The SoFi Personal Loans is an unsecured personal loan platform that offers loans in virtually every state except Mississippi. With loans ranging from $5,000 to $100,000 available for terms of two to seven years. Even though there is a minimum credit score requirement (650), an applicant who has a good track record can have access to large amounts of loans and low-interest rates.
The borrowed loans can be used for whatever purposes borrowers want. For personal, domestic, family purposes, etc. (We recommend that you check the terms before applying for a loan).
Other details
SoFi Personal Loans requires an income of at least $45,000 annually for loan applicants. The average income of a SoFi applicant is $100,000 or more. In addition, SoFi also assesses applicants based on their debt-to-income ratios (DTI) and income remaining after covering other monthly debts. An ideal candidate has a monthly cash income exceeding $1,500.
If you do not meet the minimum credit score requirements, SoFi provides the option to apply with a co-applicant. Since, a co-applicant or co-borrower, after financing a loan, will also be responsible for the loan payments, is required that he/she lives at the same address as the main applicant.
When applying for a co-applicant, the applicant is required to provide their income, employment, and education information for the co-applicant to the application. Keep in mind that adding a co-applicant to the application process can add one to two weeks to the process.
Learn more about SoFi Personal Loans
- If you want to apply for SoFi Personal Loans you need to:
- Be legally an adult under the law in your state.
- Be a US citizen, resident, or visa holder.
- Be employed, have sufficient income, or have a job offer to start within the next 90 days.
- Have a minimum FICO score of 650 to be eligible. Unfortunately, not everyone who applies for a SoFi loan will be approved, even those who meet the minimum requirements. Most commonly successful candidates have scores of 700 or higher.
Other Benefits of the Loan
- Take advantage of a flexible payment date: You are free to change your payment date once a year. This will be of great help in cases where your employer has a unique payment schedule or if you prefer to group bill payments into specific dates.
- Have Unemployment Protection Services: If you lose your job, you can apply for unemployment protection services. Once approved, will put your loans in forbearance. Not requiring monthly payments. Although interest still accrues in this period, borrowers can pay interest only to avoid accumulating their principal debt.
- Free career and financial advice: SoFi Personal Loans offers an individual career advice service to borrowers to assist with job search, career transcripts, and personal branding. It also offers a free financial advice service from a certified financial planner who will help you build a budget, create investment strategies, select the best insurance and save for the future.
- Term Availability: SoFi has repayment terms ranging from two to seven years, which are far more options than online lenders usually offer. And with many options, you can opt for lower general interest with a short term or lower monthly payments with a longer term.
Is this loan for you?
SoFi Personal Loans is the perfect platform for anyone with a good credit history and free cash flow, in other words, surplus income at the end of the month. It is also one of the best options for those looking for high-value loans (up to $100,000) that are approved quickly.
However, personal loans are not available for spending on education through this lender.
SoFi Personal Loans is a better option for those who: have a good credit score (690 FICO or higher), are looking for a loan of at least $5,000, and are looking for a platform that offers assistance with career and financial decisions.
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