SoFi Reviews

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Are you in need of cash to finance a home renovation project? Or are you in need of student loan refinancing?

If you are but worried about high loan rates, strict loan terms or repayment terms, low credit score, SoFi loans may just be able to provide the loans and debt solutions you need.

In this blog post, I will talk about SoFi and try to give you the best review to help you decide if SoFi is the right fit for you.

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Table of Contents

What is SoFi?

SoFi or Social Finance is an online lender that provides personal loans, student loans, home loans, investment products, and money management tools.

Some of the best rates and conditions are provided by SoFi’s unsecured personal loans, and are intended mainly for borrowers who have a good credit and high income.

Is SoFi Good For Beginners?

For novice investors who are searching for an easy way to get started with investing, SoFi Invest is a good option.

There is no minimum amount required to open a SoFi account, so you can always get started even though you have little to spend.

If you have other SoFi accounts already, SoFi Invest is also a fantastic choice.

Large Loans, Low Rates and Few Fees

Most personal loan borrowers have very specific objectives for the loan.

One major reason is to finance home renovation or construction project. Another is perhaps for debt refinancing through obtaining a lower-rate personal loan.

There are some aspects of SoFi’s unsecured personal loans that set them apart from other lenders.

  • Borrow $5,000 to $100,000: Borrowers can potentially venture into various projects with a high loan amount 5,000. However, there is a chance that your request will not be approved. Note that in certain states, they provide higher minimum loan amounts.
  • Low, fixed interest rates: SoFi loans usually provide very low interest rates, and its range is smaller than that of other lenders in general. Because it’s a fixed interest rate, your payment will not increase during the entire loan duration.
  • Few Fees: With SoFi loans, there are very few fees involved. In fact, you will not pay for application, origination, late payment and even prepayment.

Consider how these features can work to your advantage as a Borrower.

For instance, you can take out personal loans for the refinancing and debt consolidation of your credit card.

Suppose you have a credit card debt worth $7,000 that has an APR of 17 percent. You will have to make recurring installments of $253 if you stop using the card and wish to pay off the balance after three years, and will pay a total of $2,110 in interest.

If you take out a $7,000 loan without penalties and a 10 percent APR, your payment every month will drop to about $226 and you’re going to incur interest in just a little over $1,131. This will save you around $979 over three years.

It would pay $237 a month and $1,188 in interest overall for the same loan from a lender that charges a 5% origination fee.

How to Apply for a SoFi Personal Loan

You can start the application process with a soft query prequalification if you are interested in a SoFi personal loan, which will not affect your credit scores.

You will need to share how much you want to borrow, how you plan to use the funds, your birth date, citizenship status, address, if you rent or own your home, and your annual income, in order to complete the process.

You can also choose to add to your application a co-borrower (cosigner).

If you meet the pre-qualifications, there are possible terms of loan repayment and their respective interest rates..

You can also take out a maximum loan amount once you qualify to borrow.

The interest rate of your loan will rely on how your creditworthiness is perceived by the lender, and could be determined by several other factors such as your credit history, credit ratings, income and debt.

The interest rate of your loan can be affected by whichever repayment term you opt for. But if you sign up for the autopay, you can have a 0.25 percent discount on the interest rate.

You will need to provide your phone number and driver’s license, state ID or U.S. passport for identity verification once your application has been approved.

Finally, the loan amount is wired to you electronically. The transfer can take several days.

Who Qualifies for a SoFi Personal Loan?

To apply for a SoFi personal loan, there are a few simple eligibility criteria that any borrower must meet:

  • You should be at the age of majority in your state, typically 18 years old
  • You should be a U.S. citizen, a permanent resident with a green card that’s two years old or a visa holder with proof that a green card has been approved.
  • You can be a non-permanent resident alien or a DACA recipient for as long as you have a co-signer who is credit worthy and either a permanent resident or US citizen. Those who are not permanent residents can only borrow a maximum loan amount of $35,000 which can be applied via phone.
  • Not be a Mississippi resident.
  • Existing SoFi personal loan borrowers who live in Michigan may apply for an additional loan. But they will need to have made at least three payments paid on time.
  • Is currently employed (or at least have a job offer which starts within 90 days) or has sufficient income

Even if you follow the requirements, you need to ensure these three things to get approved:

  • Good credit
  • High income
  • Low debt-to-income ratio

In addition, a SoFi personal loan should not be used to buy real estate or investments, finance a corporation or pay for post-secondary education.

