Interest Rates on SoFi Personal Loans –
As you are, SoFi is an online lending platform that offers personal loans from $5000 to $100000 with a long tenure duration of 2 to 7 years. There are different eligibility criteria to qualify for this loan. There is a sign-up fee and no late payment fees, but the interest will definitely be charged on the outstanding. Interest rates generally start from 7.99%.
The fixed interest rates range between 7.99% to 23.43%. There is a 0.25% auto-pay discount. The maximum speed for online loans is at least 20% APR. The interest rate is generally decided based on the credit score and other financial factors. If a person has an excellent credit score, the interest charged is less than someone with an average or good credit score. SoFi charges no fees at all, i.e., no origination fees, no late fees, and no prepayment penalties. Most lenders charge late fees for most minors and offer payment terms from 3 to 5 years only.
The loan period also plays an essential factor in deciding the loan rate. The more extended period will come to attract higher interest rates. SoFi personal loans are pretty competitive in interest compared to the other lenders. People can prefer to take from different lenders if they need a smaller amount or they want a loan for credit card debt consolidation. Lightstream would offer interest rates even lower than SoFi to some borrowers.
But here, you will not be able to check interest rates without affecting credit. Similarly, Marcus by Goldman Sachs offers slightly higher interest rates than SoFi but in limited terms. But it is a good choice if the applicant needs less than $5000. Turnaround of the same is also faster, i.e., approximately one to four days. SoFi student loan interest rates are also quite in demand.
With variable APR, personal loan interest rates generally vary from 2.59% to 12.13%. It would be $3.75% to 13.35% with fixed autopay. Refinancing interest rates range from 2.49% to 8.24% with variable APR. It would vary from 3.99% to 8.24% with a fixed APR.
Featured Image Credit: Business Insider
