It can take up to 1 week for Sofi to deposit the funds into your bank account after you get approved for the loans. Sofi offers a personal loan from $5,000 to as much as $100,000. They offer a competitive interest rate starting from 5.59% for fixed loans and 5.28% for variable loans.
Sofi does not charge a lot of fees that other online lenders usually charge including application, origination and closing fees. The low interest rate and lack of fees makes it suitable for use in consolidating your credit card debt or making a large purchase. Many credit cards charge up to 3% fee for balance transfer which can increase your debt burden. Sofi lifts off this burden by not charging any fee on the loan.
You get to pay back the loan in flexible loan term from 3 – 7 years. If you choose auto payment, you can enjoy discount of 0.25% in the interest rate. The 0.25% discount may not be much but it can total up to a lot of savings over time.
The only downside is that Sofi is strict when coming to approve the borrowers. They have high standards for borrowers and they will take time to review your credit history prior to approving. They set a high minimum for the credit score so people with less than ideal credit score may get rejected for a loan. Sofi don’t accept cosigners for personal loans.
Currently, Sofi is also offering $100 for anyone who refer another person to get a personal loan. You can refer as many people as you want. They did not put any limit on the amount of cash reward you can get from referrals.
Sofi has an unemployment program where you are allowed to postpone your loan payment for up to 3 months at a time when you lose your job. The forbearance program allows you to postpone up to 4 times throughout the loan term. They also offer career counseling for people who lose their job and need help in looking for another job to pay off the loan.
Borrowing from Sofi is not as risky as borrowing from other lenders that offer secured loans. There is no need to put in any collateral when you apply for Sofi personal loans because it is an unsecured loans. There is no restriction as to how you can use the funds. You can use the fund you obtain from the loan in any way you want including consolidating your existing debts, and home improvement.
After you get a loan from Sofi, it is important to pay back on time otherwise you may lose the low interest rate and your credit score may suffer a hit.