Apply for a quick and easy SoFi personal loan with a competitive annual percentage rate
SoFi is a marketplace lender that has issued more than $5 billion in loans. Its products include personal loans, student loan refinancing, mortgages and mortgage refinancing. You can apply for a SoFi loan even if you have a less-than-perfect credit history.
SoFi’s personal loan offer
You can choose between a competitive fixed or variable annual percentage rate (APR). You can use proceeds from this loan for just about any legitimate purpose like taking a vacation, spending on home improvement or paying credit card debt.
Using a SoFi personal loan to consolidate your existing credit card debt can help you save in the form of interest, especially if you’re paying off balances of high-interest credit cards. You can also use the money you receive through this loan to make a big ticket purchase.
SoFi Personal Loan Offer
SoFi offer you the chance to borrow up to $100,000 with the choice between a fixed or variable interest rate.
- Min. Loan Amount: $5,000
- Max. Loan Amount: $100,000
- Loan Term: 3, 5, or 7 years
- Turnaround Time: Varies
- Total Costs: Depends on your credit score.
- Unemployment protection
- Confidential and secure online application
What you can apply for from SoFi
Features of a SoFi personal loan
These are the key features of the SoFi personal loan:
- Variable loan amount. The minimum you can borrow through a SoFi personal loan in most states is $5,000, and the maximum is $100,000. The maximum you qualify to borrow depends on factors including your creditworthiness, your existing financial situation and state regulations.
- Competitive interest. If you choose to get a variable rate loan the APR will vary between 5.16%-10.96% APR (without AutoPay). Existing variable rates for individuals who set up automatic payments range between 5.95%-14.24% APR (with AutoPay). SoFi has a cap on its variable rate loans, so no matter how high prevailing interest rates climb, your variable rate loan will never exceed 14.95%.
- Variable loan term. SoFi provides loan terms of three, five and seven years. You can choose the loan term based on your ability to make repayments, and. Remember that while longer loan terms will have lower repayments, you will end up paying more in interest.
- Fees. You don’t have to pay any loan origination fees for a SoFi personal loan. If you wish to pay the loan off ahead of time there is no prepayment penalty. If you make a payment more than 15 days after the scheduled due date you’ll have to pay a late fee.
- Unemployment protection. If you end up losing your job you can apply for the SoFi Unemployment Protection Program. SoFi puts the loans of approved individuals into forbearance and suspends their monthly repayments temporarily. SoFi offers this program in increments of three months and it comes with a cap of 12 months. Interest continues to accrue during this period. SoFi’s career services program can also help you look for a new job.
- Repayment methods. If you set up electronic payments via ACH you get a 0.25% discount on the APR you have to pay. You can also set up online payments via your bank or send paper checks.
- Customer support. SoFi provides over-the-phone customer support seven days a week, and you can contact a SoFi representative by email as well.
What other products does SoFi offer?
Other offerings from SoFi include:
- Mortgage loans.
A SoFi mortgage loan can be made with as little as 10% down payment, and it offers flexible debt-to-income limits. You don’t have to pay any application fees or loan origination fees.
- Mortgage refinancing.
If you’re paying more interest on your existing mortgage than you should, you can consider refinancing it through SoFi. The entire process takes less than 30 days, and you can find out how much you pre-qualify for even before submitting a complete application.
- Student loan refinancing.
SoFi lets you refinance your existing student loan and you can choose between fixed and variable APRs. If you set up auto pay, the fixed rate can be in between 3.38%-6.74% APR (with AutoPay) and the variable rate can be in between 2.19%-6.11% APR (with AutoPay). SoFi also offers career support in the form of interview coaching, learning negotiating tactics and more.
- MBA loans.
If you’ve decided to pursue a graduate degree you can think about an MBA loan through SoFi. You can choose to make interest-only repayments while at school, and you get to select between fixed and variable APRs.
How can you apply for a personal loan from SoFi?
Applying for a SoFi personal loan is easy. To begin now simply click on the “Go to Site” button. Before you do, make sure you meet the eligibility criteria as listed below:
- You’re an American citizen or a permanent resident of the US
- You meet your state’s minimum age requirements
- You have a regular source of income
You’ll have to provide the following information to complete your application successfully:
- Your name, phone number, email address and residential address
- Details from an acceptable form of identification such as your driver’s license or passport
- Your social security number
- Details about your employment
- Details about your income and expenses