Get a $750 Welcome Deposit for eligible new customers who open an 
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- Rated 4.5 stars
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- SoFi Personal Loans
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- Fees
- Funding Time
- Loan Amount
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Founded in 2011, Social Finance Inc. (SoFi) is a niche loan company that specializes in student loan refinancing for recent graduates. Since then, the online lender has expanded their financial services to include mortgages and personal loans. SoFi has lended $30 billion in funds to 500,000 borrowers and counting.
Their personal loan targets recent college graduates with handsome incomes looking to consolidate debt. Loan amounts max out at $100,000 and can be paid over a term period of 3 to 7 years.
Read on to see if SoFi’s personal loan is a good fit for your financial needs.
Borrower Averages
| Credit Score | 720 |
| Credit History | Short |
| Annual Income | $114,000 |
The typical SoFi borrower has a high credit score and income, but a relatively short credit history. That’s because this lender is more interested in responsible bill payment, free cash flow, career and education, rather than a long credit history.
The Good
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to SoFi’s website and apply online.
- Joint applications. As of April 2018, SoFi welcomes cosigners to help increase your chances of getting approved for a competitive rate.
- Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
- No origination fee. There’s no “middleman” fee, and you will receive the full amount of your loan.
- Competitive fixed rate. With excellent credit, your APR could be as low as 6.20%, and that won’t budge for the entire duration of your loan term. You can even get a 0.125% rate discount on an additional SoFi joan – just for being a member.
- No fees. There are no prepayment or late fees.
- Live customer support. Available 7 days a week via phone or social media.
- Better credit. Borrowers raised their credit scores by 31 points on average when paying off credit card debt with a SoFi personal loan.
- Unemployment protection. If you lose your job, you can temporarily pause your payments, and SoFi will even help you find a new job.
- Community events. Access to SoFi member events like happy hours or panel sessions, where borrowers can meet, mingle and network.
The Bad
- High standards. SoFi likes creditworthy borrowers, so you must have a good credit score and high income in order to get your loan approved.
- Funding time. It takes, on average, 7 days before the funds reach your bank account.
- Not available in all states. You can’t apply for a SoFi personal loan if you live in Mississippi.
- Online only. SoFi does not have any brick-and-mortar branches to make payments or ask questions in person. However, doing business online allows SoFi to keep their expenses down and pass these savings onto their borrowers.
Eligibility Requirements
All applicants must have a minimum credit score of 660. There is no minimum annual income requirement and no debt-to-income ratio requirement.
SoFi Terms & Fees
| Loan Amounts | $5,000 – $100,000 |
| Loan Terms | 3 to 7 years |
| Repayment Options | Monthly |
| Origination Fee | None |
| APR | 6.20% – 15.37% with AutoPay |
| Prepayment | None |
| Late Payment | None |
| NSF/Returned Payment | None |
| Unemployment Protection | Yes |
The Breakdown
SoFi members can feel like they’re part of an elite club, thanks to their high credit standards and members-only events. It’s quick to apply, with or without a cosigner, and it won’t hurt your credit score. SoFi’s rates are competitive with no origination, prepayment, late or NSF (Non-Sufficient Funds) fees. You’ll see improved credit scores with on-time payments, and you’ll have access to live 24/7 customer support, community events and even unemployment protection.
Sample Loan
| Loan Size | $30,000 |
| Loan Term | 48 months |
| APR | 10.0% |
| Total Interest | $6,522.12 |
| Monthly Payment | $760.88 |
However, you can’t apply if your credit score is lower than 660 or if you live in Mississippi. Funding time takes longer than other online lenders, and there are no brick and mortar branches.
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