Are you in need of loans? If so, then you should try applying for SoFi loans. SoFi offers loans that are customer-friendly and have good features for borrowers with a good credit score. It offers a variety of loan amounts and a flexible term of repayment.
SoFi does not only lend to its customers but also offers great perks as well. They offer financial and career advice, bonuses for referrals, and networking meetings. If you need a quick loan, you can apply now with SoFi and they will grant you loans of up to $5,000.
SoFi loans have no origination fees and are great for people with good credit scores. The loan application can be done online and it only takes a few minutes. Furthermore, SoFi loans stand out from other lenders because of the great perks they offer to their members.
When you apply for a loan with SoFi, you don’t have to worry about any additional fees. This lender also offers flexible repayment terms and multiple discounts. However, this loan is good for people with excellent credit scores.
Why Should I Apply for SoFi Loans?
SoFi loans offer so many perks to its borrowers and official members, which makes them stand out from other lenders. Here are some of the reasons why SoFi stands out:
- No fees: When you apply for any type of loan at SoFi, you don’t have to pay extra fees. Origination fees, prepayment fees, and late payment fees are examples of such fees. This type of perk is very rare for online lenders.
- Unemployment shield: If you happen to lose your job while still paying the loan, you can opt for an unemployment protection scheme with SoFi. After you are approved, your loan will be put into forbearance and all monthly repayments will be suspended.
- Multiple discounts: There are multiple discounts that potential borrowers can be eligible for that will give lower interest rates. When you set up an automatic payment, you get a discount of 0.25%. You also get an extra rate discount of 0.25% when you set up a SoFi account.
- Term availability: SoFi has a flexible repayment plan which ranges from 2 to 7 years. These offers aren’t given by most lenders online.
- Available co-signed loans: SoFi allows you to add a co-signer to your loan application. This improves your chances of receiving a lower interest rate and getting a higher amount. However, the co-signers are responsible for any payment that is missed.
- Free financial advice: This is one of the perks that make SoFi stand out from most lenders online. SoFi offers financial and career advice to its members. It enables potential borrowers to gain access to private career lessons to assist them with job searching. The members can also get advice from a professional financial planner.
How to Qualify for SoFi Loans
Before you are approved for any loan at SoFi, certain factors must be taken into consideration. Lenders have different requirements. However, these requirements are some basic information about your financial history and how you will repay the loan amount. Here are some of the requirements:
- Credit score: SoFi loans are great for people with a good credit score. Applicants must have a minimum credit score of 650 before they are eligible for a loan at SoFi.
- Income requirements: Before you can qualify for a personal loan at SoFi, you need a yearly income of $545,000. The debt-to-income ratio is used to evaluate the borrowers and how much remains after repayment they have.
If you have a bad credit score, you can add a co-signer to apply for the loan. The co-signers are also in charge of the repayment of the loan. However, they must reside at the same address as the applicant.
When you add a co-signer, you must add their employment, education, and how much they earn. However, adding a co-applicant means an additional 2 weeks to the application process. Note that a co-applicant can’t be detached from the loan.
How to Apply for a SoFi Loan
If you want to apply for a loan at SoFi and you are wondering how to do it, don’t fret. I will show you how to do it. First, ensure that you qualify before you begin your loan application. The loan application is quick and easy.
- Firstly, open your web browser and search for the official website at www.sofi.com.
- When you are on the homepage, you will need to create an account.
- Provide your basic information and create a SoFi money account.
- Then, once you have checked to see if you prequalify, a hard credit inquiry will be made.
- This credit check will impact your credit score.
- Once you have signed the necessary documents and approved the loan, your loan amount will be debited to you. You will receive your loan amount in a few business days.
If you are having difficulties with the loan application, you can contact SoFi customer service. They work from Mondays to Thursdays, and the customer care support line is 855-456-7634. However, they are only available from 5 a.m. to 7 p.m.