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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
Offered Loan Amount
Eligibility Criteria
- You should be at least 18 years old
- You must a valid ID Proof or social Security number
- You must be a United States citizen or a permanent resident
- You must have a valid active US bank checking account
- You should be employed, have an offer to start a job within the next 90 days, or have sufficient income from other sources.
- You have to provide a valid email address and a phone number
- 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
Example of the SoFi loan
How to apply for SoFi
- 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
Who is this loan good for
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}