SoFi Personal Loans Application and Review – Apply Online

Sofi Personal Loans Application

SoFi Personal Loans Application and Review – Apply Online

Social Finance, known as SoFi, is part of the new generation of alternative lenders taking the place of traditional banks. Founded in 2011, SoFi is an online lender offering student loan refinancing, mortgages, and personal loans.

Until recently, the company was well-known for refinancing student loans into lower interest rates and payment terms, but now SoFi is gaining the reputation of a full-service financial institution with some of the best options for personal loans.

What can I Expect From SoFi?

SoFi now offers personal loans to creditworthy borrowers with high incomes. The company offers personal loans up to $100,000 to its well-qualified customers with fixed and variable interest rates. The loan amounts are some of the highest in the online lending industry.

As of 2016, the average interest rates on the company’s personal loans was 8.5 percent. Although credit scores are important to the company, they are not the deciding factor in the qualification process.

How does SoFi’s Interest Rates Compare to Other Lenders?

The company offers some of the lowest interest rates on personal loans in the online lending industry.

If you have excellent credit, you can expect variable or fixed-interest rates as low as 5 percent. The online lender’s interest rates range from 5 to 15 percent with a minimum loan amount of $5,000 in most states.

What are SoFi’s Minimum Credit Requirements?

The company’s minimum credit score requirement is 660, but most of the lender’s customers have credit scores of 700 or higher. The company does not require a median income to qualify, but many of the lender’s borrowers have incomes greater than $100,000. SoFi does not require a minimum or maximum debt-to-income ratio, and there is no minimum credit history requirement.

How do I Qualify for SoFi Personal Loans?

SoFi requires that you are a U.S. citizen at least 18 years of age with gainful employment. However, meeting this criteria does not guarantee you will qualify for any SoFi personal loans.

The company performs a full analysis of your ability to repay the loan, and it thoroughly analyzes your credit history to see if you missed any payment on your past debt obligations.

In addition, the company will reject your application if you have any judgments or nonmedical collection accounts on your credit report.

Although your credit score is not the deciding factor, SoFi will consider your cash flow, employment and your educational background before approving or denying you for a personal loan.

Learn more about SoFi and the low interest rates offered on secured and unsecured loans personal loans.

How Do I Apply For SoFi Personal Loans Using An Online Application?

It’s really easy to apply for a SoFi personal loan. The easy application process is done completely online in minutes. Just visit SoFi – Find My Rate Borrow between $5k-$100k No origination fees or pre-payment penalties.

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