SoFi Member Benefits

If you are a SoFi member, you will get access to various tools which can help you in managing your finances, loan, and even your career.

Because of these benefits, SoFi has given its members the best customer experience when it comes to their finances.

Their customer support extends beyond just answering queries and complaints, but they have actually designed a customer support package free of charge wherein they will experience the following added benefits:

Career coaching

SoFi offers access to a one-on-one career coaching. SoFi partners Korn Ferry to help you with some career tips and advice to make money and save for the future.

Unemployment Protection Program

In the event that you lose your job, you can have your loan placed into forbearance to stop making payments temporarily.

You will have accrued interest but you will not be deemed late once payments resume.

Financial Planning

You get access to free calls and talk to financial planners about your personal finances and plans and get professional advice tailored fit for your banking investing needs.

Rate Discounts

If you are a SoFi member, you may be offered lower interest rates or possibly a loan processing discount and try to take out a different loan type.

Experience

You get to enjoy free online classes and in-person experiences such as resume workshops, yoga classes, etc.

You also get the chance to earn bonuses when you refer people to avail Sofi’s free SAT/ ACT test prep courses and other products.

What’s more, you would still get membership benefits even after your loan has been paid off.

These add-ons I believe are why SoFi gives the best experience to their customers.

What Is The Minimum Credit Score For SoFi?

Yo need to display good to excellent credit score.

To avail a personal loan from SoFi, you need to have at least 680 FICO score.

How Long Does A SoFi Loan Approval Take?

Fund requests via online lenders typically have a quick turnaround time and as soon as the request is approved, funds are wired within just a few days.

Online lending platforms’ major benefit is the convenient, easy, and quick application process . You just need to make sure that all necessary documents and information are complete and ready for submission.

Can You Pay Off A SoFi Loan Early?

Yes, you can pay off a SoFi loan early without having to pay prepayment penalties. You can also pay in larger amounts than your amount due.

Does SoFi Hurt Your Credit score?

SoFi does a soft credit pull that will not hurt your credit score. This is to find out the rates and terms that you may be eligible for.

A hard credit pull, however, may affect your credit score. This is required when you apply after being pre-qauqualified.

Is SoFi Good For Debt Consolidation?

If you want to borrow a huge loan amount but with low interest rate, SoFi personal loans can be a great option for you.

It is also great for debt consolidation where you can take out a SoFi loan at a lower interest to pay off debt from credit cards with high interest.

Does SoFi make money?

SoFi makes money through loan securitization, transaction fees, referral fees, investing in the capital markets, and sweep programs, and more.

Is SoFi A Good Mortgage Lender?

Yes, SoFi is a good mortgage lender.

SoFi is the best match for borrowers with huge mortgage loans, and particularly for those pursuing a low down payment mortgage.

Where SoFi Personal Loans Stand Out

No Fees:

SoFi does not charge their borrowers with late payment, prepayment, and origination fees. Some online lending platforms charge for these three.

SoFi stands out from the rest in this regard.

Term Availability:

SoFi offers repayment terms to their borrowers from two up to seven years.

The repayment terms they offer more than what other online lending platforms provide to their members.

Because of this, you can choose to go for a shorter term with less overall interest or a longer term with lower payments every month.

Offers Co-Signed And Joint Loans:

SoFi allows their borrowers to apply for co-signed or joint loans. This feature increases your chances of getting a higher loan amount or receiving a lower interest rate.

Take note, however, that co-signers are accountable to missed payments and they cannot access the loan proceeds which is contrary if you have co-borrowers.

Unemployment Protection:

SoFi has a loan unemployment protection program should you lose your job while paying off an existing loan, which is one of the best add-ons if you are a SoFi member.

They will put it on forebearance and temporarily stop your monthly payments.

