Loans

SoFi personal loan full review

If you need a loan for personal expenses, the SoFi personal loan can help you. So, if you want to know more information about this lender, check out our full review!

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by Victória Lourenço

10/14/2021 | Updated on 10/25/2021

SoFi personal loan

Learn more about the SoFi personal loan in our full review! Source: SoFi
Learn more about the SoFi personal loan in our full review! Source: SoFi

The SoFi personal loan offers great loan options for those who need to pay for personal or household expenses. This lender has very few fees, and there is no late payment fee as well. It can be a rare feature when comparing with other similar lenders. So, if you want to know more about SoFi, keep reading our full review!

APRFrom 4.99% to 19.63%.
LOAN PURPOSEHousehold, family-related expenses, personal expenses.
LOAN AMOUNTSFrom $5,000 to $100,000.
CREDIT NEEDEDAt least 680 points.
TERMSFrom two to seven years.
ORIGINATION FEEThere is no origination fee.
LATE FEENo late fee.
EARLY PAYOFF PENALTYNo prepayment penalty.

How to apply for the SoFi personal loan?

Are you looking for a loan to pay for household and family expenses? The SoFi loan options can help you. Keep reading to know how to apply!

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How does the SoFi loan work?

See how this great lender works. Source: Unsplash
See how this great lender works. Source: Unsplash

Once you get loan approval from this lender, you can start enjoying all the benefits it offers. Also, you will not have to pay for origination fees, late payment fees, or early payoff penalty fees. Moreover, this lender gives an unemployment protection program to its borrowers.

In addition, you can have access to a mobile app that offers great features for you to better manage your loans. So, this lender can have many pros for those who can get accepted.

SoFi personal loan benefits

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Pros

  • This lender can be great because of its offer of no fees. Also, this can be very rare for some similar lenders.
  • If you set up automatic loan payments, you can get a 0.25% rate discount.
  • You can have access to a great mobile app to better manage your loan anywhere you like.
  • You can get many benefits when making a loan with this lender, such as unemployment protection, financial adivice, and much more!

Cons

  • Even though this lender has some great features and low fees, it does not offer secured or joint loans.
  • Many lenders can give you your loan funds in just one business day. But if you apply for a loan with this lender, you might have to wait for at least three days.

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Should you apply for the SoFi personal loan?

See if you should apply for a loan with this great lender. Source: Unsplash
See if you should apply for a loan with this great lender. Source: Unsplash

This lender offers great benefits. So, if you fit the requirements to apply for a personal loan with this lender, it can be a great choice. However, you might need an above-average credit score to get your loan approval. So, if you do not have a very high score, maybe you will have to find another lender.

Can anyone apply for a loan at SoFi?

If you live in the United States and fit the requirements to apply for a loan, you can apply. However, you might need a high score to get your loan application approved. So, make sure that you fit the requirements before applying.

What credit score do you need for SoFi?

To get a loan with this lender, you will need a minimum score of 680 points. So, before applying, make sure that you fit this requirement. Also, if you have a higher score, you might get lower APR fees.

How to apply for SoFi loan?

You can complete your application process for a loan with this lender on their website. And this process can be very simple. So, if you want to know more about how to apply for a loan with this lender, read our post below!

How to apply for SoFi personal loan

Are you looking for a loan to pay for household and family expenses? The SoFi loan options can help you. Keep reading to know how to apply!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

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