Sofi
When you need to finance a personal project, pay for a medical bill, or need cash for an unexpected expense, personal loans are an excellent option for short to long-term financing. They often have lower interest rates and more flexible terms than credit cards. However, since there are so many lenders on the market, it can be challenging to find a reputable lender who will give you favorable rates and terms. Thankfully, SoFi is one of the leading online lenders with an excellent reputation and customer service. It's also worth noting that SoFi offers a wide range of loan types, from student loan refinancing to mortgages and parent loans, too, so it can be your go-to source for all of your financial needs. Today we're going to review their services and help you decide if they are a good fit for you and your personal loan needs.
- Award Winning National Mortgage Company
- Real bank with real people to help you
Pros
- Unemployment protection for unexpected job losses
- A wide range of amounts and terms
- Lots of educational support for customers
Cons
- Application process can take time
SoFi Overview
San Francisco-based SoFi offers a unique approach to lending because it is entirely online and offers very low-interest rates. SoFi Is very customer-focused, and its main objective is to simplify the loan approval process by making them accessible and streamlined. They also offer extensive customer education resources to help their customers get a loan that fits their financial situation.
How Does SoFi Work?
If you want to find a personal loan with SoFi, start by going to the brand’s official site. They offer fixed personal loans that can help you pay off credit cards, cover the costs of home repairs and improvements, fund a vehicle purchase, and more. SoFi doesn’t charge any origination fees, prepayment fees, or even late fees, which helps the customer save even more money.
SoFi makes the application process smooth and straightforward. The entire application process can be carried out online, quickly, and easily, which is a decisive benefit of choosing SoFi. Online support is available 24/7, which also offers additional help and guidance throughout the loan process. Additionally, SoFi offers excellent educational materials and bonuses to its members, allowing you to learn more about personal finance.
SoFi also offers unemployment protection on their loans. This is an excellent benefit if you find yourself unexpectedly unemployed. SoFi will temporarily pause your loan payments and even help you find a new job to get back on your feet and start paying your loan off as soon as possible.
Back to top ↑SoFi Personal Loans Features
SoFi’s low-interest rates are a top incentive to borrow through them. Thanks to their competitive rates and flexible term options, they are among the top lenders in their market. Here’s how they compare to the competition:
- Amounts – SoFi offers loans between $5,000 and $100,000.
- Fees – SoFi does not charge additional fees for their loans – this includes origination fees and prepayment fees.
- APR – Interest rates range between 5.99% to 18.85% with AutoPay via SoFi, which is extremely competitive.
- Terms – SoFi offers terms between 12 and 84 months, making them an excellent choice for medium to long-term borrowing.
SoFi Personal Loans Requirements
Although SoFi offers outstanding loans, they have stringent eligibility criteria to ensure borrowers can afford their loans. For example, applicants need a minimum credit score of 680 to qualify, so borrowers with lower credit will either need to build their credit or look elsewhere for a personal loan. SoFi also requires you to be a US citizen of legal age and proof of income which can either be recent pay stubs or a job offer letter indicating a starting date within 90 days.
Back to top ↑Reliability and Support
SoFi Has made a name for itself as being a reliable, customer-centric company. They have a solid reputation with young professionals due to their unique marketing and benefits. They also treat customer data and privacy as a top priority to ensure that it is safe. Customer service is very accessible by phone call, email, or online chat, and they even offer community networking events to help their customers advance their career.
Back to top ↑Final Word
If you get a loan through SoFi, you can rest assured you borrow from a company that invests in its customers. On top of extra cash, SoFi wants to help their customers grow in their careers by providing networking opportunities, educational materials, and more. If you are a young professional or entrepreneur that needs alone, SoFi is worth consideration.
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* This content is not provided by the financial institution or the offer’s provider. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and does not constitute a financial or expert advice.
