SoFi offers a debt consolidation loan which is fixed personal loan (which means the interest rate is fixed.) The interest rates vary (based on your credit score and income) from 4.99% – 19.53%. The loans start at $5000 and are capped at $100,000.
Pros & Cons
- No fees for origination, annual or LATE fees
- Offers co-sign loan options.
- A 0.25% point rate discount for setting up direct debits.
- Has an unemployment protection.
- Super useful mobile app.
- No secured or joint options.
- Three-day approval time is longer than many lenders.
- There is no in-person assistance available. If you prefer to speak with a banker about your loan or make a payment in person, SoFi may not be the right lender for you.
SoFi’s unique selling point
There are no charges: There are no origination, late, or prepayment fees with SoFi. True zero-fee loans are uncommon among online lenders.
Repayment durations span from two to seven years, which is a larger range than most online lenders provide.With more options, you can choose between paying less overall interest over a shorter term or paying less monthly over a longer duration.
Borrowers can add a co-signer to their application for co-signed loans.Adding someone with better credit or a greater income than you can help you achieve a cheaper interest rate or a larger loan amount.
Co-signers, unlike co-borrowers, have no access to the loan funds but are liable for any missing payments.
Unemployment protection: You can apply for SoFi’s unemployment protection program if you lose your job while paying down your loan. SoFi will put your loans into forbearance and suspend your monthly payments after you’ve been accepted. During that time, interest continues to accrue, but borrowers can make interest-only payments to avoid having their principal increased.
SoFi provides borrowers with free career and financial advice, including one-on-one career counseling to assist with job searches, career transitions, and personal branding. Members can also receive free financial planning assistance from a qualified financial planner who can assist them in developing a budget, developing an investing strategy, selecting insurance, and saving for the future.
Borrowers can use the SoFi mobile app to examine available rates, apply for a loan, and make payments.
Borrowers cannot secure a SoFi loan with collateral like a car or a savings account, nor can they file a joint application with a co-borrower. A secured loan or a combined loan may be able to assist you receive a reduced APR.SoFi loans have a $5,000 minimum loan size, which may be too much for applicants trying to fund a modest project or other minor outlay.
What are the requirements for a SoFi loan?
Many of SoFi’s borrower requirements aren’t publicly disclosed, although customer care staff say that borrowers with decent to exceptional credit are the most likely to qualify.
Here’s what you’ll require:
-In your state, you must be a legal adult.
-You must be a citizen, permanent resident, or visa holder in the United States.
-You must be employed, have a suitable income, or have a job offer that will start within 90 days.
-A 680 credit score.
A five-year, $30,000 loan with an APR of 11.2 percent would cost $655 per month in payments.
That loan would cost you $9,300 in total interest.
What Credit Score Do I Need For SoFi?
To qualify for a loan with SoFi, you’ll need a minimum credit score of 680.This is one of the higher minimums of any personal loan lender. Lightstream will consider a credit score as low as 660, while Upstart’s minimal credit score is 600.
Use annualcreditreport.com to acquire your credit report from one of the three major credit bureaus.
You can get your report once a week for free till April 20, 2022. While this report does not include your credit score, it does include information on your credit and payment history. You can discover problems and figure out where you might improve while checking your credit report.
SoFi has a score of 3.75/5 on Consumer Affairs. Recent SoFi reviews have complained of a deteriorating customer service and long wait times for loan payments.