SoFi is a great option if you’re looking to borrow a large amount at an excellent rate. However, you need a very good credit score to successfully apply for a SoFi loan. At SoFi you can borrow from $5,000 all the way to $100,000 with an APR as low as 5.0%. The company offers a solid app too – you can apply for a loan within the app, manage your loan and connect with other SoFi users. Read on to see what we think about SoFi loans – and read our SoFi app review.
These are the key facts you need to know about the SoFi app
Loan range: $5,000 – $100,000
Loan term: 3 to 7 years
Establishment fee: No fee
APR range: 5% to 15%
Approval time: Up to 7 working days
Income requirement: No stated requirement, but high income means better chances of approvalCredit score: 660 and up
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All about SoFi personal loans
SoFi has been around since 2011 and was founded by four Stanford graduates. It lends only to applicants who present a low risk of default. In other words, applicants with good credit scores and applicants who have a lot of free income once they’ve paid their monthly outgoings.
The company makes an effort to be more than just a lender, in a way acting a bit like an elite club. SoFi even hosts networking and social events right across the country, and a SoFi loan comes with benefits like unemployment protection which can be active for as long as 12 months.
The SoFi approval criteria may be strict, but in return, you can enjoy very large loans of up to $100,000 with competitive APRs that can be as low as 5%. You pay no processing fees for applying and charges for paying late is simply the higher of $5 or 4% of the minimum payment due on your SoFi loan.
Features of the SoFi app
SoFi has one of the most comprehensive mobile apps amongst personal loan providers. You can use the SoFi app for almost all your dealings with the provider. There is a SoFi app for both iOS devices and for Android devices. Some of the things you can do with the SoFi app include:
- Getting a quote and applying for a new loan with SoFi
- Managing your existing SoFi loan account
- Taking out an additional loan
- Making and viewing payments for your loans
- Tracking SoFi Wealth investments
- Connecting with the SoFi community
How does SoFi compare to other personal loans?
Plenty of providers fill the space for prime personal loans. Both Lending Club and Prosper offer low APRs that start at just over 5%. However, SoFi offers a larger maximum loan of up to $100,000. With Lending Club your loan size is capped at $40,000 while Prosper will only issue loans up to $35,000.
Two other providers are worth considering for larger loans. Earnest issues loans of up to $75,000 with APRs similar to those on offer from SoFi, while SunTrust Bank’s LightStream can offer loans of up to $100,000 with very low APRs of as little as 3.09%.
However, SoFi stands out for the community element of its lending platform. It is the only lender which providers a connected community including national events and an entrepreneurs program. The unemployment protection is also a great perk of SoFi loans.
Applying for a SoFi loan
You can apply for a SoFi loan either online, using the provider’s website or via the SoFi mobile app. First, request a rate quote from SoFi. SoFi will need your personal details and will provide a rate based on your credit profile, the loan size, and the repayment term.
Once you received a rate quote, effectively an initial approval, you can move on to the next stages of the application. You will need to upload several documents including proof of income such as pay stubs and proof of identity such as a driver’s license.
Is SoFi a good choice?
Yes, if your credit score makes the grade. For those with average to poor credit history, other lenders may be a more realistic option. Also keep in mind that there are many lenders operating in the prime personal lending space, including all the major banks which could offer similar APRs. However, SoFi stands out for ease of application, and for the additional perks including its community element and the included unemployment protection.