- FICO Range 660+Origination Fee Yes
(4.74%-13.24%% APR)(660+ FICO) SoFi’s unique underwriting approach looks at what college you went to, what types of jobs you’ve had, in addition to your current income and financial history. SoFi initially offer loans to refinance student loans, but is now offering personal loans and even home mortgages. Personal loans can be to consolidate cards, home improvement, or other large purchases. One benefit of getting a loan with SoFi is that they do not have an origination fee which can easily range in the $100’s from other lenders depending on the loan.
$5,000 – $35,000
- · Excellent credit history.
- · Stable and/or high income.
- · For student loans, they require borrowers to be a graduate from a university accredited by the U.S. Department of Education
How SoFi Works
After you enter your basic information, SoFi will check your credit score using a soft credit check (this is basically a credit pull that does not impact your credit or FICO score). Based on their credit model, if you are eligible for a loan, you will be pre-approved. As soon as the loan is “funded”, the money will be transferred to your bank account. This entire process could take as little as 2 days. Once the money is in your bank account, payments are automatically withdrawn from your account until the loan is paid off.
SoFi has great rates for student loans if you have great credit. However, you must have graduated from a top college, otherwise they will not approved your loan. It’s high loan limit and career resources are benefits designed to entice those who could find personal loans elsewhere.
If you like the perks, a SoFi personal loan might be the right choice for you.