SoFi Personal Loan – What It Is & How To Apply

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Ever faced surprise expenses like sudden medical bills or crucial home repairs? We all have. That’s where personal loans step in. But with so many choices, how do you pick the right one? That’s where the SoFi personal loan comes in—crafted to simplify your financial journey.

SoFi Personal Loan

SoFi personal loan offers flexible repayment options for various needs, ranging from $5,000 to $100,000 for qualified individuals. But what makes SoFi stand out? Potentially low-interest rates and extra perks make it a compelling option in the online lending arena. Let’s dive into the details of why SoFi could be your go-to choice for hassle-free borrowing.

What Is SoFi Personal Loan?

SoFi is an online lending platform that gives out personal loans at fixed rates. It’s been around since 2011 and stands out because it has offered large loan amounts for a long time.

One unique thing about this lending company is that they don’t charge extra fees like other lenders do, making their interest rates lower.

They also throw in some perks, like protection if you lose your job and the freedom to change your payment date once a year. So, if you’re thinking about getting a personal loan, SoFi could be a good choice.

Who Can Apply For SoFi Personal Loan?

SoFi personal loans are open for application to residents of the United States with a good credit score. If you have an irregular income or a bad credit history, you might want to try other options. It is not certain that you’d be granted a loan with a bad credit score and an irregular income.

Benefits Of SoFi Personal Loans

Several benefits come with getting a personal loan from SoFi. If you own an account with them or borrow money and repay it on time, you get access to extra perks.

However, if you are not in urgent need of a loan, you can consider opening a bank account with SoFi. There isn’t a minimum balance, nor do you have to pay fees. Plus, you can even get a discount on your interest rate if you apply for a personal loan. Thanks for owning an account.

Aside from the above, there are several other added benefits to taking a personal loan from SoFi. They include;

Unemployment Protection

If you unexpectedly lose your job or face financial difficulties, you can request to put your loan on hold, known as forbearance. This allows you to take a break from making payments for a while.

However, it’s important to note that during this period of non-payment, the interest continues to accumulate.

SoFi allows you to request forbearance in three-month intervals, and you can do this for a total of up to 12 months while you’re repaying the loan.

Financial Planning

You get the opportunity to meet with financial experts to discuss your finances and goals, review your investments, and receive advice.

Additionally, you can enjoy a 15% discount on plans related to trusts, wills, and arrangements for the care of dependents if you’re unable to (known as guardianship estate plans).

Discounts

If you maintain funds in a SoFiInvest account and apply for a different type of loan from SoFi, you could secure a better deal. This might translate to a lower interest rate or a discount on the loan processing fee.

No Charges

SoFi doesn’t impose any additional fees if you’re late with a payment. Moreover, there are no penalties if you choose to pay back your loan ahead of schedule.

You only need to cover the interest on the amount you borrowed for the time you had the loan. If you complete your payments earlier, there’s no need to worry about paying the remaining interest.

Eligibility Criteria For A SoFi Personal Loan

To get a personal loan from SoFi, you have to meet some specific criteria. Here’s what you need to qualify:

  • Applicants must have attained the age of 18 and above.
  • Must be a U.S. citizen, either as a permanent or non-permanent resident.
  • The minimum credit score must be 680.
  • Applicants must have a job offer within 90 days.

SoFi doesn’t provide exact details on the credit score needed. However, your reliability should be sufficient to meet the qualification for the minimum loan amount, which is typically $5,000 in many states.

How To Apply For A SoFi Personal Loan

Since SoFi Personal Loan is an online lender, it’s not necessary to head to the branch to apply for a loan. So to get a loan from SoFi, here are the steps:

Check Your Offers And Rates

SoFi lets you check if you qualify for a loan without affecting your credit score. You can do this by applying on their website.

Just enter your name, email, where you live, how much money you want to borrow, and why you need it. This doesn’t affect your credit score.

Choose Your Offer

Once you share your basic details, SoFi will send you possible loan details. If you choose a shorter time to pay back, your monthly payments will be higher, but you’ll save more on interest.

To move forward, you’ll need to complete a formal application, which might include extra documents like W-2s, pay stubs, or bank statements. If you meet the requirements, you can pick the loan offer you like and finish the application.

These offers are valid for 30 days, giving you time to think about or explore other options. If you find a better deal elsewhere, SoFi might match it.

Complete The Application

Once you agree to the terms and sign the document accepting the loan, your loan will be approved and funded. Don’t forget to include your loan payment in your budget.

SoFi usually takes one to two business days to review applications. However, if you have a co-borrower, are self-employed, or need to provide more documents to verify your income, it might take longer.

Conclusion

Before deciding on a SoFi personal loan, it’s crucial to assess your financial needs, creditworthiness, and the specific terms offered by SoFi.

Additionally, comparing loan options from various lenders can help you make an informed decision based on your unique circumstances.