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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

SoFi

Finanso.Multilogin™

About lender

Social Finance, also known as SoFi, is an online bank and financial services company. SoFi Technologies is a financial management service that provides loans, refinancing, investment services, and more to customers. SoFi offers financial products, including personal loans, home loans, MBA loans, auto loan refinancing, mortgage refinancing, credit cards, investing, and banking. When it comes to investing, SoFi's clients can read detailed information about stock quotes on different websites. You can use all SoFi's products through both mobile app and desktop interface.

The company is headquartered in San Francisco, California. It was established in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. The primary purpose of the founders was to provide loans for people who wanted to subsidize their education. The total funding amount of SoFi is about $3 b. The total number of SoFi's members is more than 3.8 million.

Pros and Cons

Pros

  • Member benefits. Refinancing with SoFi gives you some member benefits helping you pursue your career, such as career coaching, a referral program if you invite other people to join the SoFi.

  • Discounts on additional SoFi's Loans. If you are a SoFi member with one loan, you can get a 125% discount on an additional SoFi Loan. It will help to get a cheaper personal loans or private student loan.

  • AutoPay discount. One of the SoFi's benefits you can obtain as a client is a 0.25% AutoPay discount if you use automatic loan payments.

  • Protection against unemployment. If a SoFi's borrower loses his source of income, they will have the opportunity to suspend monthly payments for a while. There is also a SoFi career services team that can help unemployed clients find new jobs.

  • No fees. SoFi's offers simple repayment options with no hidden fees.

Cons

  • There is no cosigner release. SoFi doesn't allow clients to remove a cosigner after making a certain number of payments.

  • If you want to qualify, you must have a high income. This is important if you're going to get a loan with lower interest rates.

  • A borrower can qualify only if they have a degree. But if you didn't graduate, SoFi refinancing won't be available for you.

Terms and Conditions

If the borrowers want to qualify, they have to be citizens of the USA or have a permanent residence, as well as comply with the underwriting requirements of SoFi. Not every borrower of SoFi gets the lowest rate. Borrowers must meet the company's conditions and have an appropriate credit history to qualify for the lowest rates.

If approved, your actual rate will depend on different factors, such as loan terms, a required financial history, income, and other factors. Rates and Terms can be changed at any time without notice, and they are subject to state restrictions.

SoFi personal loan amounts range from $5,000 to $100,000. They are a great option for funding different purchases or paying off high-interest credit card debt. Personal loans terms vary from 2 to 7 years, and the APR (annual percentage rate) ranges from 6.99% to 21.78%.

Funding a Loan

SoFi is an appropriate lending service if you are in need of large amounts of money. This company provides loans for US citizens, permanent or non-permanent residents. Also, you can apply for a loan if you are employed and have a steady income or a written offer for employment to start within 90 days.

SoFi requires high credit scores of borrowers. The least credit score should be 680 points. There are no fees. SoFi borrowers usually receive their loan funds within a few days after approval. You can get the funds transferred within a few days.

Reviews

FAQ

What does SoFi stand for?

SoFi stands for social finance. The company's official name is Social Finance Inc.

Is SoFi trustworthy?

Yes, SoFi technologies are trustworthy. The proof of this is that the Better Business Bureau gave the company an A+ rating.

Who is SoFi owned by?

SoFi Lending Corp. is a wholly-owned subsidiary of Respondent Social Finance, Inc.

Company documents

Privacy & Security
Terms of Use
Licenses

SoFi’s mission is to help people reach financial
independence to realize their ambitions.

© SoFi

Financial products

SoFi
Student Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$5,000
Rate
i

Effective interest rate on the product

1.87% to 11.66% with autopay
Term
i

Loan term for the financial product

5 - 15 years
SoFi
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$5.000-$100.000
Rate
i

Effective interest rate on the product

6.99% APR
Term
i

Loan term for the financial product

up to 7 years

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Sallie Mae
Student loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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1000
up to $15,000
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Effective interest rate on the product

up to 12.85%
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Loan term for the financial product

up to 15 years
Happy Money
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Recommended FinScore™
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$5,000 - $40,000
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Effective interest rate on the product

up to 24.99%
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Loan term for the financial product

up to 60 months
MaxLend
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
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$100-$3,000
Rate
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Effective interest rate on the product

up to 841%
Term
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Loan term for the financial product

up to 300 days
Opploans
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$4,000
Rate
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Effective interest rate on the product

up to 160%
Term
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Loan term for the financial product

9-18 months
Avant
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$2,000-$35,000
Rate
i

Effective interest rate on the product

up to 35.99%
Term
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Loan term for the financial product

24-60 months
Mariner Finance
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Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000 - $25,000
Rate
i

Effective interest rate on the product

18.99% - 35.99% APR
Term
i

Loan term for the financial product

12 - 60 months

Calculate loan payments in SoFi

SoFi calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

USD
USD
5000 $
100000 $
Loan term
i

Specify the loan term for the calculation

months
days
24
84

What to focus on before applying for a loan with SoFi

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between SoFi and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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