Sofi Personal Loan Reviews 2023
Today we are going to review SoFi personal loans. SoFi offers online loans with many consumer-friendly features for people with excellent credit scores. One of the plus points of taking loans from SoFi is that it charges no fees. That means the applicant does not have to pay any fees like origination, prepayment, and late payment fees. The majority of the other lenders will at least take late payment fees. It offers loans for a longer duration of time, from two years to seven years.
It provides unemployment protection plans to its applicant. If the applicant has suddenly lost his job, he can apply for this, and the applicants can pause the loan payments for up to 1 year. But interest will continue to accumulate during this time. Applicants can also seek free career guiding services from the SoFi team, which will help them in their job searches. If your credit score is not good, SoFi provides the co-applicant option to avail of the loan.
It gives a 0.25% percentage discount for setting up the auto-pay feature. It also allows the applicant to change the payment date once a year, depending upon their financial situation. They have also developed a mobile app for applicants to manage their loans. Also, loans are disbursed in a few days post-approval. These are all the plus points of SoFi.
But there are specific minus points also. Applicant needs a credit score of a minimum of 650 to be eligible for this loan. Even if you meet this criterion, there is no guarantee of approval of your loan application as SoFi looks to other factors like your income and DBI ratio before approving your application process.
Generally, they agree on applicants with a credit score above 700. So it would help if you had a good credit score to get a loan from SoFi. Secondly, applicants must apply for a minimum of $5000 to get a loan from SoFi. Sofi is not your platform if you are looking to borrow a lesser amount. It does not allow co-signed applicants, so if you want to be a co-applicant, your address should be the same as the first applicant’s.
So, in short, we have noticed that the plus points of SoFi outnumber the minus by a considerable margin. So if you need a loan with a minimum of $5000 and have an excellent credit score, then you should take a loan from SoFi.
Featured Image Credit: Time