Get $100K Personal Loan Without Credit Check | SoFi Personal Loan Review 2022

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SoFi Overview

Sofi means Social Finance, is a nationwide lender which was founded in 2011 and is also known for offering personal loans with no fees. Sofi offers personal loans from $5,000 to $100,000 to borrowers with good to excellent credit scores.

Sofi offers student loans, home loans, small business finance loans, and many other loan products. Please read the full review to understand all the benefits of SoFi loans

Pros

  • Loan amount starting from $5,000 to $100,000
  • SoFi doesn’t charge late fees. 
  • Co-borrowers are accepted.
  • Borrowers become members and get special benefits. {alertSuccess}

 

Cons 
  • Borrowers with less than stellar credit may not qualify.
  • Loans of less than $5,000 aren’t available.
  • No secured or joint loan option. {alertError}

 

Debt Consolidation Loan 

SoFi Personal loans can be used as debt consolidation loans because of the high amount they are offering with low APR, its possible to use these loans like credit card debt consolidation loans.

Annual Interest Rate and Fees

Sofi offers personal loans with an annual interest rate of 4.74% to 20.28%. These interest rates are entirely dependent upon your credit score and your creditworthiness. If your credit score is good then your interest rate will be low and vice versa.

Talking about fees SoFi doesn’t charge any fees which means that there will be no origination fees, late fees, or any kind of prepayment penalty.

You can also receive a 0.25% point discount on your interest rate if you sign up for automatic payments which will really help you to pay less interest on your loan.

Minimum Credit Score Required

SoFi doesn’t disclose its loan qualification criteria but based on consumer reviews on the internet, SoFi requires a minimum FICO credit score of 680.

Offered Loan Amount

Sofi offers personal loans from $5,000 to $100,000 which is very great if you are looking for a big loan that can be used for big medical expenses, dental procedures, travel expenses, home repair, credit card debt consolidation, etc

Eligibility Criteria 

There are some basic requirements you should fulfill before taking a bad credit loan. Here is the list :
  1. You should be at least 18 years old
  2. You must a valid ID Proof or social Security number
  3. You must be a United States citizen or a permanent resident
  4. You must have a valid active US bank checking account
  5. You should be employed, have an offer to start a job within the next 90 days, or have sufficient income from other sources.
  6. You have to provide a valid email address and a phone number
  7. Permanent resident or visa holder

Required Documents

  • Valid Identity Proof.
  • Have to provide a DOB.
  • Valid current mobile number and Email id.
  • An active American bank account.
  • A social security number

Repayments Terms

The repayment term for SoFi personal loans is 24 months to 84 months which is 2 to 7 years also there is no prepayment penalty e and if you set up your payment on auto-pay then you will get a 0.25% point rate discount on your loan interest rate.

Example of the SoFi loan

If you take a five-year personal loan of $30,000 with an 11.2% APR would cost $655 in monthly payments. You’d pay $9,316 in total interest on that loan.

How to apply for SoFi

You can apply for a SoFi loan application online or through its ios and android applications app. 
what you have to do is just start your application process by applying to prequalify.
If you have all the documents by your side then take a few minutes to complete that pre-qualification, which does not affect your credit score.
They will just do a soft credit check on your credit which will not affect your credit score after their to software checks you will know the terms and conditions of the loan.
By the time of filling out the application form, you will need this information by your side like,
  • Social security number
  • proof of address
  • Personal identification
  • proof of income tax returns 
  • bank statements 
  • documentation of the monthly date 
  • employee contact information
  • address
  • phone number
whether you are applying by yourself or you are applying with a co-signer
After that SoFi also asks about your career experience and as well as how much you want to borrow and how you have the plan to use that money.

Who is this loan good for

People who have very good or excellent credit scores next line people who don’t want to pay loan fees are any origination fees next line and people who want to apply with the co-signer.

Editorial Note:  MakeHelpOf does not receive any commission from any website or third-party advertisers. This is just a review article based on consumers’ experiences from the internet. It’s accurate to the best of our knowledge when it’s posted. Please read all the information carefully before you make any decision. {alertInfo}