Sofi Loan

Are your credit card bills weighing you down? Sofi Loan can really help you cope up with the situations where you feel stuck with the debts, or there are other unplanned expenses like medical or home improvement that have suddenly shown up on your financial list, and you are clueless about how to pay for them.

Fees & Terms

• Loan amounts: $5,000 – $100,000
• Fixed APR: 6.99% – 15.49% (with autopay)
• Variable APR: 6.26% – 14.59% (with autopay)
• Origination Fees: $0
• Late Fees: $0
• Overdraft Fees: $0
• Time to funding: 7 days approx
• Repayments period: 2 to 6 years
• Soft credit check: Yes

Requirements for Eligibility

• You will be eligible to apply for the Sofi Loan only if the following two conditions are matched up in your form:
• Your minimum credit score should be 680 even though most people above the score of 700 only are approved
• Your minimum annual income should be $45,000

Pros and Cons of Sofi Loan

Pros:

If you are wondering that what does Sofi Loan has to offer in comparison to its competitors for you to go for it, then here are a few benefits that you can expect to get through this loan:

• Competitive Rate – If you are planning to finance some major expense or pay off your credit card bills, then Sofi Loan has some of the lowest interest rate options to offer as compared to the other options in the market.
• Wide Borrowing Range – As compared to the majority of other lenders in the market who have a cap limit of $35,000, Sofi Loan provides you a wider range. You can apply for a loan for an amount as less as $5,000 or as huge as $100,000.
• No Unreasonable Fees – With so many overcharges and hidden costs like application fees, closing fees, and origination fees to name a few, a borrower would have to pay much more than just interest rate. However, Sofi Loan does not charge any of these fees from its customers.
• Flexible Terms of Loan – Generally, you get an option to repay your loan within 3 or 5 years. However, you can take as much as seven years with Sofi Loan if you want.
• Discounts on Rate – Sofi Loan offers you 0.25% discount on your monthly rate if you choose to opt to auto repay the loan amount, that is, the payment is deducted directly from your bank account at the end of each month. It might sound like a very less discount, but it adds up to a lot throughout your debt period.
• Referral Money – You get 100 bucks every time you refer a person to get a personal loan from Sofi, and their loan is approved. The best part is that there is no limit to the amount that you can earn through referrals. Hence, just by spreading the word around you can make a right amount of cash.
• Helps the Unemployed – You do not need to worry about having to pay your bills if you ever run out of a job. Sofi Loan provides the option to the forbearance of your loan amount for up to 12 months while helping you with career counseling simultaneously during that period.
• A choice between Fixed and Variable APR – You can choose among the fixed and variable APR rates for the repayment of your loan amount. However, variable APR is always a riskier option as the prices could fluctuate on the higher end too and you would have to pay a lot more in that case.
• Loan for Every Purpose – There is no restriction by the company regarding the purpose for which you would be using the money that you will get through the loan. You can use it to pay off your bills or to build a new house, as per your requirement.

Cons:

Now though the above points sound tempting, Sofi Loan is not going to be the best choice for every individual. Here are a few reasons why you might want to consider other lenders in the market:

• Time in Funding Money – Unlike some of its competitors that lend money either the same day or next day once the loan is approved, Sofi might take a few weeks before you will see the funds reflected in your bank account.
• High Standards for Approval – Sofi is looking for only high-quality borrowers. So unless you have an excellent income and credit score, it might get difficult for you to get your loan approved.