SoFi Personal Loans

Is it hard to get approved with SoFi?

SoFi is a well-established online lender that does have one of the higher credit score minimum requirements on the online lending market. SoFi requires a minimum credit score of 680 and a minimum annual income of $50,000. Other lenders may extend loan offers to borrowers with a credit score of 620 with no minimum income requirement. So, comparatively, it may be harder to get approved with SoFi than with other online lenders. However, there are a few areas where SoFi could be considered somewhat lenient. For example, Sofi seems to be more concerned with how responsible you have been when paying bills rather than how long you have been paying them. They look to see that you have no delinquent accounts, missed payments, or late payments rather than the age of your accounts. Also, if you lack the credit score or income requirement, then SoFi does allow a co-borrower to be included on the loan. By including a cosigner, SoFi can take into consideration the co-signer?s credit history and income when deciding whether or not to approve or deny a loan application. In exchange for having a higher barrier to entry, SoFi does offer some advantages that can set them apart from other lenders. First, Sofi does not charge any origination fees, late payment, or early pay-off penalties. Second, SoFi offers access to career coaches, financial advisors, and often they facilitate exclusive virtual events with keynote speakers and other educational information. Lastly, SoFi has one of the best digital experiences compared to other online lenders. The website is easy to navigate and they have a SoFi app that can be used to apply for loans, check balances, and manage payments. SoFi also is known to have better customer service than some of its competitors who may be lacking in that area.

What credit score do I need to qualify for SoFi?

If you are looking for an unsecured personal loan through SoFi, you should have a minimum credit score of 680. If you would like to use SoFi as your lender of choice but do not meet the minimum credit score requirement of 680, you can apply for a loan with a cosigner who does. In addition to the 680 minimum credit score requirement, SoFi will verify an applicant?s income to ensure that they meet or surpass the $50,000/year minimum threshold. If a potential borrower does not make over $50,000/year, again, a cosigner could be used to increase the chances of the loan application being approved. If a borrower is looking for a significant sum of money (SoFi does offer personal loans up to $100,000 for up to 7-years) then they should have an excellent credit score and an even stronger income with little to no existing debt.

Does SoFi require collateral?

Some lenders may require collateral for a loan, however, SoFi does not. SoFi does not require collateral to secure a personal loan because they already have some of the most strict loan approval requirements in the industry. Although SoFi does not require collateral, they do allow for a potential borrower to have a co-borrower sign onto the loan agreement. By having a co-signer, a potential borrower may qualify for an unsecured personal loan when they may not have previously, or they may be able to lock in a lower interest rate.

How long does SoFi take to approve loans?

Once you submit a loan application with SoFi, you can expect them to begin the initial review within the first business day. If all the information is filled out correctly and all the necessary documentation is submitted, then most straightforward loan applications are approved or denied within two business days. This time can increase if SoFi requires any additional information from you or if there are any errors on the loan application. The quicker you reply to any follow-up questions or requests, the sooner your application will be processed. Once the loan application is processed and approved, then it typically takes just a few business days before you see the funds in your personal account. There are a few exceptions where the loan application review process may take longer. If you are self-employed, then one of SoFi?s Self Employed Operation Specialists will reach out to you within two to four business days to begin the review process. If you are applying for an unsecured personal loan with a cosigner, it may take up to 10 business days to process your loan application because it takes more time to verify the credit and employment history and income of two people.

How long do SoFi loans take to fund?

Once a loan application has been fully reviewed and approved for funding, the money typically can take a few business days to reach a specified account. SoFi does not offer same-day financing.

How is SoFi rated?

According to the Better Business Bureau, SoFi has received an A+ rating when it comes to trustworthiness. The rating is based on several factors including customer complaint history, licensing, government actions, and if there have been concerns about false advertising. When it comes to consumer ratings, most of the reviews have been and continue to be favorable. NerdWallet ranks SoFi a 5 out of 5. Forbes has SoFi at a 4 out of 5 ranking. Credit Karma states that SoFi has maintained a 3.5 out of 5 rating out of 449 reviews. Consumer Affairs has tallied over 1,878 reviews and declared a 3.7 out 5 ranking for SoFi. There are many reasons that SoFi continues to maintain a high level of customer satisfaction. Here is a breakdown of some of those reasons. Affordable: SoFi charges no origination fees and no late payment or early pay-off penalties. They also typically offer lower APRs for good credit borrowers and they have a rate discount for anyone who sets up autopayments. Flexible: SoFi offers direct payments to creditors for debt consolidation loans and they have some unemployment protections in place. Funding only takes a few business days and the average loan application is reviewed and finalized within two to four business days depending on the complexity of the application. Customer?service: SoFi offers customer support seven days a week and has a fully functional app that can be used to manage loans, make payments, and check balances. They also provide financial education resources to members. Transparent: SoFi does offer prequalification through their website which allows a potential borrower to see if they may qualify for a personal loan without impacting their credit score. Reports all payments to the three main credit reporting agencies. SoFi discloses all of its rates and terms on the website as well as in the loan agreement. The main thing that consumers did not like about SoFi is that they do not offer same-day funding and that funding could take multiple business days. Therefore SoFi is seen as not a good option to take out a personal loan to cover an emergency expense like a car or home repair.

What documents does SoFi require?

If you are looking to apply for a personal loan through SoFi, you should have the following documents and information readily available.

• Social security number
• Personal ID and proof of address.
• Proof of income.
• Documentation of monthly debt payments.
• Employer contact information.
• Address and phone number to be reached.

SoFi may require more information from you during the loan application review process. The quicker you respond, the faster your loan will be processed.

Does SoFi have an early payoff penalty?

No, SoFi does not charge a penalty for paying off your personal loan ahead of the scheduled payoff date. Additionally, SoFi does not charge an origination fee nor do they charge late fees for late payments. Part of SoFi?s brand image and marketing strategy is to emphasize the fact that they are a zero fees lender.