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SoFi is an online financial services company offering student loan refinancing, personal loans, and mortgages. They’ve been around since 2011 and is one of the fastest growing company focused on eliminating student loan debt.
While most traditional lenders limit personal loans up to $10,000, the SoFi Personal Loan can go up to as high as $100,000. Now, we’re not quite sure what you’ll need a $100,000 unsecured loan for but you might also be looking to finance your next big business idea.
The approval criteria for SoFi is strict but the company stands by its underwriting to continue to offer some of the lowest rates for personal loans around.
*accurate as of March 20, 2018
SoFi personal loans work best for employed young professional holding a graduate level degree with a solid credit history. The uniqueness of SoFi’s model allows them to use more than just your credit score to determine loan approval. However, the guidelines are a bit stricter so this option is for those with a bit more credit history.
All loans are subject to credit review and approval and your rate depends upon credit score, loan amount, loan term, and credit usage and history.
SoFi Personal Loans are not available to residents of MS and NV. Maximum interest rate on loans for residents of AK, OK, TX and WY is 9.99% APR, for residents of IL is 8.99% APR, for residents of ME is 12.24% APR and for residents of CO, CT, HI, KS, SC, VA is 11.99% APR. Personal loans not available to residents of Michigan who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Variable rates not available to residents of AK, IL, OK, TX, WY.
Your repayment terms will depend on your APR and loan term.
The SoFi application process is quite easy and starts with the creation of a user account. Once completed you go through the preapproval process that takes a few minutes to complete.
You’re required to enter your personal information, education and employment information. Once entered SoFi will present you with loan options available to you based on the information you’ve provided.
A great thing about the SoFi application process is the initial pull on your credit report is considered a soft inquiry(does not impact your credit score so check your rate). This helps them gather information to confirm your identity and review your credit report. After being presented with loan options and selecting a loan, a hard credit inquiry will take place.