Loans (US)
How to apply for the SoFi Loan?
Learn how to apply for a SoFi Personal Loan and how to get the money you need with fast funding, competitive rates and some of the lower fees in the market!
SoFi Loan application: Easy and online financial solutions!
The SoFi Loan can be a great loan option for those with good credit scores. That is because this lender does not charge the high fees some similar lenders charge.
Also, you can get some benefits like unemployment protection and a 0.25% rate discount if you set up autopay. So, if you want to know more about how to apply for a loan with this lender, keep reading our post!
Apply online
So, to complete the application process for a loan with this lender, you can go to their website and see the loan offers you qualify for.
Moreover, before officially applying, you can check the loan options you can get with the personal information you provide.
Also, when you check your loan rate options, your credit score will not be affected. Then, you can provide your personal information to complete the official application and wait for a response.
You will be redirected to another website
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Apply using the app
You can download the SoFi mobile app to manage your loans and apply for new loans. Also, you can see the other services offered by this company through the app. Then, you can provide the personal information required and complete your application through the mobile app.
SoFi Loan vs. Universal Credit Loan
Even though SoFi can have great loan options, it is always a good idea to look for other loan options in the market. Also, you might need a loan option that accepts lower credit scores. So, here is our comparison of SoFi with Universal Credit.
| SoFi | Universal Credit | |
| APR | The APR charged by this lender ranges from 4.99% to 19.63%. | From 8.93% to 35.93%. APR charge. |
| LOAN PURPOSE | As a borrower, you can use a loan from this lender to pay for things related to your household, personal expenses, family-related expenses. | This lender can help you pay off your credit card debts, use it for a business-related purpose, make home improvements, or any other large purchase. |
| LOAN AMOUNTS | The loan amount offered by this lender range from $5,000 to $100,000. | You can receive between $1,000 and $50,000 as a borrower. |
| CREDIT NEEDED | The credit score needed to qualify for a loan with this lender is at least 680 points. | A credit score of at least 560 points may be required to qualify for a loan with this lender. |
| TERMS | The terms offered by this lender range from two to seven years from the date of the loan application. | This lender’s loans have periods ranging from three to five years from the date of the loan. |
| ORIGINATION FEE | This lender does not charge an origination fee to manage your loan. | This lender charges an origination fee that varies between 4.25 and 8% of the loan amount. |
| LATE FEE | There is no fee charged by this lender when borrowers make late loan payments. | If you don’t pay your loans on time, you may be charged a late fee, which may vary based on the loan amount. |
| EARLY PAYOFF PENALTY | There is no prepayment fee charged by this lender. | This lender does not charge prepayment fees. |
How to apply for Universal Credit personal loan?
Do you need a loan to pay off debt, make home upgrades, or pay for other expenses? Read more to know how to apply for a Universal Credit loan!
About the author / Victória Lourenço
Reviewed by / Aline Barbosa
Senior Editor
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