SoFi Personal Loan Reviews- Truth Exposed!
SoFi Personal Loan Reviews- Truth Exposed!
Name: SoFi (Social Financing, Inc.)
Owners: Mike Cagney, Dan Macklin, James Finnigan, Ian Brady
Rates & Fees: 5.49%-14.24% APR ( With Autopay)
Overall Rank: 6 Out of 10
Welcome to my SoFi Personal Loan review!
If you have been looking for a solid review about SoFi personal loan, then you are at the right place.
First, congratulation on actually doing your research because no many people take such steps and end up complaining after getting their fingers burnt.
So, We will appreciate you are reading the review before actually taking out a personal loan from them.
In this review, I will state all the various pros and cons of the SoFi personal loan to help you make an informed decision if they are right for you or not.
SoFi Review- The Company
Social Financing, Inc (commonly know as SoFi) is an online personal finance company that offers student loan refinancing, mortgage, mortgage refinancing, person, wealth management, parent loans, parent plus refinancing, and life insurance.
SoFi was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brandy from students who met at the Standford Graduate School of Business.
The founders hoped that the company could provide more affordable options for those taking on debt to fund their education.
Originally, the company utilized an alumni-funded model that connect students and recent graduates with alumni and institutional investors in school-specific student loan fund.
As Sofi’s product offering expanded to include mortgage, mortgage refinancing, and personal loans, the company moved away from alumni funded model to a non-traditional underwriting approach focusing on financially responsible individuals.
Although the San Fransico-based company is still a relatively new player in the business, it is already a leader in online lending.
As of this writing, SoFo has funded more than 20 billion in loans to over 380,000 borrowers.
See the details below
SoFi Review- The Qualification Process
It all start with “Find My Rate” to create your free account.
After you click on “Find My Rate”, you are going to get to a new page where it’s going to ask you some of your personal information such as your first and last name, state of residence, email. It’s also going to ask you to create a password.
Once you create an account, you’ll send to another page that asks for some additional information such as your mailing address, city, state, zip code, phone number, date of birth, whether you are a US citizen and what your home ownership status.
It’s also going to ask you to fill in some of your school information including your undergraduate university graduation date etc.
Finally, it will ask you to fill out your employment information. In addition, it’s going to ask you how are you planning to use the money so you will need to click on what the reason for the loan.
There are two consents that are listed there. The first one is that you are certifying that the proceeds will not be used to pay for post-secondary education costs or to invest in real estate or other securities.
The second one is that you are authorized SoFi to pull your personal credit profile.
Once you move to the next page, you can see that you’re already pre-approved and it’s going to show you how much you’re looking to borrow.
You can see that this is constantly updating where it’s telling you your monthly payment interest rate.
Once you selected the amount you want to borrow, you will want to click on the “Continue” button.
On the next screen, you’re going to ask to upload several documents which include your income verification, proof of citizenship to verify your identity and these documents can be upload directly at this stage.
You will also need to put in your social security number. This is basically will allow them to request a full credit report from one of the reporting agencies.
The final step is to set up disbursement and autopay so this is going to ask you for your checking or savings account information including you routing number and account number.
Now, you are done and have to click “Continue” button for your application submission. And then you’ll hear back from SoFi via email whether they need any additional information or sign any document.
Let’s Take A Look At The Pros Vs. Cons Of SoFi
- It’s very transparent
- Simple online application and access to live support
- You can borrow from 5K-100K at a fixed rates that start at 5.49% APR (With Autopay)
- No origination fees or prepayment penalties.
- You can qualify for a 0.125% discount and additional SoFi loan for being a member.
- Some applicants are denied for loan
- They have several complaints on the internet
- They do not operate in all states
Here’s What I Really Think
At the end of the day, I believe that SoFi is a decent company that worth trying if you are want to save some money for a loan.
With low personal loan interest rates and a fixed monthly payment, you can get a loan to pay off your high-interest credit cards, pay off high-interest debt, or make a major purchase.
It is good for you if you need urgent money for your personal use, SoFi would be a good option for you. Even better, if you lose your job, they’ll temporary pause your payments and help you find a new job.
Thanks for reading this review. and hopefully, I have given you enough information to help you make a sound decision.
Wish you all the best!