Personal loans of up to US$100,000 with the possibility of receiving funds on the same day!
SoFi Personal Loans is a credit company that offers plans ranging from US$5 to US$100,000 in personal loans. It was awarded in 2023 by nerdwallet as the best online personal loan company.
According to the company itself, SoFi provides personal loans to meet a variety of customer needs, such as weddings, credit card consolidation, home improvements, travel, and even in vitro fertilization.
SoFi Personal Loans also promises a reduction in service fees and a quick release of funds, stating that over 80% of customers can receive the deposited amounts in their bank accounts on the same day as approval.
If you believe that the brand might be a good option for a personal loan, continue reading.
Who is SoFi Personal Loans?
SoFi Finance, Inc. started its operations in 2011 as an initiative to provide loans to graduates of Stanford University. Over the years, particularly in 2016, the company began offering personal loans for various needs.
In its 12 years of operation, SoFi Personal Loans has disbursed over $73 billion in loans, serving nearly 7 million members. Currently, the company deals with various loans and refinancing options for students, with plans for medical professionals, MBA alumni, undergraduate and graduate students, as well as legal professionals.
SoFi also offers investment services in IPOs, fractional shares, cryptocurrency, active, and automated assets. Additionally, it provides various insurance options, including life, auto, and rental insurance, along with credit cards.
The personal loans section of SoFi follows market logic, providing funds for any customer need. In any case, it is a comprehensive financial services company for the American audience. It’s worth noting that each service is promoted by a specific section of the company.
How do SoFi work?
Firstly, the SoFi Personal Loans’ section is divided into five topics: credit consolidation, home improvement, in vitro fertilization loans, travel, and weddings. Each of these topics provides more information for customers who wish to use the money for a specific purpose. However, the rules and application form for all types of fund uses remain largely unchanged.
The application process for SoFi Personal Loans is fast and straightforward, following the logic of this type of loan. The first step is to fill out the ‘View your Rate’ form, which offers pre-qualification to check the customer’s credit scores. If approved, customers can choose loan amounts ranging from $5,000 to $100,000 with repayment plans of 2 to 7 years.
After signing the contract and submitting all documents, SoFi can release the funds on the same business day. The application time for the form is less than 60 seconds. Additionally, the APR range offers fixed rates between 8.99% and 25.81%, with a fixed interest rate and no annual fee.
SoFi’s platform also provides a credit calculator for customer use. It’s worth noting that this type of loan does not require real estate or asset collateral, as the basis for approval, in addition to the credit profile, is the recurring fixed income.
What are the benefits of applying for a loan at SoFi?
- Complete and intuitive platform: The SoFi website provides a good browsing experience for customers, both on computers and mobile devices. In addition to presenting information in a clear and well-organized manner, the site also offers content about personal loans.
- Same-day Funding: SoFi promotes that, in most cases, customers can receive the money in their account on the same day as the contract signing.
- Low Fees: SoFi does not charge origination fees, prepayment penalties, or late fees. Additionally, the company promises lower fixed rates that do not change over time.
- Unemployment Protection: As the personal loan is based on the customer’s fixed income, in the event of job loss, SoFi adjusts repayment rates to a more comfortable level, depending on the conditions.
Possible Drawbacks
Overall, SoFi does not have significant drawbacks when it comes to personal loans. The minimum loan amount of $5,000 may be a hindrance for customers who need a lower amount. Additionally, the two-year repayment period may not align with the expectations of those seeking a quick payday loan. Therefore, individuals in need of a payday loan might need to explore other companies.
Want to learn how to apply?
If you believe that SoFi Personal Loans can meet your needs and you appreciate the terms, you have the opportunity to learn more about the application process.