Sofi Personal Loan

Unsecured personal loans were once the authority of banks and traditional financial services providers. Today, however, more and more online options come around to make everything simpler, easier and less bureaucratic for clients that want access to an unsecured loan. 

Using Sofi Personal Loan you’ll be able to get up to $100.000 with reasonable interest rates and use it for anything you want. Here we come across one of the easiest pros to identify: the loan limit is quite higher than that of similar providers. If you’re looking to make a big investment this could be a great choice. 

Smaller loans might be more advantageous if you work with other lenders. But if you’re looking for flexibility, high amounts of money and a lot of perks, you’ll certainly find something to enjoy with Sofi. 

Are you ready to understand how to get an approval, main advantages and cons of using Sofi Personal Loan? Keep reading to find out everything you need before trying to get a loan of your own and achieve your personal goals. 

How does Sofi Personal Loan work?

Also known as Social Finance Inc, Sofi is a fintech that has been around since 2011. Still in its inception, the financial services company was focused only on student loans, but things have changed quite a bit since then. Today it offers all sorts of loans for private individuals, including the personal loan we’ll talk about here. 

Today, the company helps more than two million users to get the best financial services they could get. After your loan gets approved, you’ll also have access to every Sofi perk for members. This means you’ll be able to check out some financial and career advice as well as some networking events. 

Sofi outshines other similar services companies through its no-fee policies and perks that help people build a healthy financial life. The interest rates are also quite low, but there are better choices if that’s the only thing you’re looking for in a personal loan. 

Who is Sofi Personal Loan for?

First of all, you’ll need a good or excellent credit score to be eligible for Sofi Personal Loan. If that isn’t the case, then it might be time to work on building your credit score through other means, such as installment loans or credit builder cards. 

Other than that, this is a type of loan recommended for those who need a specially high amount of money right away. Unlike most personal loans, the maximum is $100.000, which is enough for all sorts of financial plans and to pay off any credit card debt you might be holding. 

However, Sofi also has some specific restrictions when it comes to using this loan. It can’t be used to buy real estate, for example. So we recommend you check each requirement in detail to find out if this is the ideal choice for you. 

You cannot use Sofi Personal Loan for these objectives:

• Business purposes;
• Investments;
• Education related spending;
• Short-term financing;
• Other investments. 

If you’re looking for a big loan for other purposes, feel free to check out Sofi. 

Advantages of using Sofi Personal Loan

Sofi Personal Loan is an unsecured choice that helps you achieve some important goals in your life, such as paying off credit card debt, making home improvements and even undertaking medical procedures. 

Some other advantages of using this type of personal loan include:

• Allows you to repay credit card debt; 
• Prequalification process happens with a soft check on your credit score; 
• High loan amounts combined with lengthy payment terms; 
• No fees; 
• Funding happens in up to two days;
• Unemployment assistance in case you need it. 

You read these benefits right, there are no fees when it comes to Sofi’s financial services. Not only are you free of paying an origination fee, but also no late fees or prepayment penalties. 

Most fee-free personal loans don’t offer any discounts, as is the case with Discover Personal Loan. Here, however, there’s a 0,25% discount for those who sign up for autopay. And in case you end up losing your job, there’s unemployment assistance to help you pay your loan either way. 

It’s important to remember that the interest rates are quite low, since you’ll have to pay 7,99% to 24,99% APR over the period of your loan. The higher your credit score, the lower your interest rates. That’s why we strongly recommend you work on improving your score before applying for a personal loan of any kind. 

Cons of using Sofi Personal Loan

The high maximum loan comes combined with one of the main problems with Sofi Personal Loan: high minimum loans. If you just need a few thousand dollars, there’s no way to get it and still use Sofi’s perks. Other problems that you’ll have to face include:

• No physical locations (although there is support using chat, e-mail or phone); 
• Good credit required for approval; 
• Co-signers aren’t allowed. 

If you’re comfortable with the minimum loan and score requirements, as well as a loan that works completely online, then this is certainly the choice for you. 

How to qualify for this personal loan?

Sofi Personal Loan offers a great pre qualification tool on its website. You’ll just have to fill out a form with some personal data and the financial services provider will make a soft check on your credit score. This doesn’t harm credit scores at all and helps users to find out their chances of approval.

All you’ll need for the prequalification is:

• ID (usually, a social security number, driver’s license or passport); 
• Income verification; 
• Proof of address. 

Once Sofi verifies your information you can go on to the hard credit score pull and wait for your approval. If everything goes well, you’ll receive the loan money within two days. You can start this process quickly through the Sofi Personal Loan website.

Conclusion

In conclusion, Sofi Personal Loan stands out as a strong choice for borrowers seeking substantial funds with flexible terms and minimal fees. With loan amounts up to $100,000, competitive interest rates, and no fees for origination, late payments, or prepayment, it offers financial flexibility and savings. The platform’s online application process, including a soft credit check for prequalification, ensures convenience and quick access to funds within two days of approval. However, potential applicants should note the high minimum loan amount requirement and the necessity of a good to excellent credit score for eligibility. Overall, Sofi Personal Loan is well-suited for individuals with significant financial needs looking for a streamlined borrowing experience with added member benefits.