Once your loan is approved and you have signed your loan agreement electronically, you should be able to access your money in a few days. A personal loan might be a good idea if you need to pay off high-interest debt or cover large, perhaps unforeseen, expenses. Nevertheless, you should proceed with caution before applying for any type of financing. Above all, make sure your budget has room for the additional payment of the loan. SoFi personal loans cannot be used for the following reasons: High loan amounts for borrowers who need large loans Our SoFi personal loan assessment breaks down the details you need to know to decide if the lender is right for your lending needs. Personal borrowers affected by the coronavirus pandemic can request a payment deferral. SoFi notes: “For those who continue to be in need, we will work with you to find possible options.” You can only check the prices and conditions you are eligible for with a flexible credit check that will not affect your credit score. If you decide to apply for the loan, a firm application (which could affect your credit score) will take place. Investopedia is dedicated to providing impartial and comprehensive reviews of personal lenders to consumers. We`ve collected more than 25 data points from more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure our content helps users make the right credit decision for their needs. If your loan application is approved, you will become a SoFi member.
Membership offers you benefits such as free financial planning assistance, career services, and access to events for members across the country. You can find out if you are eligible for a SoFi personal loan, as well as your rate and terms, with a flexible initial credit check. Use the SoFi website or app to start this process. Here`s what to expect. You can use a personal loan from SoFi for various purposes. Loans are available for credit card consolidation, home improvement, medical expenses, moving, etc. As long as you don`t plan to use the loan for limited reasons (see below), it`s up to you to determine where you`re going to spend the money you borrow. One disadvantage of SoFi personal loans is the time it takes to get your money. While some lenders allow you to access funds once you`ve applied for a personal loan, SoFi borrowers may have to wait several days to receive the money they borrow.
SoFi offers a mobile app for Apple and Android users. You can use the app to apply for loans, make payments, and check your balances. Do you want a loved one to co-sign for your personal credit? SoFi allows requests shared by borrowers who share the same address. Processing of joint applications can take up to two additional weeks. Remember that co-signatories are also responsible for the debt. So if the worst happens and you can`t make your payments, it could damage your credit and your co-borrower`s credit. As a Personal SoFi Borrower, the lender offers you the option to temporarily defer your payments if you lose your job through no fault of your own. You can apply to put your loan in abstention for three months. SoFi gives you the option to temporarily suspend payments up to four times during the term of your loan (12 months of total forbearance).
SoFi personal loan rates can be competitive for borrowers with good to excellent credit. In addition to potentially low interest rates, the lender also doesn`t charge a fee and well-qualified applicants may be able to borrow up to $100,000. Since SoFi offers low prices and no fees, it`s worth considering if you`re in the market for a personal loan if you have good credit. You can use a SoFi personal loan for almost any purpose, plus the fact that borrowers get a host of other benefits like free financial planning, making it a solid choice. The best way to find out if SoFi offers the best financing offer for your situation is to complete the online prequalification process. From there, you can compare SoFi`s offering with other lenders` options. SoFi does not offer the possibility to refinance your personal loan. However, you can take out a second personal loan if you qualify.
You can use the new loan to pay off existing debts, including previous personal loans from SoFi. The Equifax logo is a registered trademark of Equifax in the United States and other countries. Competitive Interest Rates for Well-Qualified Candidates © 2007-2016 Credit Karma, ™ Inc. Credit Karma is a registered trademark of Credit Karma, Inc. All rights reserved. The product name, logo, trademarks and other trademarks contained in or mentioned in Credit Karma are the property of their respective trademark owners. This website may be remunerated by third party advertisers. iPhone is a trademark of Apple Inc., registered in the U.S. and other countries.
App Store is a service mark of Apple Inc. Borrowers with excellent credit may find lower interest rates at other lenders. .