Personal Loan

In this comprehensive review, we explore SoFi® Personal Loan designed to meet diverse financial needs. Discover how SoFi® stands out with its competitive interest rates, flexible borrowing limits, and rewarding perks.
5000 - 100000 $
Loan Amount
60 Months
Repayment Term
8.99 - 24.99 %
APR

Product Details

General Info
 Loan Amount Loan Amount
5000 - 100000 $
Repayment Term Repayment Term
60 Months
Required documents Required documents
SSN, ID
Do I fit in?
Age Age
from 18 years
Credit Score Credit Score
680
Income required Income required
45000 $
Fees
APR APR
8.99 - 24.99 %

How to Apply for a SoFi® Personal Loan?

  1. Check your ratesFor loan-related products, SoFi often allows you to check your rates without impacting your credit score. This involves entering some basic information to receive a preliminary offer.

  2. Complete the applicationIf you decide to proceed, complete the application by providing the required information. This may include personal details, financial information, and specific documentation related to the product you're applying for.

  3. Submit documentationDepending on the product, you might need to upload documents such as proof of income, identification, and other relevant paperwork. The specific requirements will be listed during the application process.

  4. Review and signOnce your application is complete and you've submitted all required documents, review your offer. If everything meets your satisfaction, you'll need to sign the agreement electronically.

  5. Verification and approvalSoFi will verify the information and documents you've submitted. This process's length can vary based on the product and the completeness of your application.

  6. Funding or activationOnce approved, the next steps will depend on the product. For loans, SoFi will disburse total funding amount to your account or pay off your existing loans directly, according to the type of loan you've taken. For investment or banking products, you may need to fund your new account to activate it. For insurance products, your coverage details will be finalized, and you'll receive information on how to manage your policy.

Conditions and Requirements

Conditions

  1. Eligibility. Applicants must meet SoFi's eligibility criteria, which often include age, residency, and citizenship or legal residency status in the United States.

  2. Interest rates. SoFi Personal Loans offer fixed rates ranging from 8.99% APR to 29.49% APR, inclusive of autopay and direct deposit discounts. Rates are subject to change, and not all applicants qualify for the lowest rate. Average funded amount in 2022 was around $30,000. Actual rate depends on creditworthiness, income, and other factors.

  3. Payment terms. Payment terms for SoFi Personal Loans are flexible, with loan amounts ranging from $5,000 to $100,000. These loans offer a versatile solution for various expenses, including consolidating high-interest credit card debt or financing major purchases. The repayment periods vary from 2 to 7 years, allowing borrowers to choose a term that aligns with their financial goals and budget.

  4. Creditworthiness. For most lending products, SoFi will assess your credit score, credit history, and other financial information to determine eligibility and interest rates.

  5. Income verification. Applicants may need to provide proof of income or employment status to qualify for certain products, particularly loans and refinancing options.

Requirements

  1. Credit score. SoFi typically requires a minimum credit score of 680 to qualify for a loan, although the specific requirements may vary depending on the type of loan you're applying for.

  2. Employment status. SoFi typically requires borrowers to be employed or have a job offer with a start date within 90 days to qualify for a loan. Self-employed borrowers may also be eligible but will need to provide additional documentation.

  3. Income. SoFi typically requires borrowers to have a minimum revenue of $45,000 per year to qualify for a loan. The specific income requirements may vary depending on the type of loan you're applying for.

  4. Citizenship. SoFi loans are only available to U.S. citizens, permanent residents, and visa holders with valid U.S. Social Security numbers.

  5. Application submission. Complete an online application on the SoFi website, providing all necessary personal, financial, and, if applicable, educational information.

  6. Documentation. Submit any required documents, such as government-issued identification, proof of income, academic records for student-related products, and investment history for investment accounts.

  7. Account setup. For banking and investment services, set up a SoFi account, which may include linking external bank accounts, setting up direct deposits, or transferring funds.

  8. Credit check. Consent to a soft or hard credit inquiry, as required, depending on the product. A soft inquiry typically does not affect your credit score, while a hard inquiry might.

  9. Regulatory compliance. Ensure compliance with all relevant financial regulations, which may involve providing additional information for identity verification under KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations.

FAQ

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24.05.2022
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Last update 27.03.2024