Pay Off Massive Debt With a SoFi Personal Loan

sofi personal loan

A SoFi personal loan offers affordable and low-cost ways to borrow money. These unsecured loans are used to finance major purchases or restructure high-interest debts.

SoFi offers great savings to borrowers with high incomes and cash flows, steady careers, and responsible financial histories. However, to determine if SoFi is right for you, you need to do your research and read up on SoFi personal loan reviews.

SoFi personal loan review

SoFi’s personal loans

SoFi offers a range of financing options, including student loan refinancing and mortgages. But SoFi personal loans are its most flexible lending product, helping borrowers get the cash they need at a low cost.

Personal loans are a smart option to refinance high-interest debt or consolidate credit card debt.

But they can also be used to finance almost anything, from a major purchase to a life event like moving.
SoFi’s site lists uses of its personal loans which include covering medical expenses, investing in your career or financing home improvement projects.

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With SoFi personal loans, you can borrow between $5,000 and $100,000 — that’s much higher than what most online lenders offer.

SoFi offers personal loan terms of three, five and seven years. It also has both fixed and variable rate personal loans. These are unsecured loans; no collateral is required to borrow.

SoFi’s terms vary in different states to comply with local laws.

Using the SoFi online platform

To get started, go to SoFi.com and click the button that says “Find my rate.” Here, you’ll create an account with SoFi. It simply asks for your name, state of residence, an email and password for the new account.

Once you’ve created your login, you’ll go to the homepage of your SoFi account. If you’re new to SoFi, you’ll probably see a list of products SoFi offers with the prompt to “Apply Now.”

Click on “personal loans.” You’ll go to a page that asks for the information SoFi uses to give you a rate estimate. The rate estimate involves a soft credit pull, which won’t affect your credit scores. It will check if you meet SoFi’s criteria to borrow through its personal loans, and give you a rate estimate to match.

To perform this soft credit pull, SoFi asks for identifying and contact information. The form then prompts the applicant for information about college degree(s). However, having a college degree is not a requirement to apply. Next, provide employment information, including employer name, income and years of experience.

Lastly, SoFi asks how you intend to use the funds from your personal loan. A dropdown menu allows you to select from several options, such as “Pay off credit cards” or “Invest in career development.”

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Applying for a SoFi loan

After submitting your initial information, SoFi will generate a range of loan terms for which you qualify. You’ll select the one you want. The next steps are to update documents to verify your identity and your income.

Once you submit this, you’ve officially applied for a SoFi personal loan. All that remains is to set up disbursement, or how you want to get the funds from SoFi, and sign an acceptance package.

SoFi processes the application, including requesting a full credit report and verifying the provided information. A SoFi personal loan takes 10 business days to be fully underwritten and funded.

SoFi personal loan interest rates and fees

For borrowers who meet SoFi’s eligibility requirements, its personal loans are a low-cost borrowing option. That’s thanks to a combination of low-interest rates as well as low fees.

SoFi’s personal loan rates are competitive, beating out rates offered by many other online lenders. On top of that, SoFi offers a 0.25 percent discount for borrowers who enroll in autopay.

Other lenders charge an origination fee, which can add hundreds to the cost of a loan. But a SoFi personal loan is cheaper; the lender does not charge loan origination fees. SoFi also has no closing costs or prepayment penalties.

In fact, the only fee SoFi charges related to personal loans is a late payment fee. Even then, borrowers have a 15-day grace period to pay before the fee is charged. The fee is $5 or 4 percent of the payment due, whichever is larger. However, with on-time payments, it’s possible you’ll never pay a fee related to your SoFi personal loan.

SoFi personal loan eligibility requirements

SoFi has no stated minimum credit score. It’s also friendly to borrowers with a thin credit file. There’s no minimum requirement for credit history length.

However, not every borrower will qualify for a SoFi loan — or get the best rates. SoFi prefers well-qualified borrowers with higher incomes and promising earning potential. They look for borrowers with an established career and multiple years of experience.

Cash flow is also important. Borrowers need to comfortably cover existing living expenses and new loan payments. A responsible financial history of on-time payments will also improve your chances of approval and better rates.

Additionally, you must qualify for a SoFi personal loan using your own information alone; they do not accept co-signers on personal loans.

SoFi has several firm requirements. Borrowers must be U.S. citizens or permanent residents. They also must reside in a state in which SoFi offers personal loans.

SoFi personal loan customer service

Generally, SoFi’s personal loans are well-reviewed, with most customers reporting a positive experience.

Before you start the application process, you can call SoFi for a free, personal consultation and discuss your situation, and determine if a personal loan is right for you. Should you apply, SoFi’s customer support team is in contact throughout the loan application process, communicating your progress and when you can expect to receive your funds.

Once you’re a SoFi borrower, you can also contact the customer service anytime by phone, email or even social media.

See What Sofi Can Do For You

More about SoFi

SoFi is an online finance company that offers personal loans, student loans and refinancing, and mortgage loans. It also provides investment and wealth management services. On its site, SoFi states its team is “all about helping our members get ahead and find success.”

To date, SoFi has served 225,000 members and funded $15 billion in loans. It has also helped borrowers save $1.45 billion in student loan interest.

SoFi has additional perks for its members. It hosts community events like happy hours or panel sessions, where members can meet, mingle and network. Members also receive free career help, from career coaching to job searching and more.

SoFi personal loan contact

SoFi can be reached almost any time by phone, email or social media accounts. Here’s how to contact the SoFi personal loan team:

Interested in a personal loan?

Here are the top personal loan lenders of 2017!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

2 Important Disclosures for Citizens Bank.

SoFi Disclosures

1

Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Personal Loans: ​​*Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.17% APR to 11.32% APR (with AutoPay). SoFi rate ranges are current as of July 1, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.99% APR assumes current 1-month LIBOR rate of 1.22% plus 3.95% margin minus 0.25% autopay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.


Citizens Bank Disclosures

1

Personal Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2017, the one-month LIBOR rate is 1.22%. Variable interest rates range from 6.01% - 15.96% (6.01% - 15.96% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% - 16.24% (5.99% - 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with Citizens Bank at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, Citizens Bank checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5.67% - 29.99%$1,000 - $50,000Visit Upstart
5.17% - 14.24%1 $5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$5,000 - $50,000Visit LendingClub
5.25% - 12.00%$2,000 - $50,000Visit Earnest
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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Published in Credit Card Consolidation, Personal Loans, Review