SOFI Personal Loan: The specialty of SOFI Personal Loan is that you can avail it for a period of 2 to 7 years as per your need and convenience. Whether you need money for big expenses or to repay your old debts, SOFI Personal Loan can meet all your needs. The best part is that here you do not have to pay high interest rates and the processing is also very fast. Apart from this, you do not need to provide any security or guarantor to get the loan. So now without any hassle, make your dreams come true with SoFi!
Let’s know about the SOFI Personal Loan
SoFi, also known as Social Finance, is a platform that lets you get a personal loan of up to ₹80 lakh. The special thing about SoFi is that you don’t have to pay any origination fee or prepayment penalty to get a loan here. And yes, if you need money quickly, SoFi can also fund you the same day!
Is SoFi a trustworthy company?
This company started in California in 2011 and today it offers personal loans as well as student loans, auto and student loan refinancing, home loans, banking and insurance. So, if you also want to get a quick loan without any hassle, then SoFi can be a great option for you.
Absolutely, SoFi is considered a very trustworthy company. SoFi ranked fourth in J.D. Power’s U.S. Consumer Lending Satisfaction Study of 2024, which shows its customer satisfaction level. In addition, SoFi has an A+ rating by the Better Business Bureau (BBB), although it is not BBB-accredited. This rating shows that SoFi treats its customers honestly and transparently and also performs well in customer service.
In 2023, the Consumer Financial Protection Bureau (CFPB) did not find any personal loan-related complaints against SoFi, which shows that SoFi is providing good services to customers. SoFi also has a rating of 4.6 on Trustpilot, which is considered ‘Excellent’. All these standards are proof that SoFi is a trustworthy and customer-friendly company, which can be a good option for personal loans.
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Eligibility criteria for a SOFI Personal Loan
- How to qualify for a SoFi Personal Loan: Citizenship and residency: You must be a U.S. citizen, permanent resident, or visa holder.
- Age and residency: You must be 18 years or older and live in an eligible state.
- Employment status: You must be employed, have a job offer starting in the next 90 days, or have sufficient income from other sources.
- Credit history: A good credit history can increase your eligibility.
- Co-applicants: Applications with co-applicants are accepted, but this may add an additional week or two to the application review process.
Credit Score Requirement
SoFi does not publicly share information such as credit score, debt-to-income ratio, minimum credit history, or minimum income required for its personal loans. It’s beneficial to have a good credit score, even if SoFi doesn’t provide specific eligibility information.
How to Apply for a SOFI Personal Loan ?
Applying for a personal loan from SoFi is very easy, and the good thing is that you can prequalify without affecting your credit score. This will let you know what terms you can get a loan for. Once you see what terms you qualify for, you can apply online in just a few minutes with the help of a SoFi loan consultant. Here’s how you can apply:
Visit SoFi’s website and select the “View Your Rate” option.
First, go to SoFi’s official website and click on “View Your Rate”. This will take you to the right page to begin the further process.
Provide your name, state of residence, and email.
Next, you need to fill in your first and last name, the state you live in, and your email address. This information will help SoFi verify your identity and eligibility.
Fill in the borrowing amount, loan purpose, and income information.
Now, you will be asked how much loan amount you want to take and what is the purpose of the loan. Along with this, you will also have to provide information related to your income and monthly housing payment.
Provide co-applicant information (if you are applying with someone).
If you are applying for a loan with a co-applicant, you will have to provide information about him/her as well. This information is used to check the financial status and credit worthiness of the co-applicant.
Get prequalified rates and choose loan offers.
After filling all the information, SoFi will give you prequalified rates. You can review those rates and terms and choose the loan offer that best suits you.
Complete and submit the application.
Once you have selected your loan offer, you will have to complete and submit your application. At this time, SoFi performs a hard credit pull on your credit report, which may affect your credit score.
Loan approval and funding.
If your loan application is accepted, SoFi will send you a loan agreement that you need to sign. Once you sign, your funds will be available within a few days.
This way, you can easily apply for a personal loan from SoFi and meet your financial needs. The entire process is simple and quick, allowing you to avail your loan without any hassle.
FAQ’S: SOFI Personal Loan
For a what time of period you can avail loan from SOFI Personal Loan
You can avail loan for a time period of 2 to 7 years.
What amount of loan is an individual is getting from SOFI Personal Loan?
An individual can get a loan of up to rupees 8 lakh.
What is the Eligibility Criteria for SOFI Personal Loan?
An individual must be a U.S. citizen, permanent resident, or visa holder and must be at least 18 year old .
