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Find the Best Personal Loan for Your Needs

What is Sofi?

Founded in 2011, SoFi is a newly established institution that offers a plethora of financial services. Clients can take advantage of refinancing solutions for student loans, medical residents, and parent plus. Wealth management, life insurance, and personal loans are also offered. Other services such as career services, and entrepreneurial programs, are also available.

Sofi Personal Loans Review

Do They Offer Personal Loans?

The personal loans provided by SoFi enable consumers to save money by giving them the opportunity to pay off outstanding debts such as bills, and credit cards. Individuals can also take advantage of personal loans for many other reasons, which include the purchase of a car, home improvements, and whatever else may be the reason for surplus funds.

SoFi does not have a minimum requirement for credit history. Therefore, young entrepreneurs or individuals seeking to establish themselves in their careers and build their credit can benefit from SoFi’s personal loans. However, members of SoFi tend to have high credit scores as well as incomes of $101,000 a year. Despite this, SoFi is entirely open to the persons they offer loans.

The personal loan amounts offered by SoFi ranges from $5,000 to $100,00.

Generally, the APR provided by SoFi stems from 5% – 15% at fixed and variable rates. Consumers that select AutoPay, a feature that permits automatic monthly deductions, can benefit from lesser rates. Loan terms typically last 3-5 years.

How Do I Apply?

To obtain funding from SoFi, it takes approximately one week. Individuals can apply for a loan with SoFi by setting up an online account. By doing so, personal information such as employment and education details.

Unfortunately, those dwelling in Nevada or Michigan are ineligible to apply for a personal loan with SoFi. Their services do not extend to these two states. Persons living in any of these mentioned locations must find alternative options.

The benefit to utilizing SoFi’s services is that they do not attach hidden fees or charges to their loans. Prepayment and origination fees are not assigned. However, a late fee of $5 or 4% of the payment due is charged after a 15-day grace period to borrowers for a missed payment.

Afterword

SoFi is an institution that provides their clients with exclusive services. Personal loans, special events, and many other beneficial services set them apart from other companies. This organization has received high ratings for their customer service as well as their ability to adhere to the financial needs of their clients.