A SoFi personal loan is a great option for borrowers who make a decent income and have good credit. ... You have good to excellent credit: For a personal loan, SoFi loan borrowers must have a FICO score of at least 680. You have a short credit history: SoFi is more interested in how responsible you've been at paying bills.
You are at least the age of majority in your state. You must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days. Loan eligibility depends on a number of additional factors, including your financial history, credit score, and monthly income vs.
The bottom line: SoFi is a legitimate online lender that offers student loan refinancing and private student loans. Its refinancing loan is best for borrowers who want plenty of benefits with their refinanced student loan. Its private loan is best for flexible repayment options and no fees.
After your application has been submitted and begins the review process, the average processing time is 2-4 days for final approval. Some applicants who are self-employed or have other forms of complex income typically experience a longer processing time from 5-15 days.
VantageScore was established in 2006 as a joint effort across the three major credit bureaus. Here at SoFi, we use FICO® Scores or VantageScore as part of our lending decisions. The upside of using such scores is clear: they're data-based, which means lenders aren't making decisions rooted in human biases.
You may receive personalized rates from multiple lenders that partner with us, including SoFi. Pre-qualifying will not impact your credit.
Is SoFi a Good Lender? SoFi has an A rating with the Better Business Bureau, but it is not BBB-accredited. In 2020, the Consumer Financial Protection Bureau received 18 personal-loan-related complaints about SoFi. The most common issues were related to getting a loan.
With loans from SoFi, you'll have access to customer service seven days a week. The application process can be done entirely online, and SoFi offers a variety of loan terms. ... A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
Among the easiest loans to get is a secured loan. That's where you put up something of value in exchange for cash. Other loans that can be easy to get with bad credit include: Personal installment loans.
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