Interest will accrue but you can request to make interest-only payments so that your principal amount will not increase.

Any borrower who is in a good standing qualifies for this program.

Even though SoFi reports forebearance to the credit bureaus, this should not impact your credit score. Other lenders use this factor to decide whether to extend credit or not.

Free Career And Financial Advising:

SoFi gives free career and financial advice that helps their members put themselves in a better position when searching for a job or transitioning in their career.

SoFi employs certified financial planners to help their member show to better manage their personal finances, build a excellent credit score, and create effective investment strategies and become financially stable in the future.

Mobile App:

SoFi has their own mobile app which their borrowers can conveniently make payments, apply for loans, and check available rates.

Where SoFi falls short

No secured loan option:

SoFi does not offer a secured loan option where borrowers can use a collateral like a savings account or car to secure a loan.

High minimum loan amount:

SoFi loans have a high minimum loan amount $5,000.

In some instances, this can be too high for borrowers to finance a small project.

Bottom Line: Is SoFi legit?

SoFi is a legal company for money management and an online lender.

They have a range of products and services to help their clients handle their finances, which may include debt consolidation, loan refinancing, and choosing insurance products.

SoFi give priority to borrowers who are highly qualified or those with excellent credit.

It’s worth checking to see whether you can pre-qualify with SoFi if you’re applying for personal loans, since it won’t harm your credit.

You can compare and check if you can find an equally decent price or deals somewhere.

But, overall, the advantages of a SoFi member can make it the best choice around.

The Best Option Compared To Sofi!

What if you never needed to go to a crumby lender or lenders ever again? What if you never had to stress about getting an application rejected because of a bad personal credit score?

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Digital Real Estate!

With digital real estate, you don’t have to worry about a credit score or your personal credit.

Hell, you don’t even have to worry about going to lenders about a high credit limit in general because your business expenses are virtually non existent.

Look

The reason why most people need lenders is because they are going to start a company that operates in a physical brick and mortar that has small margins.

We hate to tell you this…

But because of the current political climate and all this talk of a “new normal”, going into the brick and mortar space isn’t a good option for any business idea right now.

What you should really look into is the digital real estate model.

All you have to do is build a simple website, do a little on and off page SEO and presto, you’re at the top of google!

Ok, cool, but what’s a website on the top of google worth anyway?

The trick to get is worth a lot of money is to build a site for call in jobs like tree service or roofing.

Let’s take a roofing for example…

The average roofing job is worth $5,000-$10,000, and a lead is worth $500-$1,000 or 10%. This means that if you generate 10 calls or $50,000 of revenue, you could earn $5,000 from that site for the month!

That is high levels of real estate rent numbers you’re pulling in!

Now imagine just how easy it is to scale this business out…

You can build these sites in less than a day…we know because we’ve tried.

Could you imagine what having just 10 of these sites would look like for your monthly income?

Talk about never having to worry about a credit score or going to lenders ever again.

Ok, but how easy is it to get clients for something like this?

Super easy, in fact our team has tried it!

Business owners all over the country are hungry for the chance at more business right now. If you can be the one to consistently bring jobs to them each month, they’ll have no problem throwing 10% your way!

Even if you have a brick mortar business right now, you could use this to give it the kind of funding Sofi couldn’t give you if your credit score isn’t high enough.

In fact, many people who joined the training course about digital real estate started out just like that!

They wanted to get more inbound clients for their company so they started with building a website and ranking it on google locally.

After just a few months they had calls rolling in for their company that were producing more than the capital Sofi would have been able to provide for them!

Soon after seeing how profitable it was for them, they decided to build more of these sites in different areas and markets and take a little sliver to deliver on all the jobs they were getting for people.

If you have a bad personal credit score and don’t think a lender or lenders like Sofi offers will approve your application we recommend checking out this digital real estate course!

You get hands on training that will walk you through step by step of how to build these assets out!

Not to mention a great group that is there to answer questions you might have 24/7.

If you’re looking to get funding fast without having to deal with all the headaches of an application, low personal credit score, funding manager, and the occasional shady lender…

Check out this course!

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