Regulated by the Consumer Financial Protection Bureau, SoFi Personal Loans offers low interest rates and fixed monthly payments. By taking advantage of the different types of loans they have to offer, you can pay off credit cards, high interest debt, or even make a major purchase. There are no origination fees or pre-payment penalties, and if you lose your job, SoFi may temporarily pause your payments until you have found new employment if you are eligible.
SoFi offers loans for student loans and refinancing, mortgages and refinancing, parent loans and refinancing, and personal loans. Loan amounts offered range from $5,000 to $100,000.
A trait that sets SoFi apart from other loan lenders is its Unemployment Protection. If you lose your job through no fault of your own, you may apply for their Unemployment Protection which will suspend your monthly loan payments and even provide job placement assistance during your forbearance period. However, keep in mind that interest will continue to accrue and will be added to your principal balance at the end of each forbearance period.
Unemployment Protection benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof to SoFi that you have applied for and are eligible for unemployment compensation, and are required to actively work with their career strategy department to seek new employment.
SoFi also offers wealth advisory services for members seeking help with finance and investments which is offered through SoFi Wealth, LLC.
Checking your rates on SoFi’s website takes two minutes or less. Once you create a login and provide information about your education and employment, SoFi will run a soft credit check which will not affect your credit score to see if you qualify.
If you qualify, you can see the terms of your loan and select the one that fits your needs. You can also choose between a fixed and variable interest rate and select the autopay option to get a slightly lower rate. Next, you will need to upload documents to verify your income and identity, as well as submit for a hard credit pull.
Once SoFi has processed your information and you have been approved, you can choose an account to receive your money and sign the loan agreement.
Rates may vary dependent upon loan type, however, fixed interest rates start at 5.49% APR and variable rates start at 4.99% APR, when you enroll in AutoPay. Loan repayment terms are 3, 5, or 7 years. There are no application or origination fees and no prepayment penalties.
Contact SoFi customer service by phone, email, or social media. If you wish to contact them via regular USPS post, their locations or listed under the “Contact Us” section on their website along with the hours of operation of their phone lines.