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Where does SoFi do business?
SoFi is a marketplace lender based in San Francisco, CA. Founded in 2011, SoFi offers access to personal loans in 49 states (and Washington, DC).
What are the APRs offered via SoFi?
SoFi has a fixed APR that ranges from 6.990% up to 14.865%.
Does SoFi charge an origination fee?
No, SoFi does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does SoFi charge a late fee?
No, SoFi will not charge you a late fee.
Does SoFi charge prepayment fees?
No, SoFi does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow via SoFi?
Loan amounts start at $5,000 and go up to $100,000.
What is the maximum loan term you can get with SoFi?
SoFi offers personal loans with terms ranging from 36 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with SoFi?
Applicants with a credit score of at least 680 can apply for a loan via SoFi . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
SoFi only considers borrowers who are employed.
Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.
Active duty servicemembers and their covered dependents are eligible to apply for a loan via SoFi. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Applicants must have an active and valid checking account
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for a personal loan via SoFi?
SoFi will typically approve (or deny) a loan application within 1 hour and fund personal loans within 7 business days of approval.
Does SoFi report loan payments to credit bureaus?
SoFi may report credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Only Individual Applications
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)