Applying for a SoFi loan involves a straightforward process designed for convenience. First, prequalify on the SoFi website or app to see potential rates without affecting your credit score. If you decide to proceed, complete the online application, during which SoFi will perform a hard credit check. Approval typically takes 2-4 days, though it can be longer for self-employed applicants. Once approved, sign the loan agreement to receive funds directly into your bank account. SoFi offers personal loans up to $100,000 with APRs ranging from 8.99% to 29.99% (with autopay) and terms up to 84 months. Eligibility requires being of legal age, a U.S. citizen, permanent resident, or eligible non-resident, with proof of income or employment offer, and having attended a Title IV eligible school.
How to Apply for a SoFi Loan
Prequalify. To begin the application process for a SoFi personal loan, visit the SoFi website or download the SoFi mobile app. This initial step allows you to find out what Annual Percentage Rate (APR) you may qualify for in just a couple of minutes. During this prequalification process, SoFi conducts a soft credit pull, which will not impact your credit score. This step is ideal for shopping around to compare rates and loan terms.
Complete Online Application. When you decide to proceed with the loan, complete the application online or through the SoFi app. A loan consultant will assist you throughout the process, answering any questions you might have. At this stage, SoFi will conduct a hard credit pull by requesting a full credit report from one or more consumer reporting agencies.
Await Approval. Typically, the review and approval of your application take between two to four days. However, if you are self-employed or have complex financial circumstances, the decision could take longer, sometimes up to 15 days.
Sign Loan Agreement. Once approved, you will need to sign the loan agreement. After signing, the funds are usually disbursed within a few days. For larger loan amounts, the disbursement process may take a bit longer.
Receive Funds. The loan proceeds will be deposited directly into your personal bank account, allowing you to use the funds as needed.
Conditions
Loan Amounts. SoFi offers personal loans with amounts ranging up to $100,000. This allows borrowers flexibility to cover a wide range of expenses, from home improvements to debt consolidation.
Annual Percentage Rate (APR). The APR for SoFi personal loans ranges between 8.99% and 29.99% with autopay. It's important to note that maximum interest rates can be lower in several states including Alaska, Colorado, Connecticut, Hawaii, Illinois, Kansas, Maine, Oklahoma, South Carolina, Texas, Virginia, and Wyoming. These rates ensure that borrowers get competitive terms depending on their creditworthiness and location.
Loan Terms. SoFi provides loan terms up to 84 months. This extended repayment period can help reduce monthly
Requirements
Age and Legal Capacity. Applicants must be at least the age of majority in their state and capable of entering into a binding contract.
Citizenship and Residency. Applicants must be U.S. citizens, permanent residents, or non-permanent resident aliens. U.S. Citizens must provide valid documentation such as a U.S. driver's license, certified birth certificate, valid U.S. passport, permanent resident card, government-issued ID card, global entry card, report of birth abroad form, certificate of citizenship, or certificate of naturalization. Permanent Residents must show a permanent residency card (Green Card) with no expiration date, or with an expiration date more than 2 years past the “Resident Since” date. If the expiration date is 2 years or less from the “Resident Since” date, it must be accompanied by an I-751 receipt notice (I-751 NOA) or I-829 receipt issued within the last 12 months. Non-Permanent Resident Aliens must provide valid documentation such as an E-2, E-3, H-1B, J-1, L-1, or O-1 Visa, or Form I-797A/B, along with an approved Green Card application documented with an I-140 approval notice or receipt/approval of an I-485 application. DACA Recipients must have a valid Employment Authorization Document and have applied for DACA (I-821D) or Permanent Residency (I-485). Asylum Seekers must have a valid Employment Authorization Document and have applied for both Permanent Residency (I-485) and Asylum (I-589).
Employment and Income. Borrowers must be employed, have sufficient income from other sources, or have a job offer to start within the next 90 days.
Educational Background. Applicants must have previously enrolled or graduated from degree-granting Title IV eligible schools.
Refinancing Conditions. Applicants looking to refinance educational debt must be aware that bar loans and residency loans are not eligible for refinancing at this time.
Reasons for Rejection
Insufficient Credit Score. Your credit score does not meet SoFi's minimum credit underwriting requirements.
Inadequate Credit History. Limited or no credit history can make it difficult for SoFi to assess your creditworthiness.
High Debt-to-Income Ratio. A high ratio of debt to income indicates that you might have difficulty managing additional loan payments.
Unverifiable Information. Inability to verify the personal, employment, or income information provided in your application.
Employment Status. Lack of stable employment or a verifiable source of regular income.
Yes, SoFi temporarily drops the credit scores of borrowers by about 5-10 points after a hard credit check that is required, if borrowers apply for the products after being pre-qualified. Use of the service doesn't impact on clients' credit scores.
How long does it take SoFi to approve a loan?
It takes SoFi from two to four business days to approve a loan.
Is SoFi good for debt consolidation?
SoFi loans are good for debt consolidation because of their low costs and high loan amounts.
