Learn How to Apply for a SoFi Personal Loans

SoFi stands out as an excellent lender for eligible customers due to its fee-free structure and additional benefits!

What do I need to know before applying for a SoFi Personal Loans?

SoFi operates as an online lending platform offering unsecured personal loans. These loans vary from $5,000 to $100,000 in amount and can be repaid over periods spanning two to seven years.

SoFi’s personal loans are a standout option for those seeking a convenient and flexible borrowing solution.

Offering a streamlined application process and more lenient eligibility criteria compared to traditional lenders, SoFi caters to diverse financial needs with ease.

Whether you’re consolidating debts, funding home improvements, covering unexpected expenses, or realizing long-term aspirations, SoFi’s loans ranging from $5,000 to $100,000 provide ample financial support.

With repayment terms spanning 2 to 7 years and competitive interest rates starting at 8.99% APR, SoFi empowers borrowers to achieve their financial goals while enjoying favorable financing conditions and peace of mind.

In this way, SoFi Personal Loans offers a highly respected service in the USA, with over $26 billion already provided to its customers safely and responsibly.

Therefore, if you need to seek a loan plan, it’s worth getting to know SoFi and understanding all the conditions before applying.

Who can Apply?

See the main benefits of SoFi! Photo by Freepik.

SoFi personal loan applicants need a minimum FICO credit score of 650. Not all who meet this requirement are approved, similar to other reputable lenders, with the most successful candidates having a score of 700 or higher.

Additionally, applicants must earn at least $45,000 annually, although the average SoFi borrower earns over $100,000.

SoFi considers debt-to-income ratio and monthly free cash flow, preferring candidates with at least $1,500 available monthly.

Co-applicants may apply with SoFi if they wish to borrow despite their credit standing, assuming joint responsibility for repayment.

Also necessary are basic criteria, such as being a properly registered citizen in the USA and being over 18 years of age.

How do I Apply for the SoFi Personal Loans?

To apply for a personal loan with SoFi, visit their website or mobile app.

In just two minutes, discover the APR you may qualify for without impacting your credit score through a soft credit inquiry. When ready, submit your application online or through the app.

Throughout the process, receive guidance from a loan consultant and expect a hard credit pull for a comprehensive credit report. Approval typically takes two to four days, though self-employed applicants may experience a longer wait.

Once approved, funds are usually disbursed within a few days, directly to your personal bank account.

Borrowers can find their first due date in their final disclosure and first billing statement.

Loan payments can be made via the SoFi website or app, utilizing ACH, online bill pay, or paper checks—credit card payments are not accepted.

During the application process, customers may need to provide documentation such as income and identity proofs.

Therefore, if you’re seeking a loan plan, it’s worth exploring SoFi and understanding all the conditions before applying.

In addition to the online application, SoFi offers live chat support and 24/7 assistance through their virtual attendant. During business hours, customers can also reach SoFi via phone at (855) 456-SOFI (7634).

More Details

SoFi stands out for its no-cost policy, with no origination, late, or prepayment fees. It offers longer repayment terms, ranging from two to seven years, providing flexibility in choosing between lower monthly payments or less overall interest.

Borrowers may qualify for various discounts, including a 0.25% rate reduction for autopay and additional reductions for direct deposits or debt consolidation.

Co-applicants can improve their chances of approval or secure lower rates, with joint borrowers sharing responsibility for repayment.

SoFi also offers unemployment protection and career coaching services, accessible through its mobile app for convenient loan management.

Want to learn another option?

Prosper Personal Loan provides flexible borrowing options, offering loans up to $40,000 with fixed rates and terms ranging from 3 to 5 years.

The online application process is straightforward, with funds available within a few days. Borrowers can consolidate debt or finance various expenses with ease.

Gabriel Gonçalves
Written by

Gabriel Gonçalves

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