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How To Apply For A Loan With SoFi

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how to apply for a loan with sofi

How To Apply For A Loan With Sofi

The loan application process on SoFi very simple and straight forward. To see if you prequalify, you must first create a username and password and supply some basic information about yourself.
The entire application is online, but SoFi does offer customer service phone numbers in case you require assistance.
SoFi claims that once you have signed the paperwork and verified your address, you could get your money the same day.
SoFi provides pre-approval options, affordable rates, and no fees for personal loans.
But some candidates could have to wait up to two weeks for their applications to be approved, and the credit criteria might be high.

Introduction

For the proper applicant, applying for a loan through SoFi may be a terrific experience. SoFi offers a simple, easy application procedure along with low rates.
The entire process is conducted entirely online, and rate quotes are provided without a hard credit draw.
However, applicants borrowing more than $20,000 can expect approval delays, as well as those applying with a co-borrower who may need to wait up to two weeks for loan approval.
People with bad or even good credit ratings may need to look for a loan elsewhere because SoFi also has a some-what high minimum credit score requirement.

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Company Overview

Students at Stanford Business School established Social Finance, Inc., often known as SoFi, as a fintech business in 2011.
SoFi, a San Francisco-based company, started out by refinancing student loans, but has now expanded its offerings to include mortgages, personal loans, and cryptocurrency trading. Since the company’s IPO in 2021, it has grown to more than 2,500,000 members.

Personal Loan Programs Offered by SoFi

Based on what you intend to use the loan for, SoFi offers personal loans for a number of different reasons with varying periods.
Its personal loans may be utilized for a variety of purposes, including credit card consolidation, house upgrades, weddings, and more.

What to anticipate from a SoFi personal loan:

Fixed rates
Unsecured loans only
Co-borrowing is allowed
Co-signers are not allowed

In addition to personal loans, SoFi also provides a variety of other lending products, including mortgages, parent-student loans, undergraduate and graduate student loans.
Based on their credit and income, as well as by accepting equal responsibility for loan repayment, co-applicants or co-borrowers may be able to assist you qualify for a loan.
A co-signer is a person who formally commits to bearing the risk of your loan default.

When to Expect Funds

SoFi’s loan approval procedure occasionally takes a while. For instance, you could have to wait up to two weeks for the loan to be approved if you apply with a co-applicant.
However, if SoFi approves you and you agree to its conditions, you might have your loan money as soon as the following business day.
Loan funds are sent via ACH to the bank account that was verified during your application process.

Features of SoFi Personal Loans

Multiple Loans Are Allowed

Multiple SoFi personal loans may be taken out at once by qualified consumers. Having made your last three payments on time is one of the prerequisites for qualifying.
You can be eligible for a member discount of 0.125% interest if you take up a second loan from SoFi of a different kind.

Unemployment Insurance

If you require assistance due to a loss of employment, SoFi may be able to reduce your monthly loan payment, provide forbearance, and even help you find employment.
For a total of 12 months, unemployment protection is offered in three-month increments.
You can choose to make interest-only payments during that period, but keep in mind that interest will continue to accumulate.
The locations of many lenders are constrained. Make important to find out if the lender conducts business in your state before submitting an application for loan.

Member benefits

You join SoFi after you apply for a loan or create an online account. Financial planning, reduced estate planning, and cost-free one-on-one career mentoring are just a few of the numerous advantages of membership.
Depending on the products you use, you may not be eligible for all advantages, but certain borrower benefits may continue even after you have paid off your loan.

How To Apply For A Loan With SoFi

A SoFi loan application is available online. You can make a phone application if you’re not a U.S. citizen, permanent resident, or visa holder with a qualifying co-borrower.
To apply, call 877-936-2269.

Here are the steps on how to apply for a loan with SoFi

Get pre-qualified

You must provide your email address, contact information, and loan preferences, such as the loan amount, the loan’s purpose, and whether or not you have a co-applicant, in order to pre-qualify.
At this point, SoFi will do a soft draw on your Experian credit report.


Review the terms of your loan

You will then go over your loan conditions. You can select a product and submit an official application if you want to proceed with the application procedure.


Submit application

You will now have to supply further details about yourself as well as information about your bank account for verification.


Sign any remaining paperwork

SoFi will start the process of disbursing your monies as soon as your last paperwork are signed, which may take one or more business days.

Can SoFi Help You Refinance a Personal Loan?

With SoFi, you can indeed refinance a personal loan. Co-borrowers are not, however, permitted to refinance.
To be eligible for a SoFi personal loan refinancing, you must fulfill the following criteria:

There must be no outstanding SoFi loans.
Your most recent three installments were all received on schedule.
You are qualified to apply for a SoFi personal loan.
However, this option is only open to graduates from TITLE IV schools. SoFi also provides student loan refinancing, including refinancing for medical resident student loans.

Consumer Assistance

Call 855-456-7634 to schedule a free consultation before submitting an application for a SoFi loan.
You may use the chat feature in your SoFi account to get help with personal loans, or you can call (855) 456-SoFi (7634) to talk to a live advisor.
Live agents are accessible from 5 a.m. to 7 p.m. PT on Monday through Thursday and from 5 a.m. to 5 p.m. PT on Friday through Sunday.

Account Administration

To adjust payments, set up a one-time, additional payment, pay off a loan, or modify a payment due date, borrowers may go onto the dashboard of their SoFi accounts.
Checks may also be used to pay back loans. Callers can also get live customer service seven days a week.

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Conclusion

SoFi strives to make borrowing easier with its quick rate quotations and simple online application procedure.
You could get your money as soon as the next business day if your loan application is for less than $20,000 and you don’t have a co-applicant.
Additionally, SoFi has affordable rates and fees, and its users have access to a wealth of benefits.
However, SoFi’s lengthy loan approval procedure may irritate customers who are looking for greater loan sums.
People with below-average credit ratings might want to look into other lenders as well.

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