SoFi personal loans have some of the best rates available for a variety of needs, including major life events, medical expenses, home improvement, and credit consolidation.
SoFi is oriented toward borrowers that have slightly better credit, one of the reasons it’s able to offer such competitive rates and terms for users. However, he company does use an unorthodox underwriting algorithm that helps them get a more comprehensive picture of each borrower and better match him to the right lender. SoFi also stands out for its high loan amounts (which can range up to $100,000) and the company is well known for its transparent approach to the lending process.
With other perks that include temporary forbearance, reduced rates on subsequent loans, and even the opportunity to attend networking, mentorship, and career counselling events, SoFi loans are a great alternative for young professionals looking to grow and get their lives started. Explore our in-depth SoFi lending review to see if it’s the right fit for you.
SoFi Pros and Cons
Pros:
- SoFI Interest Rates are among the best in the industry
- A wide range of payment options
- Great membership benefits for borrowers
- Choose between fixed and variable APR
- Excellent unemployment and forbearance options
Cons:
- Stringent qualification requirements
- Funding can take longer than other lenders
Why Get a Personal Loan from SoFi?
One of the areas where SoFi really stands out is in the support it offers you once you find a loan. Since it’s aimed largely at young professionals, the company offers its members access to a wide variety of career opportunities. This includes networking events, mentorship opportunities, and even career counselling if you lose your job while you’re repaying your loan.
Additionally, the company offers a forbearance program that lets you suspend your monthly loan payments in three-month increments up to 12 months during the lifetime of your loan. It’s worth noting that your loan still accrues interest during this period, but it is added to your principal once it ends. SoFi personal loans also give you discounts on your interest rate if you apply for additional loans once you’ve been approved for your first one.
Finally, SoFi is very transparent about its application process, and will help you through the process from start to finish if you qualify. You can get pre-approved within a few minutes, and start browsing for loans almost immediately.
What Does SoFi Offer?
SoFi doesn’t originate any of the loans it offers but works with a network of trusted lenders that it matches with borrowers based on their needs and qualifications. The company’s loans are unsecured, but it does provide a wide range of both borrowing terms and amounts. More importantly, due to its slightly more stringent qualification records, it can offer more competitive interest rates and terms than many of its competitors.
SoFi loans are available for a variety of reasons including medical expenses, weddings loans, home improvement, debt consolidation, relocations, major purchases, and even vacations loans. However, the company doesn’t offer personal loans for education, taxes, or business startup costs. Additionally, SoFi supports its borrowers with an extensive resource center that includes a variety of articles about financial topics, as well as guides and financial tutorials for any stage of your life.
What Are SoFi’s Eligibility Requirements?
Our SoFi personal loan review found that the company has some of the stricter eligibility requirements on the market, though it’s for a good reason—better rates for borrowers. Generally, borrowers should have a credit score of at least 680 and a good existing income to get the most favorable rates available. Additionally, SoFi lists some additional requirements on its site:
- You must be a citizen, permanent resident, or legal visa holder of 18 years or older
- You must reside in a state SoFI operates
- You must be over age legally in your state
- You must be employed, have sufficient income, or have an offer to start work within 90 days
SoFi will also look at your financial history, your career experience, your income and expenses, and other factors when qualifying you.
How to Apply for a SoFi Personal Loan?
One of the highlights of our SoFI lending review is the company’s easy application process. To get started, you simply need to fill out an initial pre-qualification form that collects some personal and financial details. We were happy to see SoFi doesn’t perform a hard credit check at this point. Once you’re pre-approved, you’ll be able to see your loan options and their rates and terms. Choose the one you want, and you’ll be asked to provide ID and income evidence, as well as a hard credit check. Once you’re approved, you’ll receive confirmation and get your SoFi personal loan disbursed.
