A SoFi personal loan is a great option for those who wish to take a personal loan, with a decent income and a good credit score.
Also, SoFi has no intro fees or late fees, and you won’t be fined for clearing your balance early.
Hence, all you have to do is to visit www.SoFi.com/GetStarted to apply.
Also, you must live in the United States and must be 18 years or older to consider the SoFi Get Started Promo Offer.
In this blog, we will guide you on how to apply for a cash loan of $5K to $10K on SoFi.
Hence, make sure you read this article closely to get every info you need.
Having said that, let’s dive into what we have for you in this article.
SoFi personal loan
SoFi Technologies, Inc. (also known as SoFi) is an online lending platform that offers fiscal services like; student and auto loan refinancing, mortgages, personal loans, credit cards, etc.
Hence, they offer personal loans between $5,000 and $100,000 on terms ranging from two to seven years.
However, to apply for a loan you must have a min credit score of 650.
Hence, those with higher are qualified for large loan amounts and with the lowest interest rates.
How to qualify for a SoFi personal loan
Before applying for the SoFi personal loan, there are some basic things most lenders may require, they include;
- To apply, you must be 18 years old at least.
- Also, you must be a U.S. citizen, permanent resident or non-permanent resident, alongside DACA recipients and asylum seekers.
- You must be employed, have enough income, or have an offer of employment to start within the next 90 days.
However, SoFi doesn’t have an exact credit score or income required for applicants.
Hence, to qualify for a loan, the lender will assess your overall cash flow, financial history, credit history, and other factors.
Also, you might want to check out the following before applying for a loan, they are:
- Check your credit.
- Calculate your monthly payments.
- Make a plan to repay the loan.
- Get the needed documents like; proof of income, proof of address, and a Social Security number.
How to apply for a SoFi personal loan
Below are some easy steps to apply for a SoFi loan.
- Pre-qualify for SoFi’s loan on the website or mobile app.
- Next, complete the online application.
- Then, wait for the approval.
- Once you’ve been approved, sign the loan agreement.
- After that, you’ll get your funds sent to your personal bank account.
- The next step after getting your funds is to make payment on the due date.
However, SoFi reports payments to all three major credit bureaus, so on-time payments will help build your credit score, but missed payments will affect your credit score badly.
Hence, you might want to consider setting up auto payments to monitor and manage your plan.
Pros and Cons of SoFi personal loan
- No fees.
- Mobile app to manage loans.
- Joint loan option.
- Range of loan amounts.
- Rate discount for autopay.
- Hardship program for borrowers in need.
- Good credit is required.
- No guarantor options.
- No option to select the first payment date.
- High min loan amount.
Follow these steps below to login into your Sofi account:
- Using a browser, visit sofi.com/login.
- Now, enter your email and password.
- Then, click on “Log in” and you are done.
SoFi offers the latest stock trading tech and some customers may be eligible to get in on IPO stock prices.
Hence, as a Sofi Investor, you can trade stock (Amazon, Walmart), Crypto (Bitcoin, Litecoin), and our favorite ETFs (SPY, QQQ, INCO).
However, we advise you to invest 25% of your funds in SPY, 35% in QQQ, 20% in INCO, and 20% into IJR.
You can consider applying for a loan from the following:
- Best for Low-interest rates
- Loan amounts: $5,000 to $100,000
- Term length: Two to twelve years
- Best for: Credit scores below 670
- Loan amounts: $1,000 to $50,000
- Term length: Two to seven years
- Best for: Terms up to 72 months
- Loan amounts: $3,500 to $40,000
- Term length: Three to six years
What Are the Rates for SoFi Personal Loans?
Below are the rates for SoFi Personal Loans, they are:
- 2 years (6.99% – 17.00%)
- 3 years (7.34% – 17.22%)
- 4 years (8.03% – 18.13%)
- 5 years (8.54% – 18.83%)
- 6 years (9.23% – 15.31%)
- 7 years (10.53% – 15.93%)
SoFi Get Started Customer Service
For questions in regard to the SoFi loan, reach out to the number found on the Get Started Loan letter.
For Customer Support, call (855) 456-7634
Available on Monday to Thursday from 5:00 AM to 7:00 PM PT
Hence, from Friday to Sunday, it is available from 5:00 AM – 5:00 PM PT
We hope this article was a good guide for you.
Hence, if you have any questions on how to apply for a cash loan of $5K to $10K on SoFi, please leave a comment and we will reach out to you soon.
Frequently Asked Questions (FAQs)
Is it hard to get approved by SoFi?
You must have a minimum FICO credit score of 650 to qualify for a SoFi personal loan.
Is SoFi a legit lender?
SoFi is a legit bank and it has various products and services to help you manage your money.
What kind of loan is a SoFi loan?
SoFi refinances loans are private loans and do not have the same repayment plan to that of federal loan.
How long do SoFi loans take to fund?
Once your loan application has been fully reviewed and approved for funding, the funds will be sent to your personal account.
Hence, SoFi does not offer same-day financing and it can take a few business days to reach a specified account.
What does SoFi stand for?
SoFi stands for Social Finance Inc., the company’s initial name at the time of its founding.
However, the company now does business under the name SoFi Technologies, Inc.