Why SoFi?
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5.9%
APR from
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$5,000 - $100,000
Loan Amount
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2 - 7 years
Term of loan
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18 years
Age Requirement
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Regular income
Income Requirement
About SoFi
Who is SoFi
SoFi is an online lender that provides student loan refinancing, mortgages and personal loans. The company has had over 700,000 customers and boasts of having originated over $42 billion in personal loan, student loan and home loan products. In addition to its lending products, the company also offers free career coaching and job-seeking assistance, as well as organizes social events and members-only dinners to help their customers network and build connections to further their financial goals. Unlike traditional lenders, SoFi looks beyond just credit scores and also takes other factors like career experience, education, etc, into consideration to decide on a loan application. Checking your loan rates and eligibility on SoFi takes only a few minutes and then you can decide if you would like to proceed.
Loan Specifics
Loan specifications will vary depending on the type of loan product you opt for. If you are looking for a SoFi home or student loan product, please speak to the company for exact terms and conditions based on your personal and financial circumstances.
For personal loans, SoFi offers loans of between $5,000 and $100,000 for terms of two to seven years. Fixed interest rates start from 5.9% and go as high as 16.79% (variable rates are different and are capped at 14.95%). In addition, the SoFi Personal Loan is an unsecured loan. This means that you do not need to provide collateral for the loan. The company also does not charge any origination fees, closing costs, or prepayment penalties.
Qualification Criteria
In order to request for a SoFi loan, or to apply to refinance your student debt, you must meet the following minimum criteria:
•Be a U.S. citizen, permanent resident or hold an eligible American visa (E-2, E-3, H-1B, J-1, L-1, or O-1)
•Be 18 years or older
•Reside in a state the company lends in
•Be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
How to Apply
In order to apply for a SoFi loan product, you start by filling out a simple online application. The company can then determine, on an initial basis, your eligibility and possible interest rate. Checking your rate at this stage will not affect your credit score and the process takes only a few minutes, which is valuable when trying to find the best loan option available for you that’s out there. Depending on the type and amount of loan you are looking for, the company may need additional documentation and verifiable information.
Loan Disbursement
Again, this will depend on the type of loan you are looking for. If you apply for a personal loan, you should receive your funds in your bank account within a few days, after the loan application is approved and the loan offer is accepted by you.
Contact Information
If you’re looking to contact SoFi, you can do so through the following ways:
•By phone: (855) 456-SOFI (7634), from Monday to Thursday from 4am to 9pm PT; and from 4am-5pm PT from Friday to Sunday
•By email: [email protected]
•By mail: SoFi Lending Corp Personal Loans, PO Box 654158, Dallas, TX 75265
Key Benefits
- No impact on your credit score when checking for rates and loan options
- Looks beyond credit scores at factors like career experience, education, etc
- No origination fees, closing costs, or prepayment penalties for personal loans
- Customer service available seven days a week
- Loan payments temporarily paused if you suddenly lose your job
- Free career coaching and job-seeking assistance for SoFi customers
Loan requirements
- Be a U.S. citizen, permanent resident or hold an eligible American visa (E-2, E-3, H-1B, J-1, L-1, or O-1)
- Be 18 years or older
- Reside in a state the company lends in
- Be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
Payment information
For personal loans, funds will be in your bank account within a few days after the loan approval
Opening hours
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4am to 9pm PT
Monday - Thursday
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4am-5pm PT
Friday - Sunday
Contact Information
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SoFi
SoFi Lending Corp Personal Loans, PO Box 654158, Dallas, TX 75265
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(855) 456-SOFI (7634)
Phone
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Email
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SoFi
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