Sofi.com: 2020 Review

Sofi.com: 2020 Review

 

Social Finance, Inc. or SoFi is a financial institution that aims to offer financial independence to its members. Through its different platforms, SoFi offers its members their services with ease, even in the comfort of their own homes.

SoFi’s services can be accessed through their online website SoFi.com or their mobile apps, both in android via google play or ios via the apple app store.

Registration is easy. All you need is to create an account online and agree to SoFi’s “ESign content” to use electronic records and signatures, GLBA Privacy notice, and Arbitration Agreement.

Sofi’s members may avail of their loan products such as Student Loans Refinancing, Home Loans, and Personal Loans. All these products aim to provide their members with the necessary funds to realize their dreams.

SoFi’s Student Loans Refinancing targets graduates and their parents the opportunity to pay their loans or debt faster without worrying about hidden charges.

The Personal Loans offered by SoFi can be used to finance home improvements, medical services, and pay other bills. However, interest rates of SoFi could soar up to 19.07%, which is quite high. Low-interest rates may be offered up to 6.24% APR. To qualify for the low-interest rate, you must have a good credit standing, credit usage, and history. SoFi may need to be able to verify your employment, income, and other factors as may be required to establish your capacity to pay loans.

Home or Mortgage loans by SoFi can be availed to buy new homes or finance an existing mortgage. SoFi offers hassle-free application terms and no prepayment fees. Loan terms can be for 15 years up to a maximum of 30 years. With just a 10% down payment, you may avail your dream homes of up to 3 million dollars value.

SoFi’s gives you access to relevant information to help you decide on the type of product that you want to avail. Below is a summary of the loan information that SoFi offers.

SoFi also offers security for your properties through SoFi Protect, which applies to auto, home, and life insurances.

Not only does SoFi offer loan products, but it also allowed its customers to save and invest to multiply your money through SoFi Invest and SoFi Money.

And when you get access to its online content by being a member, you may benefit from financial planning sessions and career services for free.

Sofi.com: 2020 Review A Quick Snapshot

Review
Loans OfferedStudent Loans, Refinancing, Personal Loans, Home or Mortgage Loans
Minimum/Maximum Amounts$5000 to $100,000 for Personal Loans, Up to $3,000,000 for Home Loans
Eligibility/Credit ScoreMinimum of 680 credit score, proof of income
APR5.99% - 19.07%
Fees10% down payment on Home Loans. No Prepayment fees on personal loans
Timeline For ApprovalPre-qualification approval in 1 day to 1 week. The release of funds could be up to 30 days.
How Secure Are they?
Secured via ESign Content and GLBA Privacy

Pros

  • Highly Competitive Rates
  • Fast Approval
  • No Hidden or Additional Fees
  • No Prepayment Penalties
  • High loanable Amount
  • Easy Access on resources through Mobile Apps
  • Offers both Fixed and Variable Rates
  • Has Unemployment Protection
  • With the option to change the payment date
  • Flexible loan terms
  • Utilizes Electronica Signatures for faster and secure processing
  • Wide range of loan types

Cons

  • Funds may take time to release
  • Only qualifies to US residents
  • Does not offer direct payment to creditors with debt consolidation loans
  • Does not offer refinancing options
  • Autopay a big factor in determining APR

Who Should Apply

SoFi is designed for people who are looking for flexible terms. However, SoFi’s loans do not fit for large businesses. Instead, SoFi is suitable for small start-up businesses as long as your credit score is good.

Also, SoFi’s financing schemes would benefit graduates and parents who want to refinance their student loans. In such a case, one who applies for the Student Loan Refinancing must take into consideration the timing of Loan release, which might take up to 30 days.

SoFi’s fast processing, low interests, and no hidden and prepayment fees have a catch. SoFi accommodates only applicants with good credit standing and high debt-income ratio. You might want to check your financial status before applying for any of SoFi’s loan offers.

Final Verdict

Securing a loan can be very stressful, from document preparation to submission to a loan company. It’s good that there are loan companies that offer hassle-free applications like Social Financing, Inc. (SoFi).

Overall, SoFi is one of the best Loan companies for those with good financial standing and paying capability. They won’t just offer you loan options; they will also help you gain that financial independence. And with apps that let you manage your finances anywhere in the world, SoFi is a loan company that focuses on your personal needs.

So, if you think you are qualified based on your financial standing and have the time to wait, apply for a SoFi loan and benefit from their excellent service with low and flexible interest rates.

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  • APR RateVaries
  • APR Rate6% - 35.99%
  • APR Rate99% -199%
  • APR RateN/A
  • APR Rate5.99% - 35.99%
  • APR Rate17.6% - 52.14%
  • APR Rate1.0 - 2.5%
  • APR Rate5.99% - 19.07%
  • APR Rate5.99% - 35.99%
  • APR Rate3.99% - 35.99% (fixed)
  • APR Rate5.99% - 35.99%
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