SoFi Personal LoansClaimed
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SoFi Personal Loans Review
SoFi Personal Loans is a personal loan offering by SoFi, a marketplace lender based in San Francisco, CA. Founded in 2011, SoFi offers access to personal loans in 49 states (and Washington, DC).
What rates and terms does SoFi Personal Loans offer?
What personal loan APRs does SoFi Personal Loans offer?SoFi Personal Loans offers a fixed APR personal loan product that ranges from 5.99% APR up to 16.99% APR. Rate is quoted with autopay discount*.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via SoFi Personal Loans?
Loan amounts start at $5,000 and go up to $100,000.
What can a personal loan from SoFi Personal Loans be used for?
Personal loans from SoFi Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.
What is the maximum loan term you can get with SoFi Personal Loans?
SoFi Personal Loans offers personal loans with terms ranging from 24 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.
|Loan Amount||$5000 - $100000|
|Loan Term||24 - 84 months|
Rate is quoted with autopay discount*
What fees does SoFi Personal Loans charge?
Does SoFi Personal Loans charge an origination fee?
SoFi Personal Loans 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 Personal Loans charge a late fee?
No, SoFi Personal Loans will not charge you a late fee.
Does SoFi Personal Loans charge prepayment fees?
No, SoFi Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
|Late Payment Fee||N/A|
What do you need to qualify for a loan with SoFi Personal Loans?
Applicants with a credit score of at least 680 can apply for a loan via SoFi Personal Loans . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
SoFi Personal Loans 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 Personal Loans. 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
|Bank Account Required?||Yes|
|Joint Applications Accepted?||Yes|
|Credit Score||680 - 850|
What is the estimated funding time for a personal loan via SoFi Personal Loans?
SoFi Personal Loans will typically approve (or deny) a loan application within 1 hour and fund personal loans within 7 business days of approval.
Does SoFi Personal Loans report loan payments to credit bureaus?
SoFi Personal Loans may report credit data to the following credit reporting agencies:
One Letterman Drive Building A
San Francisco, CA 94129
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Message from SoFi
Other Services by SoFi
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Origination Fee|
|No Prepayment Fee|
|No Late Fees|
|Credit Score Range||
680 - 850
|Immigration Status Considered||
|Bank Account Required|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$5K - $100K|
|Loan Term||24 - 84 months|
|APR (Fixed APR)||5.99% - 16.99%|