solution for financing home improvement.

Even though borrowers will incur interest fees and other charges, using a personal loan can still make a lot of sense. In most cases, homeowners can increase home value and recoup most, if not all or more, of their investment.

Personal loans can be used for just about any home improvements such as landscaping, finishing a garage or basement, fencing, building a swimming pool, and so much more. SoFi is one of the many reliable financial partners of Acorn Finance.

Whether you are a homeowner or contractor, Acorn Finance can help you.

Transform your home today… apply online for a SoFi home improvement personal loan below!

 

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