Posted by: Adam McCann

Bottom line: SoFi personal loans are great for people who want to borrow a lot at a low cost. SoFi loans offer as much as $100,000 with interest rates as low as 5.99%, and only 16.49% at the highest. In addition, SoFi personal loans don’t charge any kind of fees, including late fees.

All of these factors mean that personal loans from SoFi are also great for debt consolidation. Borrowers can take out a lower-interest, fee-free SoFi loan to pay off high-interest debt – from a credit card, for example. In addition, SoFi allows co-applicants to take joint responsibility for a loan, an option that not all lenders offer.

In order to borrow from SoFi, you will need at least a 680 credit score. That’s higher than what many competitors require. In addition, if you’re self-employed, the decision process may take longer, up to 15 business days compared to 2-4 business days normally. Below, you can find more information about the major pros and cons of SoFi personal loans and how they compare to offers from other lenders.

SoFi Personal Loan Terms

APRs	5.99% - 16.49%
Loan lengths	12 - 84 months
Loan amounts	$5,000 - $100,000
Approval time	2-4 business days (up to 15 if self-employed)
Funds delivery time	4-7 business days
Fees	-$0 origination fee -$0 early payoff fee -$0 late fee
Credit score requirement	680
Minimum income requirement	Not disclosed
Other requirements	18 years old, U.S. citizen/permanent resident/Visa holder

SoFi Personal Loan Rates & Fees

SoFi personal loan rates range from 5.99% to 16.49%. Each borrower’s individual rate will depend on their credit score, income, other existing debts and other factors. SoFi personal loan rates are fixed, so you will keep the same interest rate until your loan is paid off.

SoFi personal loans are fee-free. There is no origination fee to process the application and no prepayment fee for paying the loan off early. And unlike many lenders, SoFi doesn’t even charge a fee for late payments.

SoFi Personal Loan Requirements

The SoFi personal loan credit score requirements are a score of 680, according to a SoFi representative. That’s higher than what many other lenders ask for. SoFi doesn’t disclose any kind of minimum income requirement.

There are a few SoFi personal loan requirements you have to meet to apply. You must be at least 18 years old and either a U.S. citizen, permanent resident or immigration Visa holder. If you are a permanent resident or immigration Visa holder, you must have at least two years until your status runs out OR have filed an extension/renewal.

You can check your potential SoFi rates online, but you’ll have to create an account on the site in the process. It should be fairly quick, but it’s still going to take longer than it would to get a rate estimate from many other lenders. If you decide to apply, you can do so online or by phone (855-456-7634). SoFi does not allow co-signers but they do allow co-applicants. A co-applicant has joint responsibility for the loan and must live at the same address as the primary applicant.

If you’re waiting for a response from SoFi, you can check your application status online by logging in to your SoFi account.

SoFi Personal Loan Reviews & Transparency

SoFi has a good reputation with both watchdogs like the Better Business Bureau and the Consumer Financial Protection Bureau as well as their own customers. In addition, there are very few complaints about their personal loans.

• Better Business Bureau: SoFi is not yet accredited by the BBB, but it does have an A+ rating from them.
• Consumer Financial Protection Bureau: The CFPB has catalogued around 100 complaints mentioning SoFi, and only 19 of those are about personal installment loans. Some complaints include being denied when the consumer thought they should not have and difficulties signing the loan agreement.

  There has not been a new complaint since March 2017. SoFi has provided a “timely” response to every existing complaint.

• WalletHub: SoFi has a WalletHub user rating of 4/5. WalletHub’s editors award SoFi personal loans a score of 5/5.

SoFi is highly transparent about their personal loan terms and shows them plainly on their website. SoFi could be a bit more transparent by revealing their minimum income requirements.

SoFi Personal Loans vs. Other Lenders

Lender	SoFi	Wells Fargo	Marcus by Goldman Sachs
APR	5.99% - 16.49%	6.99% - 23.99%	5.99% - 28.99%
Loan amounts	$5,000 - $100,000	$3,000 - $100,000	$3,500 - $40,000
Loan lengths	12 - 84 months	12 - 60 months	36 - 72 months
Credit score required	680	660* (but has secured personal loans for bad credit)	680-700*

*According to multiple third-party sources Methodology

WalletHub’s editors determined their rating of SoFi personal loans using 23 metrics in 7 major categories: loan requirements, APR, fees, the application process, loan amounts, customer satisfaction and transparency. We gave larger weights to some metrics, depending on how important they are to borrowers. Below, you can see everything WalletHub measured.

Main categories:

• Requirements: WalletHub looked at SoFi’s credit score and income requirements. We also considered their citizenship and identification requirements.
• APR: Our editors looked at SoFi’s minimum and maximum APRs. We also checked if those APRs are fixed or variable.
• Fees: We checked if SoFi charges fees on personal loans, such as origination fees, prepayment penalties and late fees.
• Loan amounts: WalletHub’s editors researched how much it’s possible to borrow from SoFi and what timelines are available to pay loans off.
• Application process: We considered the different ways to apply and whether SoFi offers pre-qualification. We also found out if co-signers are accepted and how long the approval and funding process takes.
• Customer satisfaction: We checked SoFi’s BBB rating, the number of CFPB complaints both in total and regarding personal loans and WalletHub user reviews.
• Transparency: We evaluated how clear SoFi is about the requirements for getting a loan and their loan terms.

from Wallet HubWallet Hub


via Finance Xpress