Learn all you need for the application
SoFi Personal Loans, established in 2011 as an initiative for Stanford University graduates, has evolved into a comprehensive financial services platform.
With a track record of disbursing over $73 billion in loans over 12 years, SoFi caters to nearly 7 million members, offering personal loans ranging from $5,000 to $100,000.
The platform covers diverse needs, including credit consolidation, home improvement, in vitro fertilization, travel, and weddings.
The application process is streamlined and efficient, taking less than 60 seconds to complete the ‘View your Rate’ form. SoFi emphasizes a user-friendly experience through its intuitive website, accessible on both computers and mobile devices.
The platform boasts same-day funding for most cases and low fixed-rate fees without origination, prepayment, or late payment charges. SoFi also provides unemployment protection, adjusting repayment rates in case of job loss.
While the minimum loan amount of $5,000 might be a limiting factor for those seeking smaller amounts, SoFi Personal Loans stands out as a versatile and reliable option for borrowers with diverse financial needs.
Who can Apply?
SoFi Personal Loans offers different loan options for various purposes, such as debt consolidation, weddings, and other immediate expenses.
In this regard, the company positions itself in the market with the argument of speed in loan approval and the goal of providing a comprehensive service. Thus, the website does not pose significant objections regarding who can or cannot apply, allowing interested parties to view the rates directly on the platform.
However, some basic requirements in the personal loan market must be met, such as being a duly regularized US citizen aged 18 or older (some states may require applicants to be over 21).
Additionally, as this type of loan does not require collateral, approval is based on the customer’s income, requiring formal employment or another verifiable form of monthly income.
Finally, SoFi takes into account the customer’s credit score, as individuals with a poor credit history may not qualify for large loan amounts.
How is the application process at SoFi Personal Loans?
The application process for personal loans with SoFi is the same, regardless of the purpose of the funds. This is because the company offers a credit check directly on the website, using a form that analyzes the customer’s credit score to propose loan plans. To access it, simply click on one of the ‘View your Rate’ boxes available on the site. According to SoFi, the time to fill out the form is only 60 seconds.
Upon accessing the form, the initial questions requested are:
• Full name
• State of residence
• Email
In the following menu, the customer needs to provide more information about the loan, such as the amount (options from $5,000 to $100,000) and the purpose of the money, choosing from credit card payoff, home improvement, moving expenses, loan consolidation, business loan, major purchase, and others.
The choice of the type of fund allocation will guide the customer to the next set of information, including details such as identification number, phone number, income, and expenses, as well as more information about the customer’s source of income.
During the application process, SoFi may request documents such as:
- Copy of identification
- Bank statements from the last few months
- Proof of residence
- Latest pay stubs
After submitting the form, the customer will receive a loan proposal, taking into account their credit score. If they sign the contract, they may receive the funds in the designated bank account on the same business day.
Want to look at another option?
Next Day Personal Loans is also a company that connects customers to various lenders to provide plans of up to $40,000.00, and you can see more details!