In this free resource, we will explore the various types of SoFi Loans you need to know of. You will know how much you can borrow, the requirements, the terms of the loans, and much more. You will also learn the benefits of each loan type from SoFi.
But before we start exploring, it would be in your interest to know a brief about Sofi.
Good-To-Know Information About SoFi
SoFi or Social Finance Inc was founded in August 2011 and has grown into one of America’s biggest lending and finance platforms. SoFi is not just another lender but a whole giant platform with over 2,000,000 active members. So far, Sofi has funded over $50 billion in loans and has helped its members pay off their debt of over $22 billion.
As a SoFi member, you get access to Personal Loans, Private Student Loans, Home Loans, Student Loan Refinance, and Auto Loan Refinance. In addition to these loan services, you also get access to trade stocks, low-interest credit cards, insurance, and savings accounts.
Types Of SoFi Loans
Like previously mentioned, SoFi offers Personal loans, Private Student Loans, and Home Loans. Now, let’s explore these loans and see what you can benefit from them.
Sofi Personal Loans:
Borrow from $5000 right up to $100,000 with SoFi Personal Loans at a fixed interest rate of 4.99% to 19.63% APR. There are no fees(No Origination Fees, No Pre-Payment Fees, and No Late Fees) involved when applying for these loans. The only fee is the interest rate on the amount you borrow.
The personal loans from SoFi are unsecured. It means you do not need to provide collateral for getting a loan. These unsecured personal loans from SoFi makes it very easy and accessible to all income class. As long as you have a minimum credit score of 670, you can get SoFi personal loans.
You can finance your home improvement projects, credit card consolidation, family planning, travel, and much more with personal loans. There is no restriction on what you can finance with these loans.
The repayment term is between 2-7years, which gives you enough time to avoid any default.
SoFi personal loans have an easy and quick online application process that takes only 2 minutes to complete. There is no commitment when applying for these loans since you can easily opt-out if you no longer need the loan. There are only three simple steps involved;
- You pre-qualify(takes 2 minutes)
- Complete the application form when you accept an offer
- Review and sign the agreement, and receive the funds in your account.
What are the requirements For SoFi personal Loans?
Like any other personal loan, there are some eligibility criteria you need to fulfill before getting a SoFi personal loan. These requirements are;
- You are at least 18 years or older. For some states, the majority age is from 19 years.
- You are a US citizen or have a permanent resident. Visa holders of E-2, E-3, H-1B, J-1, L-1, or O-1 with more than 2 years validity are also eligible.
- You have a physical address, email address, and a valid working phone number.
- Have a sufficient monthly income (from employment or other sources), or you have an employment offer that starts in 90 days.
- The minimum amount you need should be $5000.
Check out the full review of Sofi Personal Loans.
Sofi Private Student Loans:
SoFi is helping students who can’t afford to go to college and follow their dream career path with no-fee private student loans. The minimum loan amount you can borrow is $5000 for all study programs except for Medical Research Student Loan Refinancing, which is $10,001. The interest rates depend on the student loan type you require, but they range from 0.99% to 11.33% APR.
SoFi private student loans are accessible to all students in the US who need low-interest college funding. The repayment terms are flexible to help you find the best loan option that fits your current budget.
If you set up an automatic deduction for your student loan repayment, you can qualify for a discount of 0.25%. In addition to this discount benefit, you also get free access to premium tools worth over $266. These tools are;
- Evernote for 6months.
- Grammarly Premium for 3months.
- Access to personal finance course on Coursera.
SoFi offers Undergraduate Loans, Graduate Loans, Law & MBA Loans, and Parent Loans. All of these loans have flexible repayment plans to reduce your stress when it comes to repayment. Choosing your desired repayment plan gives you a better chance to manage your finance properly.
What are the requirements For Sofi Private Student Loans?
The eligibility criteria for SoFi Private Student Loans depends on your study program level. Undergraduates, Graduates, Law & MBA, and Parent loans all have different standards. But the most common criteria are;
- Be a US citizen or have a permanent resident. Visa holders of E-2, E-3, H-1B, J-1, L-1, or O-1 with more than 2 years validity.
- You must be 18 years or older.
- You must be making a Satisfactory Academic Progress which must be certified by the school you are attending.
- Borrow a minimum of $5000 except for refinancing a medical resident student loan which is $10.001.
- You must be enrolled at least half-time in the degree program at an accredited institution.
SoFi Home Loans:
SoFi also offers home loans and refinancing at a cheaper interest rate that starts at 2.125% APR. The maximum interest rate is 3.036% APR for 30 years. A 10-year period is the minimum repayment period and has the lowest interest of 2.125% APR.
With Sofi Home loans, you can quickly secure your dream home with as little as a 3.5% down payment. The higher your credit score, the lesser your down payment will be. A traditional bank will require a 20% down payment to get a home loan, making it more difficult for many people to afford. But SoFi makes it very easy to secure your dream house.
In addition to this quick and easy accessibility for home loans, you also get access to a dedicated Loan officer who will guide you through the process. You can also save $500 on your home loan or refinance fees.
SoFi offers Home Equity Loans, Mortgage Loans, Mortgage Refinance, and Cash-Out Refinance.
What are the requirements For Sofi Home Loans?
To be eligible for a SoFi home loan, you need to meet the following criteria;
- You, your cosigner, or co-borrower are a US citizen or a permanent resident.
- SoFi requires you to be at least 18 years or older depending on the age of majority in your State.
- You are purchasing, refinancing a primary residence or a second home in all states except Hawaii, Missouri, New Mexico, New York, or West Virginia.
- The home will be your primary residence for at least 12 months.
What Documents Do You Need To Qualify Sofi Loans?
To qualify for SoFi loans, you will need the following documents;
- Your proof of address and personal identification ID
- Your Valid Social Security Number
- Proof of income such as payslips, bank statements, tax returns, etc.
- You might be asked for additional documents depending on the type of loan you need.
What can you benefit from SoFi Loans?
- You benefit from a no-fee loan. Unlike other lenders, SoFi doesn’t charge any pre-payment fee, origination fee, late fee. It is tough to find a zero-fee online lender.
- SoFi has flexible repayment terms, which you can choose depending on what suits your finances. In addition, they offer longer repayment terms.
- If you don’t meet the essential criteria, you can add a cosigner who meets the requirements.
- You also benefit from lower interest rates compared to other online lenders.
- As a SiFi member, you get free financing planning, referral bonuses, an Unemployment Protection Program, free career advice, and much more.
- You get access to their mobile app and a member area to manage your finances efficiently.
- With home loans, you only have to deposit 5% of the property value. You can hardly find such deals.
What are the drawbacks of SoFi?
Despite some great benefits of SoFi Loans, there are some drawbacks. These loans are not for you if;
- You don’t need up to $5000.
- You want a secured loan for an even lower interest rate. SoFi only offers unsecured loans.
SoFi loans are much cheaper than most loan offers you will find, especially from traditional banks. You can join their membership to enjoy unmatched benefits.
Besides these loans you have access to, you can also get insurance, credit cards, check your credit score, refinance your auto loan, invest, and a free account with world debit cards.